Alcohol beverage company, Constellation Brands, Inc. has announced they will be investing $10 million into the Clear Vision Impact Fund, an investment fund for minority-owned businesses.
According to Global News Wire, this newly-formed investment vehicle was founded by the only U.S. investment bank certified as a women and minority-owned enterprise, Siebert Williams Shank & Co., LLC.
Constellation Brands’ president and CEO, Bill Newlands says the underrepresentation and barriers within the alcoholic beverage industry have existed for far too long.
“We remain committed to doing our part to help remove such barriers and we’re proud to partner with Siebert Williams Shank & Co. and other companies that have joined this effort,” he said. “Working together, we can provide greater access to capital and opportunity for minority-owned businesses as well as the employees and communities they support.”
The mission of the Clear Vision Impact Fund is to foster inclusive growth for businesses that operate in underserved, predominantly African American and Latinx markets, according to Global News Wire.
Constellation’s donation is a portion of the company’s racial justice action plan to invest $100 million in Black and minority-owned businesses by 2030 to achieve greater equity within the alcohol beverage industry.
Constellation Brands’ chief diversity officer Michael McGrew says these initiatives are a core part of the companies brand.
“We’re proud to play a role in helping provide greater access to support and opportunity in our communities by giving Black and minority-owned small businesses a more equitable fighting chance through this investment,” he said. “While we still have much work ahead to reach our ultimate goals, I am extremely inspired by our team’s passion and dedication to making meaningful progress.”