Major League Soccer has announced a partnership with the National Black Bank Foundation (NBBF) that will see the league leverage a $25 million loan with Black banks.

"Major League Soccer's partnership with the National Black Bank Foundation is a tangible step in the efforts to close the racial economic gap in the United States, and it's the right business decision for us," MLS Commissioner Don Garber said in a statement.

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"As a league, we continue to increase our initiatives in support of racial justice. In order to make a genuine impact, economic justice must be part of the equation. This transaction with a syndicate of community-focused Black banks is an important measure, and it is our hope this will raise awareness of the importance of Black-owned banks and their impact on the economy."

The league said the deal marks the first time any sports league has participated in a major commercial transaction exclusively with Black banks.

"This transformative partnership between MLS and Black banks around the country is evidence of what can happen when leaders courageously stand up and decide to participate in equitable change," Dr. Bernice A. King, National Black Bank Foundation board member and King Center CEO, said.

"I brought MLS and NBBF together because I saw an opportunity to create a partnership with the power to transform lives in Black communities and change hearts and minds throughout our nation. This deal undoubtedly marks an important moment in the continuing struggle for civil rights in the United States."