Xylem Invests $5 Million with CNote to Benefit Community Financial Institutions Serving Black and Underserved Communities in the U.S.
19 April 2022
Part of Ongoing Commitment to Build a More Sustainable and Equitable Future
RYE BROOK, N.Y.--(BUSINESS WIRE)--
Xylem Inc. (NYSE: XYL), a leading global water technology company dedicated to solving the world’s most challenging water issues, announced today an initial commitment to invest $5 million of its on-hand capital in mission-driven financial institutions that strengthen and transform underserved communities. Initial investments include Bank of Cherokee County (Hulbert, OK), Hope Federal Credit Union (Jackson, MI), Legacy Bank and Trust (Springfield, MO), Self Help Credit Union (FL, NC, SC, VA) among others, through CNote’s Impact Cash™ platform.
Diversity, Equity and Inclusion is a critical element of Xylem’s sustainability strategy. CNote’s Impact Cash platform provides an easy-to-use and measurable tool for streamlining Xylem’s investment with one interface while maximizing the impact created for underserved communities of color across the U.S. The investment specifically targets regions and banks that are meaningfully aligned to Xylem’s organization and customers, such as areas with Xylem commercial presence, or a large employee base.
This investment further advances Xylem’s innovative 'green' finance strategy as the company continues to embed economic, social and environmental impact at the center of its business operations and functions. In 2019, Xylem announced an $800 million revolving credit facility with a sustainability-linked pricing mechanism, followed by a $1 billion green bond offering in 2020. Most recently in 2021, Xylem added a sustainability-linked cash account tied to its 2025 sustainability goals.
“At Xylem, we have seen first-hand how financial constraints in underserved communities can impact investments in people, business, and infrastructure,” said Sandra Rowland, Xylem’s Chief Financial Officer. “We are committed to doing our part to lead the way in advancing economic opportunity and resiliency for those that need it most by working closely with our customers, partners and peers across industries and creating a more sustainable and equitable future.”
“We are proud to partner with a corporation that has a longstanding, industry-leading position in sustainability and community development. Now Xylem is extending its leadership by joining the vanguard of companies unleashing their balance sheets to promote racial equity and help communities across the U.S. thrive,” said Catherine Berman, CEO, CNote.
Xylem (XYL) is a leading global water technology company committed to solving critical water and infrastructure challenges with innovation. Our 17,000 diverse employees delivered revenue of$5.2 billion in 2021. We are creating a more sustainable world by enabling our customers to optimize water and resource management, and helping communities in more than 150 countries become water-secure. Join us at www.xylem.com.
CNote is a women-led social venture and impact platform on a mission to close the wealth gap through financial innovation. Using the power of technology and a community-first framework, CNote enables corporations and others to efficiently invest and deposit cash at scale in community finance institutions. It also delivers timely reporting on the impact of deposits and investments made through its platform. A Certified B Corporation, CNote has earned “Best for the World” honors from B Lab and was named “Best Women-Owned Business” by the United Nations’ Women’s Empowerment Principles program.