Celebrating and Supporting Communities
As part of the People’s United Bank merger agreement, the M&T Bank Charitable Foundation established a new fund committed to deploying $25MM of supplemental charitable giving over 3 years in support of the former People's United Bank communities.
The Amplify Fund
The Amplify Fund is powered by the M&T Bank Charitable Foundation in the first significant philanthropic effort by M&T Bank across the former People’s United Bank footprint.
First announced in May 2022, the Amplify Fund is a $25 million philanthropic investment as part of the merger between People’s United and M&T Bank. The Amplify Fund is a one-time supplemental charitable program to provide further support in the legacy People's United communities throughout New England and New York, to benefit low- and moderate-income communities and underrepresented populations using a racial equity and justice lens.
Importantly, the Amplify Fund does not replace the M&T Foundation’s current charitable giving or sponsorships across the banking footprint, including the former People’s United Bank footprint. It is in addition to it.
Phase III – NOW OPEN
As part of the Amplify Fund commitment, The M&T Charitable Foundation is pleased to announce a new Request for Proposals (RFP) – Amplify Fund – Financial Inclusion and Prosperity (“AF-FIP”).
Timeline:
- RFP Opens: October 3, 2024
- Application Deadline: November 14, 2024
- Status Notifications: February 2025
Amplify Fund Financial Inclusion and Prosperity (“AF-FIP”)
FUNDING OPPORTUNITY & STRATEGIC PRIORITIES
This RFP seeks applications from nonprofit organizations that are centered on advancing financial inclusion and spurring economic growth and prosperity, with a particular focus on racial and social justice - throughout the People's United Bank legacy footprint, including Connecticut, Massachusetts, New Hampshire, southern Maine, Long Island and Westchester County, New York, and Vermont.
AF-FIP will seek to provide finite funding, up to three years, to community-based organizations that are centered on improving financial health and resiliency, wealth building, and providing opportunities that are eliminating barriers, reducing income inequality, and paving sustainable economic pathways for low-to-moderate income, underserved, marginalized, and Black, Indigenous, People of Color (BIPOC”) communities. This work should respond directly to documented needs, challenges, and gaps to create financial inclusion and build economic prosperity in the following key areas of focus:
Homeownership & Improvement
- The creation of stock/ inventory of affordable housing options through new construction, renovation, and preservation initiatives, with a primary focus on creating pathways to homeownership opportunities.
- Home improvement, weatherization, and energy efficiency programs designed to provide affordable and cost-effective solutions to homeowners to help reduce energy costs, increase the value of a home, and aid in sustainable homeownership.
- Initiatives to grow and expand homeownership opportunities, including first-time home buyer programs, as well as downpayment and closing cost assistance.
Small Business Development/ Entrepreneurship & Career Growth
- Initiatives that promote economic independence through entrepreneurship and small business development and growth, and expansion of current, innovative, and culturally relevant programs including financial assistance, training, technical assistance, and other support services to help small businesses grow and thrive.
- Career growth opportunities, including upskilling and reskilling, and certification training that leads to increased income, job resiliency, sustainability, and financial success: and meets current and future workforce needs, with a focus on high-growth industries and fast-growing sectors within a particular region. Ex. Green jobs, technology, etc.
Financial Resilience
- Programs and services that provide individuals equitable access to capital and support services, expands economic opportunities, and builds credit, assets, and wealth.
- Initiatives focused on financial empowerment, building financial health and resilience, and equipping individuals with the capacity to manage adversity and adapt to changes (excludes basic and stand-alone financial education initiatives, including youth financial literacy).
To be considered for an AF-FIP grant, nonprofit organizations must meet our eligibility criteria and funding priorities.
Phase I and Phase II Grant Awards - Complete
The first phase of the Amplify Fund was awarded in 2022 through a regional Request for Proposal (RFP) process. More than $11.8 million was awarded committed to 105 nonprofit organizations.
Funding was provided to specific non-profit organizations based in New England and Metro New York, with a focus on mission-driven and capacity building work, community organizing, equity and environmental initiatives, and financial empowerment and education for individuals and small businesses.
The second phase of the Amplify Fund was awarded in 2023 through one RFP process, totaling more than $8.2 million to 68 nonprofit organizations. Funding focused on collaboratives working together toward a common goal of advancing equity.
All funding supported nonprofit organizations across the former People’s United footprint, with some payments committed over a two- or three-year period.
- 350 Vermont Inc.
- Arts for Learning CT
- Accompany Capital
- Alliance for Community Empowerment
- ANHD
- Ascendus (formerly Accion East/CDFI)
- Asian Americans For Equality, Inc.
- Audubon Vermont
- Barnum Museum Foundation, Inc.
- BOC
- Bridgeport Caribe Youth Leaders
- Bridgeport Economic Development Corporation (BEDCO)
- Bridgeport Neighborhood Trust, Inc.
- Capital for Change
- Cardinal Shehan Center
- Career Resources, Inc.
- Center for Law and Human Values
- Central Connecticut Coast YMCA
- Central Islip Civic Council
- Chhaya
- Citizens Campaign Fund for the Environment
- CNYCN
- Community Action Agency for New Haven
- Community Action Southold Town Inc. (CAST)
- Community Development Corporation of Long Island
- Community Voices Heard, Inc.
- Connecticut Association for the Performing Arts d/b/a Shubert Theatre
- Connecticut Community Outreach Revitalization Program (ConnCORP)
- Connecticut Green Building Council
- Connecticut Institute for Refugees and Immigrants
- Connecticut Zoological Society, Inc. (DBA Connecticut's Beardsley Zoo)
- CT Council for Philanthropy
- CT Students for a Dream
- Cypress Hills Local Development Corporation
- Dorchester Bay Economic Development Corporation
- East Brooklyn Congregations
- East New York CLT Inc.
- Eastern Connecticut Housing Opportunities Inc
- Ecology Education Inc.
- Economic Opportunity Council of Suffolk, Inc.
- Fairfield County’s Community Foundation
- Fifth Avenue Committee, Inc.
- Flatbush Development Corporation
- Forge City Works
- Futures Ignite
- Good Old Lower East Side, Inc. (GOLES)
- Greater Bridgeport Community Enterprises, Inc.
- Groundwork Bridgeport
- Groundwork Lawrence
- Habitat For Humanity
- Habitat for Humanity of Coastal Fairfield County
- Harris Center for Conservation Education
- Hartford Land Bank, Inc
- HEDCO, Inc.
- Housatonic Community College Foundation
- Housing Development Fund, Inc.
- International Hartford Ltd.
- Intervale Center
- Junior Achievement of Fairfield County
- La Fuerza CDC
- La Fuerza Unida, Inc.
- LifeBridge Community Services, Inc.
- LIHP
- Local Initiatives Support Corporation Connecticut
- Long Island Progressive Coalition Education Project
- Maine Farmland Trust
- Maine Organic Farmers and Gardeners Association (MOFGA)
- Make the Road Connecticut
- Make the Road New York
- Merrimack River Watershed Council
- MHANY
- Mutual Housing Association of Greater Hartford Inc
- Mutual Housing Association of South Central Connecticut, Inc.
- Mutual Housing Association of Southwestern Connecticut dba Connecticut Housing Partners
- NE Grassroots Environment Fund
- Neighborhood Housing Services Of New Haven, Inc
- Neighbors Together Corp.
- Northwest Bronx Community & Clergy Coalition
- NY Renews Education Fund, a Project of the Tides Foundation
- OLA (Immigrant Services)
- Our Piece of the Pie, Inc.
- Pratt Area Community Council, Inc.
- Red Hook Initiative
- Regional Youth Adult Social Action Partnership (RYASAP)
- Right to Counsel NYC Coalition
- Riverkeeper, Inc.
- Save the Sound
- SCSU Foundation
- SEPA Mujer
- Sheldon Oak Central, Inc.
- St Nicks Alliance
- The Center for Family Justice, Inc.
- The Crenulated Company Ltd. DBA New Settlement
- The Open Door Shelter
- The San Juan Center
- The Trust for Public Land
- The WorkPlace
- UHAB
- UNHP
- United Way of Coastal Fairfield County
- Urban League LI
- Vermont Natural Resources Council Inc.
- We Stay/Nos Quedamos, Inc.
- Women's Business Development Council
- Youth Ministries for Peace & Justice, Inc.
- Advancing Connecticut Together, Inc.
- Alliance for Community Empowerment
- Boys & Girls Clubs of Southern Maine
- BOYS AND GIRLS CLUB OF BURLINGTON, INC.
- Boys and Girls Club of Stamford
- Cathedral Square Corporation
- Catholic Charities New Hampshire
- Catholic Charities, Inc. - Archdiocese of Hartford
- Champlain Valley Office of Economic Opportunity, Inc.
- Community Action Southold Town, Inc.
- Concord Area Trust for Community Housing
- Connecticut Children's Foundation, Inc.
- Connecticut Council of Family Service Agencies
- Connecticut Main Street Center
- Connecticut Voices for Children
- Cornell Scott Hill Health Foundation
- EAC Inc.
- Easter Seals New Hampshire, Inc.
- ERASE Racism
- Fairfield County's Community Foundation, Inc.
- Family Centers Inc.
- Fathers' UpLift, Inc.
- Franklin County Community Development Corporation
- Friends of Peterborough Recreation Projects
- Governor's Partnership to Protect Connecticut's Workforce, Inc.
- Greater Bridgeport Community Enterprises, Inc.
- Hall Neighborhood House, Inc.
- HAVEN Violence Prevention and Support Services
- Health and Welfare Council of Long Island
- Housatonic Community College Foundation, Inc.
- Keene Housing Kids Collaborative
- Leadership, Education and Athletics in Partnership, Inc.
- LifeBridge Community Services, Inc.
- Long Island FQHC Inc.
- Manchester Neighborhood Housing Services
- Massachusetts Affordable Housing Alliance
- Mercy Connections, Inc.
- Nashua Police Athletic League
- New Haven HomeOwnership Center, Inc.
- New Haven Promise
- Northwell Health
- Norwalk ACTS, Inc.
- nOURish BRIDGEPORT, Inc
- Opportunity Communities, LLC
- Our Piece of the Pie, Inc.
- Pinetree Institute
- Preble Street
- Project Access of New Haven, Inc.
- Quality Housing Coalition
- Rhino Foods Foundation
- Rockland Independent Living Center dba BRIDGES
- Spurwink Services Incorporated
- The DREAM Program, Inc.
- The Housing Collective
- The Midas Collaborative
- The Opportunity Alliance
- The Stamford Partnership
- The Thomas Merton Center
- United Way of Central and Northeastern CT
- United Way of Coastal and Western Connecticut
- United Way of Southeastern Connecticut, Inc.
- United Way, Inc.
- University of Vermont Health Network
- Vermont Legal Aid ,Inc.
- Wakeman Memorial Association
- Waterbury Bridge to Success Community Partnership
- Waypoint
- Windham & Windsor Housing Trust
Amplify Fund – Phase III Financial Inclusion & Prosperity (AF-FIP) FAQ’s
501(c)3 public charity. We seek nonprofits that have been operating for at least one year, or more, and are able to demonstrate measurable outcomes.
Proposals will be evaluated based on the organizations’ history and track record of success; identified needs; and strategies to meet those needs. We will look for organizations that have an established positive reputation in their communities, and a history of effectively responding to current as well as emergent issues. Additional evaluation criteria will include strength and capacity of programming; board/committee strength, diverse composition, and ability to provide appropriate oversight; history of, or plan for effective constituency engagement; and the organizations’ use of funds description. Priority will also be given to social change approaches and innovative initiatives through cross-sector collaborations focused on community engagement that are purposeful, equitable, and impactful.
AF-FIP will seek to provide finite funding, up to 3-years, depending on the funding level. We anticipate the average annual grant payments to range from $25,000 to $150,000. Grant levels and payment terms are subject to the decision of the M&T Charitable Foundation.
The Amplify Fund is a supplemental giving program. It does not replace any giving initiatives by M&T Bank or the M&T Charitable Foundation. Organizations are eligible to apply through to the Amplify Fund and/or the regular M&T Charitable Foundation process.
The intent of the Amplify Fund is to provide an inclusive and equitable process that reaches a broad range of nonprofit organizations across the People’s United Bank legacy footprint. We understand that some organizations that received previous funding through the Amplify Fund may qualify for funding under the AF-FIP RFP. Organizations therefore could potentially benefit from additional funding support if approved. Decisions on qualifying organizations will be at the discretion of the M&T Charitable Foundation.
Oganizations approved for an Amplify Fund grant will need to prove its good standing as a 501c3 public charity. It will also be responsible for ensuring compliance with the M&T Charitable Foundation’s standard grant terms and conditions, as well as those set forth by the M&T Charitable Foundation’s Amplify Fund, including, but not limited to, providing an annual report.
All Amplify Fund grantees will be required to provide a final report on the use of funds, measured impact, strategies, and evaluation tools used, as well as any challenges encountered. If grantees are awarded multi-year grants, updated financials and impact reporting must be provided each year of the grant award.
The M&T Charitable Foundation will review and evaluate grant proposals with an anticipated decision date by the end of the first quarter 2025. Notifications on decisions and external communication (press releases, social media, etc.) on grant awards are expected to be announced during the first quarter of 2025.
