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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...
For recent Delaware State University (DSU) graduates, student debt will be less of a burden. According to the university , they will cancel up to $730,655 in student debt for recent graduates that have faced financial hardship during the COVID-19 pandemic. The historically Black university has used its stimulus funds from President Biden’s American Rescue plan to help its students by canceling their debt. Forbes reports that The Education Department updated guidance in March to allow institutions to use the money for different needs which includes canceling some student debt. “Too many graduates across the country will leave their schools burdened by debt, making it difficult for them to rent an apartment, cover moving costs, or otherwise prepare for their new careers or graduate school,” said Antonio Boyle, a vice president for the university. He also notes that 87 percent of DSU graduates either enter the career of their choice or enroll in graduate school within six months of...