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NFP Invests $1 Million in MDI Keeper’s Fund, L.P. to Support the Advancement of Economic Equity

Investment will provide capital for Minority Depository Institutions (MDIs) to facilitate loans to small businesses and promote community development in low- and moderate-income areas
 

August 25, 2022

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NEW YORK – August 25, 2022 – NFP, a leading property and casualty broker, benefits consultant, wealth manager and retirement advisor, announced today a $1 million investment in the MDI Keeper’s Fund, L.P. (the Fund), sponsored by the National Bankers Association. The Fund is a national MDI capital fund that primarily lends or facilitates lending to small businesses in low- and moderate-income (LMI) areas or to LMI individuals to promote community and economic development and generate job growth.

“We’re excited to invest in the MDI Keeper’s Fund and take an active role in expanding opportunities in communities where access to capital is often limited,” said Doug Hammond, chairman and CEO of NFP. “Providing resources to address inequities and help people overcome obstacles in building businesses and creating wealth aligns with NFP’s focus on advancing diversity, equity, inclusion and belonging (DEIB). We look forward to seeing the Fund empower growth and create jobs.”

The Fund has an experienced leadership team that includes Kim Saunders, founder and managing director, and Wendell McCain, founder and executive chairman, both of whom have achieved significant success in the banking and financial services industries. The Fund expects to make investments in MDIs, which primarily serve LMI areas/individuals and minority-owned businesses with strong management, earnings capacity and competitive position. Investments in an MDI can be leveraged into additional loans, so every dollar NFP invests has the potential to generate $10 of new loans within LMI communities.

“We are thrilled to welcome NFP as a limited partner in the MDI Keeper’s Fund,” said Saunders. “There is a tremendous need for banking, credit, wealth building and employment opportunities across the country. NFP is setting a powerful example of how organizations can bring their DEIB commitment to life and make a meaningful social impact in their communities.”

NFP’s investment, championed by NFP leaders Pamela Wheeler, senior vice president and chief diversity and inclusion officer, Eric Boester, EVP and CMO, and Mike James, EVP, Head of Life and Wealth, is part of a broader strategy to advance DEIB by creating systems and cultures that permeate every aspect of the business and empower all employees and stakeholders, both internally and externally, to succeed.

“This investment in the MDI Keeper’s Fund is an important element of our DEIB focus and serves as another example of how NFP supports our words with action,” said Wheeler. “We will continue to listen, learn and explore opportunities to drive progress in everything we do, from the vendors we engage to the investments we make.”

About NFP

NFP is a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor that provides solutions enabling client success through the expertise of over 6,900 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 9th best place to work for large employers in insurance, 7th largest privately-owned broker, 5th largest benefits broker by global revenue and 13th largest broker of US business (all rankings according to Business Insurance).