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racial equity

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Op-Ed: Corporate Donors Opt For Capacity-Building, Not Just Capital Donations, To Drive Racial Equity

In June 2020, financial institutions nationwide committed a record-breaking $4.2 billion to racial equity. Nonprofits directly received $300 million, representing 51% of total donation volume that month. However just six months later, funding for racial equity fell to 5% of the donation share. Now three years later, while energy has further slowed, racial justice remains a top concern across demographics. We know nonprofits steered by Black leaders and people of color are best positioned to drive racial equity. However, it’s simply not enough for corporate funders looking to affirm their values to financially empower BIPOC leaders. To properly equip nonprofit leaders, financial institutions and other corporate funders must embrace a two-pronged approach of capital and capacity building. One of the most effective interventions in capacity-building for BIPOC-led nonprofits lies in technology. Seventy-four percent of nonprofits say digital transformation is a need-to or must-have, yet...

Jun 22, 2023

Wells Fargo Commits $210 Million To Support Minority Homeownership

Wells Fargo will be furthering their efforts toward racial equity in homeownership. According to a press release, the bank giant has pledged $210 million to support minority families as they navigate homeownership. “Wells Fargo has long been a leader in lending to minority families. These efforts are an important next step and will help close the homeownership gap between white and minority families created by decades of systemic inequities,” said Kristy Fercho, CEO of Wells Fargo Home Lending, according to a press release. “We are taking meaningful action by reimagining the homeownership journey to support minority families in realizing the dream of homeownership.” Wells Fargo will allocate $150 million to reduce refinancing costs and to ensure minority homeowners have access to more affordable mortgage rates. Wells Fargo’s action will be supported by a Special Purpose Credit Program (SPCP). Minority homeowners who are serviced currently by Wells Fargo will receive support to...

Apr 14, 2022

After Black Media Companies Applied Pressure on GM For a Week, the Motor Company is Devoting More Ad Dollars to Them

Mary Barra, the CEO of General Motors (GM), is under fire after the leaders of several Black-owned media companies accused her of racism for refusing to meet with them. The leaders blasted Barra in a full page advertisement in the Detroit Free Press on Sunday, the outlet reported, which included an open letter that said she has refused to meet with them “consistently, over time and after multiple requests.” The ad was signed by the heads of seven Black-owned media companies, including Ice Cube, founder of Cubevision; Byron Allen, head of Allen Media Group; and former NBA player Ulysses Bridgeman, owner of Ebony and Jet magazines. The leaders originally demanded an hour-long Zoom meeting with Barra and GM executives in the ad and asked that GM allocate at least 5 percent of its ad budget to Black-owned media companies. The group said they would like to see Barra’s resignation if these demands weren’t met. “You stand on stage, after the death of George Floyd, saying, ‘Black Lives...

Apr 2, 2021

Apple Introduces Inaugural Cohort of Black Founders and Developers For Tech Entrepreneur Camp

As part of Apple’s ongoing commitment to Black communities and creating opportunities for aspiring business leaders, the tech giant has announced a cohort of Black founders and developers for its latest Entrepreneur Camp. A recent blog post shares that Apple’s Entrepreneur Camp is welcoming a class of founders and their teams from 13 different app-driven companies to join its newly-launched program. Chosen participants for the program include: David Bosun-Arebuwa (B3am) Adam Taylor (Black) Cedric J. Rogers and Shaun Newsum (Cultural Genesis/ Bar Exam) Abdou Sarr (Film3D) Brent Brinkley (FormKey) Lybron Sobers (Health Auto Export) Casey Pollock (Hologarden) Ailton Vieira, Gabriel Taques, Maykon Meneghel, Mariana Lech, and Rodolfo Diniz (Hubli) Quintin Rodriguez-Harrison (Justice Royale) David Alston (Kickstroid) Aurelia Edwards (Nailstry) Ashley McKoy, Harold Lomotey, and Ositanachi Otugo (The Peek: TV Shows and Movies) Matt Garrison (TuneBend) The inaugural program — which is...

Feb 17, 2021

Walmart Fights Against Racial Disparities, Distributes First Round of $14.3M in Grants to Nonprofits

Walmart is standing on its word to fight against racial disparities in the U.S. On Monday Feb. 1, the retail giant announced that Walmart and the Walmart Foundation will distribute the first $14.3 million of its $100 million commitment in June. Grants will be dispersed to 16 various nonprofit organizations.   View this post on Instagram   A post shared by Walmart (@walmart) “Walmart has made a commitment to advancing racial equity, finding areas where we, as a company, can best contribute our resources and expertise to change society’s systems that perpetuate racism and discrimination,” said senior director of the Center for Racial Equity, Kirstie Simms. “We are excited to announce our initial investment to these deserving nonprofits that help advance racial equity through their organizations every day.” The center’s mission is to extend while also complementing the societal impact of Walmart’s business initiatives in an effort to advance racial equity in the nation’s...

Feb 2, 2021

Google Announces $175M Fund and Concrete Commitment to the Black Community

The roster of major corporations committing to fighting against racial injustice in America is continuously growing. Google announced that they’ve created a $175 million fund for racial equity initiatives with a large focus on supporting Black-owned businesses and entrepreneurs. Today we are announcing a set of concrete commitments to build sustainable equity for Google’s Black community, and make our products and programs helpful in the moments that matter most to Black users. — Sundar Pichai (@sundarpichai) June 17, 2020 Google and Alphabet chief Sundar Pichai revealed these initiatives that will aim to create more economic opportunities for Black entrepreneurs and finance their businesses. “Creating meaningful change starts within our own company,” he stated in a company-wide memo. “Strengthening our commitment to racial equity and inclusion will help Google build more helpful products for our users and the world.” Within this memo, he outlined each...

Jun 18, 2020