Innovative programs that help build communities
State Street proudly develops programs and partnerships that help strengthen communities around the world. In 2010, we dedicated nearly US$133 million to community development programs, including affordable housing and small business investing, a supplier diversity program and the Boston Private Industry Council’s Summer Jobs Campaign. We also helped several community organizations by sponsoring their fundraising events.
State Street has made substantial annual community investments in two key areas: affordable housing and small business funds.
Our affordable housing investments are made through the Massachusetts Housing Investment Corporation (MHIC). State Street's support for MHIC dates back to 1990 and totals more than $117 million in investments.
In 2010, we invested $12 million in affordable housing and $4 million in small businesses.
Supplier Diversity Program
Through our Supplier Diversity Program, minority- and women-owned businesses have the opportunity to establish mutually profitable relationships with State Street.
This program was launched in 1985 and continues to grow. In 2010, our Strategic Sourcing division spent $91 million with minority- and women-owned suppliers.
When these small, local businesses thrive, it strengthens the local economy by creating jobs, increasing local wealth and providing more choices for large companies such as State Street.
Summer jobs campaign
Established in 1979, the Boston Private Industry Council (PIC) is a public/private partnership that aims to increase job opportunities for the underserved in Boston. The Boston Summer Jobs Program is among the PIC's most significant activities. In 2010, the program placed more than 4,000 students in jobs at a variety of Boston employers, including 190 at State Street.
Community event sponsorships
We also support fundraising events for charitable organizations whose missions are consistent with our overall approach to community support. In 2010, State Street contributed $3.2 million to such events around the world.