Corporate News — BBVA
Why did your corporation decide to work with CEA through the Low-Income Corporate Tax Credit?
“The State of Arizona allows businesses to claim income tax credits for contributions to school tuition organizations (STOs) in order to support eligible children who qualify for federal free or reduced lunch programs. BBVA donates to help children in Arizona receive the best education available to them. Families that are suffering from financial or emotional stress can apply for a student-tuition scholarship from one of STOs to give their children a better chance to succeed. It’s a win-win situation for the bank and the community.”
Your corporation has worked with CEA for a number of years, what brings you back every year?
“Catholic Education Arizona serves communities across Arizona, and several of these are in our shared footprint. Through the scholarships that you provide to underserved children, you are helping to change lives, serve society and transform culture.
At BBVA, we strive every day to bring the age of opportunity to everyone. That commitment manifests itself in the places where we live and do business through our community reinvestment, charitable giving, employee volunteerism, sustainable practices, and diversity and inclusion.
Our organizations are aligned in the mission work that we do every day.”
Do you find the tax credit process to be easy? Why?
“BBVA has been participating in the Arizona Corporate Tax Credit Scholarship Program for several years. The tax credit process is fairly established both internally and externally with our student tuition organization partners. Every year, we seek out opportunities to expand our giving to new STO partners to reach even more diverse communities.”
What sets your bank apart from other banks within the community?
“We are a mid-size bank in a market dominated by the top three national banks. We view this as an opportunity to make a difference in our communities by providing outstanding customer service and relationship management, along with innovative digital products and services. We are a part of a global bank, known as BBVA throughout our global footprint, and our digital transformation and one-team approach is setting us apart in the market.”
Does your bank show support within our community in other ways outside the tax credit?
“We are serving the housing, community and economic development needs of diverse communities across Arizona. We support nonprofit community development financial institutions to help drive investments in financially underserved communities. BBVA also provides charitable grants and sponsorships for community-based programs and has introduced a social impact initiative in community development finance and entrepreneurship. In addition, bank employees contribute their time, energy and enthusiasm to volunteer with nonprofit organizations by providing financial education workshops, serving on committees or boards, engaging in workforce development initiatives or helping to pack food boxes at the various emergency food outlets across the state.”