George Hamblen
BY GEORGE HAMBLEN
Granite Staters want one thing: smart policies that benefit working families and small businesses in our state. The proposed merger between Capital One and Discover stands out as a powerful opportunity to strengthen these priorities by addressing long-standing challenges in affordable housing and supporting the backbone of our communities: our small businesses.
Access to affordable housing has become an increasingly urgent issue across New Hampshire, impacting not only individual families but the economy as a whole. Capital One has been a leader in community development lending, with a track record of more than $59 billion in Community Reinvestment Act (CRA) qualified loans over the past decade. In 2023 alone, Capital One dedicated nearly $5 billion to community development loans, the majority of which directly supported affordable housing projects for low- to moderate-income households.
With one-third of Capital One’s branches located in low- and moderate-income neighborhoods, they’re positioned to reach those often overlooked by traditional financial institutions. The company’s record of “outstanding” performance under the CRA reflects a long-standing commitment to neighborhoods that have too often been left out. The merger with Discover would only expand this mission, enabling Capital One to leverage Discover’s resources to bring affordable housing support to even more communities across the country, including those right here in New Hampshire.
The merger would also strengthen opportunities for small businesses. Through its founding membership in the White House’s Economic Opportunity Coalition, Capital One has already dedicated over $6 billion to purchasing products from diverse suppliers and invested over $500 million in equity funds led by Black- and Hispanic-owned businesses.
Capital One has also announced their Community Benefits Plan that’s part of their proposed merger with Discover; it included $600 million in support for Community Development Financial Institutions and $200 billion in consumer lending to consumers in low- and moderate- income communities. This merger would allow Capital One to reach more of these entrepreneurs, providing them with improved products, enhanced services and reduced costs — all critical resources for helping businesses thrive.
I’m looking to policymakers to encourage this merger, considering how it will help working families, small business owners and those most in need of stable, affordable housing. With the strength of Capital One’s commitment to community reinvestment and their track record of prioritizing access and equity, this merger is a clear path toward economic stability for all communities across New Hampshire and beyond. I’m confident this merger will deliver benefits that resonate far beyond the financial sector, building stronger neighborhoods and creating new opportunities for people to thrive.
George Hamblen is a longtime New Hampshire resident. He is an information technology executive with extensive experience in financial services.
