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Ally Financial is supporting Black Business Month the best way companies can by investing money back into Black communities. In an effort to address issues of low capital and lack of access to funding for Black founders, the digital financial services company has pledged to make a hefty $30 million investment into venture capital funds created to support Black and people of color, a press release reports. A sum of $25 million will go toward SoLa Impact’s recently launched $300 million Black Impact Fund and the remaining $5 million will be invested into the Fearless Fund — a venture capital fund created by women of color for women of color. In addition to these investments, Ally Financial will also work closely with Fearless fund to develop a series of programs to promote more Black entrepreneurship and wealth growth. “Black-owned businesses are the backbone of many communities throughout the country,” Diane Morais — President of Consumer and Commercial Banking at Ally Bank — said in...
Big Sean and Ally Financial have teamed up for a move that will impact generations. Financial literacy is not always the topic of discussion in Black households because most times we’re just trying to get by. As the world continues to evolve, so do the resources that have been tucked away from Black people. More and more companies and artists are buckling down on a commitment to bettering America by attacking systemic oppression that continues to hold not only adults back, but children too. Essence reports that Big Sean and Ally Financial (Ally) are among those who are on a mission to close the racial wealth gap by meeting people on levels that resonate with them the most. During the summer of 2019, Ally presented four interns from various Historically Black Colleges and Universities (HBCUs) with the challenge to come up with a concept that would best teach middle schoolers about money in order to help prepare them for a financially stable life. In 2019, the interns met each other...