Capital One will continue to support underserved communities.
The banking service will build on its $200 million multi-year commitment by contributing an additional $10 million to existing and new partnerships. The funding aims to close gaps in equity and opportunity to foster growth for underserved communities. Recipients of the new funding include African American Alliance of CDFI CEOs, Vera Institute of Justice, United Negro College Fund, finEQUITY, Local Initiatives Support Corporation, Black Girl Ventures, and Jobs for the Future.
In addition, Capital One will target funding toward Black-owned businesses. The contribution will be timely as various Black businesses experienced financial droughts during the peak of the pandemic. Capital One will partner with the Association for Enterprise Opportunity to create the Capital One Business grant program. Business owners will receive $10,000 grants through the program and access to free resources to propel their business through Capital One’s Business Hub. The new funding hopes to create a better future for Black-owned businesses through access to capital and resources.
“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, according to a press release. “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.”
Capital One Initiative Will Help HBCUs
Historically Black Colleges and Universities (HBCUs) will also receive a spotlight in Capital One’s new funding. Capital One donated its $4.7 million facility at the Wilmington Riverfront to Delaware’s only HBCU, Delaware State University. The facility will create additional 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,” Capital One said, according to a press release.