Capital One Donates $10K To Accelerate Opportunities For Black-Owned Businesses, HBCUs
by Atiya Jordan
Capital One continues its efforts in ensuring a more equitable society that celebrates the achievements of the Black community.
As part of an initial $200 million multi-year pledge, Capital One announced that they will commit a next wave of its Impact Initiative grants to support underserved and underrepresented communities, according to a press release. An additional $10 million will be invested in existing and new partnerships to “address structural barriers to racial equity” and “promote socioeconomic mobility.”
The organizations that will receive grants are: African American Alliance of CDFI CEOs, National Association for Latino Community Asset Builders (NALCAB), Prosperity Now, Vera Institute of Justice, Braven, Hispanic Association of Colleges and Universities (HACU), United Negro College Fund (UNCF), finEQUITY, Local Initiatives Support Corporation (LISC), Low Income Investment Fund (LIIF), Black Girl Ventures; Association for Enterprise Opportunity (AEO), and Jobs for the Future (JFF).
Capital One Supports Black Businesses
Capital One is partnering with the Association for Enterprise Opportunity (AEO) to address the lack of access to capital and resources for black-owned businesses. This partnership is intended to build the Capital One Business grant program, which aims to “support Black-owned businesses in building resilient futures” by awarding $10,000 grants. Through Capital One’s Business Hub, business owners will have access to free resources, insights, and advice.
“The combination of preexisting systemic inequities and pandemic-related setbacks has created a uniquely challenging environment for Black business owners to navigate,” said Connie Evans, AEO President and CEO. “Our partnership with Capital One is vital to helping sustain the success of Black-owned businesses for the long term. And collaborative initiatives like the grant program can help create the on-ramp needed to tap into long-term equitable access to capital, digital tools and educational resources.”
HBCUs Will Receive Support And Funding
In an ongoing campaign, Historically Black Colleges and Universities (HBCUs) will continue to see support and funding from Capital One. Capital One donated its $4.7 million facility at the Wilmington Riverfront to Delaware State University, Delaware’s only HBCU. Now, the university can expand “recruitment opportunities, specialty programs and first generation support.”
“Our partnership with Delaware State University is a natural extension of our commitments to growing relationships, investment and campus presence at HBCUs,” the press release stated. Additionally, Thurgood Marshall College Fund and the United Negro College Fund receives a $1 million total grant funding.