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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...
Equity Alliance, led by former Time Warner CEO Richard Parsons, has announced that it has closed a $28.6 million fund, which they say they will use to invest in other woman-led and minority-led funds. According to The Wall Street Journal, the “fund of funds” is aiming to provide both a professional network and a mentoring program for the funds it intends to back. “It’s easier to open doors,” Parsons said to the outlet. “What we have to figure out is how to take this favorable mentality that is existing and create mechanisms that enable us to deploy capital in a successful way, so we make a lasting change in the economic spectrum.” Equity Alliance notably invested in Esusu, a Black-owned fintech company. As AfroTech previously reported, Esusu reached a $1B valuation in January 2022, and they said they wouldn’t have been able to do it without the support of Equity Alliance. “It’s like chatting with people you know have your best interest at heart,” said Abbey Wemimo, Esusu’s...