RHINO FOODS FOUNDATION RECEIVES $300,000 FROM M&T BANK’S AMPLIFY FUND
Funding will help spread the Income Advance program to ensure that all workers, regardless of their background or financial history, have equitable opportunities to achieve financial stability.
Burlington, VT – February 15, 2024 – The M&T Charitable Foundation, the philanthropic arm of M&T Bank (NYSE:MTB), announced on February 13 that it has awarded $300,000 to the Rhino Foods Foundation. The grant is part of the second round of giving through the Amplify Fund providing more than $8.2 million to 68 lead nonprofit organizations throughout New England, Long Island, and Rockland County, NY.
"We are so honored to receive this transformational support from the M&T Charitable Foundation. We've had tremendous success spreading the Income Advance program, which helps employees gain access to emergency loans and improve their credit, to more than 90 businesses in Vermont," said Ted Castle, RFF's Board President. "The Amplify grant will allow us to grow our team and our capacity to help businesses adopt the Income Advance program throughout the northeast."
The mission of the Rhino Foods Foundation (RFF) is to spread innovative workplace practices that champion employee financial stability and make good business sense. The Rhino Foods Foundation was formed to advance and spread employee-centered workplace practices, inspire business leaders to think more deeply about their employee engagement strategies, and empower professionals across the country with well-developed programs and tools.
The Rhino Foods Foundation elevates a host of workplace practices including the Income Advance Program. Income Advance provides employees with easy access to an emergency loan when they encounter unexpected difficulties. Income Advance is a no-questions-asked loan, with funds available within 24 hours, that is paid back through payroll deduction. Workers see their credit scores increase and many convert the payroll deduction into a savings account. Rather than running a credit check, the key data point used to underwrite Income Advance loans is the borrower’s stable employment.
“Through the Amplify Fund, we are committed to continuing our partnership with organizations like Rhino Foods Foundation that work hand-in-hand with community members in the field to provide the critical resources and programming necessary to truly make a difference,” said Dominique Goss, Executive Director of the M&T Charitable Foundation. “At M&T, addressing the institutionalized and systemic issues preventing disadvantaged communities from accessing opportunities and achieving long-term success is key to our mission as a community bank. We are proud to provide the Amplify Fund as a difference-making resource in the communities we serve.”
First announced in May 2022, the Amplify Fund is a $25 million philanthropic investment as part of the merger between People’s United Bank and M&T Bank. Powered by the M&T Charitable Foundation, the Amplify Fund is a one-time supplemental charitable program to provide further support in the legacy People's United communities. The first round of funding totaled more than $11.8 million to 105 nonprofit organizations and focused on equity and environmental initiatives, mission-driven and capacity-building work, community and tenant organizing, and financial empowerment and education for individuals and small businesses.
Phase II of the Amplify Fund focused on providing funding, for up to three years, to nonprofit collaboratives working together toward a common goal for solving a specific social issue, to help advance equity in the following key areas of focus:
Family Stability: Affordable housing, food security, and access to quality and affordable childcare.
Income & Wealth Equity: Employment, small business development, homeownership, and financial empowerment initiatives.
Workforce Development: Education and training opportunities focused on upskilling and career pathways in high-growth sectors leading to economic prosperity.
Health Equity: Access to quality and affordable healthcare, with a priority on youth mental health and women and infant health.
The Amplify Fund is designed to drive sustainable impact that is equitable, accessible, and responsive to local needs. Regional representatives of the bank will continue to meet with local leaders to help inform the strategic direction for the Fund’s third round.
For more information on the Amplify Fund, including the full list of grant recipients in New England and Metro New York, please visit the Amplify Fund website.
About M&T Charitable Foundation
The M&T Charitable Foundation, the philanthropic arm of M&T Bank, is a 501(c)(3) not-for-profit charitable organization founded in 1993 and funded by M&T Bank. The M&T Charitable Foundation awards nearly $40 million in grants per year to thousands of nonprofit organizations focused on improving the quality of life in the areas the bank serves. M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services in 12 states across the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.
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