One thing about Target, they’re going to pay it forward.
As AfroTech previously reported, the retail giant announced this past April, that it will provide $2 billion in support toward products from over 500 Black-owned businesses. Now, they’ve announced in a blog post that they will be allocating $100 million in funding to Black communities through 2025.
With this new commitment, they aim to fuel economic prosperity to Black-led organizations as a part of their Target Forward Strategy designed to ensure the company equitably represents the communities they serve.
“As one of the largest retailers in the U.S., we know we have the responsibility and opportunity to use our resources to help end systemic racism and accelerate economic prosperity for Black communities,” said Amanda Nusz, President and Corporate Responsibility senior of the Target Foundation, in a blog post. “With this commitment, we aim to support the next generation of Black talent, expand the impact of Black-led movements and voices, and create economic opportunity in Black communities across the country.”
Target will hit the ground running, already airing their support for the Minnesota Holistic Black-Led Movement Fund, which allocated grants to aid in the transformative procedures and active solutions to achieve justice and racial equity. Target will continue to reach more non-profits through 2025 to nourish economic opportunities for Black individuals.
Keeping their foot on the gas, Target will ensure it will allow Black voices to be in control of their narratives. To provide the understanding and bring forth the attention of the public to Black experiences, Target will lend a hand to programs and events fostering environments for Black voices and stories to exist including the PBS NewsHour series.
The good news follows just one year after Target’s Scholar Program — created under Target’s newly formed committee of Racial Equity Action and Change strategy — was established to allocate $5,000 scholarships to 1,000 first-year HBCU students across over a dozen schools. The program provides students internships, mentorship and networking opportunities throughout their undergraduate education.
“Target has worked closely with HBCUs for years, and we’re excited to deepen our partnership as these scholarships and support will provide more possibilities for Black students,” says Damu McCoy, Target’s vice president of talent acquisition, in a blog post. “It gives me immense pride to see Target continue to invest to create equity and opportunity and help students succeed both during and after college.”
United Negro College Fund (UNCF) will select recipients for the scholarships who are within the fields of technology, design, and leadership.
“We are thrilled to expand our partnership as Target invests in the incoming class of students at more than a dozen HBCUs to help more Black students begin their journey in higher education and come closer to their career goals,” says Dr. Michael L. Lomax, President and CEO of the UNCF.
In addition, Target will also invest in the PENSOLE Lewis College of Business & Design, set to become the first re-opened HBCU in the nation. Upon the redesign of the school, it will offer free tuition to HBCU designers, engineers and business leaders.