In the first part of this research report we elaborate on the various Visa D&I programs. The second part of this report examines D&I programs and efforts towards addressing social injustice and racial inequality by Visa competitors — MasterCard, Capital One, and American Express. The final part of this report examines existing partnership Initiatives that First Boulevard, Greenwood and The Change Company have that address social injustice and racial inequality
PART ONE: VISA D&I PROGRAMS
1. Closing the Gender Gap
- Visa is one of the founder members of “Employers for Pay Equity (EPE), a business to business organization that leverages the group’s collective expertise to eliminate leadership and pay gaps for women and ethnic minorities in the U.S.”
- The Employers for Pay Equity consortium brings together various companies that share the vision of pay equity. Members share best practices in hiring, compensation, career development and develop strategies to support each other in this regard.
- Three principles guide Pay Equity; Equal Footing from the start of a career, through to the end, transparency in achieving and sustaining pay equity and accountability through practices such as regular and comprehensive gender pay analyses and the review of hiring and promotion processes in order to eliminate unconscious bias.
- Visa, among other companies, formed the organization in 2016 after signing then President Obama’s Equal Pay Pledge, which is a commitment to close the gender wage gap in the US. As documented by the Obama White House Archives, the Employers for Pay Equity consortium, then had 23 members, including Visa. Today, the consortium has 36 members.
- EPE’s 36 members include companies like, Accenture, Adobe, Cisco, Deloitte, Glassdoor, IKEA US, J&J, Lyft, PepsiCo, Salesforce, Starbucks, among others. Supporting organizations include; the American Association of University Women, American Civil Liberties Union, Billie Jean King Leadership Initiative, National Partnership for Women and Families, and National Women’s Law Center.
2. She’s Next Grant Program
- Launched in 2019 to support women small business entrepreneurs in growing, sustaining, and advancing their enterprises.
- Visa’s She’s Next Empowered program was created to empower female entrepreneurs by providing educational opportunities, improving their motivation, and linking them with industry professionals. The program’s purpose is to provide valuable opportunities to women entrepreneurs in order for them to run their businesses successfully.
- In response to the pandemic’s adverse effect on small businesses, particularly Black women-owned enterprises, Visa, in partnership with IFundWomen in 2021, offered $10,000 and a 1-year IFW Annual Coaching Membership to 60 Black women owned in 6 key cities in the US.
- 2021’s She’s Next Grant targeted Black and women owned businesses from Chicago, Atlanta, Miami, Los Angeles, Detroit and Washington DC. Additionally, the initiative targeted firms selling to consumers that had been in existence for two years or longer. Applicants were to send a 60-minute video describing their business.
- Shortly after launching in the US in 2019 and holding various workshops in the country, She’s Next went global the same year. The initiative held its first event outside the US, in South Africa. In October 2019, the initiative also gave female entrepreneurs in Canada a chance to meet and learn from each other, and from other participants such as Google, FreshBooks, Authorize.Net, the Canadian Federation of Independent Business, Square, etc.
- In 2020, She Next grant offered only four $10,000 grants to promising US small businesses. The program expanded in 2021 by offering up to sixty $10,000 grants. She’s Next Empowered by Visa is now in its third year running since launching in 2019. As of June 2020, the initiative had reached 6,000 women entrepreneurs through events and workshops.
- Business Wire reports that in March 2021, Visa committed an additional $1 million to extend the She’s Next Grant program that includes contest and mentorship.
- Plastiq is one of the platforms that are collaborating with Visa in its She’s Next Grant Program.
- Sameer Gulati, President and Chief Operating Officer of Plastiq, states that they are proud to continue working with Visa, particularly on their She’s Next Grant Program, which enables entrepreneurs to pay and accept payments intelligently, while preserving their cash and automatically syncing payments with their accounting workflows.
- According to PR Newswire, the partnership with Visa for the She Next grant program will help Plastiq advance its mission of helping small businesses during challenging times.
2. Encouraging Financial Inclusion
- In 2017, Visa launched its newly incorporated Visa Foundation and pledged its first commitment — $20 million to Women’s World Banking (WWB) that supports millions of micro and small businesses led by women.
- In addition, the Visa Foundation pledged to provide access to capital, financial tools and training that small businesses and micro-enterprises need.
- The Visa Foundation’s multi-year investment of $20 million to Women’s World Banking aims to assist the organization’s efforts to develop solutions for women entrepreneurs seeking to establish micro-enterprises and a financial safety net. About 2 million enterprises are set to benefit from the grant.
- Additionally, the company intended to;
- Develop, test, and deploy new and sustainable products, such as bundled financial services, business continuity insurance, and technology-based solutions that encourage healthy financial behaviors.
- Expand Women’s World Banking’s global network of financial service providers in order to successfully serve an additional 50 million financially disadvantaged people.
- Assess the impact of better financial services on women business owners.
- Encourage information sharing, innovation, and best practices within the worldwide community regarding the most effective ways to help small and micro businesses.
- According to Stephen Kehoe, Visa’s senior vice president for global financial inclusion, supporting efforts to enhance women’s financial health has a substantial multiplier effect on overall financial health. As a result, the Visa Foundation opted to focus its inaugural grant on women-owned businesses and awarded it to Women’s World Banking.
- According to a statement made by Mary Ellen Iskenderian, President and CEO of Women’s World Banking, her organization was thrilled to partner with Visa Foundation. WWB CEO added that both organizations share the vision of serving low income women entrepreneurs who have potential in contributing to economic growth. She added that the partnership will deliver solutions that drive towards women’s access and use of innovative financial services in order for them to create economic opportunities for their communities.
3. Leadership Summits for Ethnically Diverse Talent (Visa Elevate)
- Visa Elevate is a summit developed to advance the Hispanic/Latinx and African-American/Black employees.
- Participants congregate to discuss key issues surrounding the ethnic minorities and establish ways to recruit, train and promote the minorities at Visa.
- Reportedly, thanks to the summit, Visa is experiencing an increased retention rate among these ethnic groups.
- According to the 2019 sustainability report, over 180 employees in the US have completed the program since Elevate was launched in 2017.
Women Leadership Training Programs
- Women Leadership Training Programs at Visa include Executive Edge, Talking Cranes and Global Accelerator
- A leadership programme for women created in partnership with Berkeley’s Haas School of Business.
- The program was created for the development of women leaders to continue an upward growth within Visa.
- Since its launch in 2016, over 100 women have completed the program.
- In addition, female representation on the global level at Visa has increased from 30% to 33% between 2017 and 2019.
- Talking Cranes, an online platform with in person workshops that supports Visa in advancing women in leadership by equipping them with skills for professional development
Visa’s Global Accelerator
- Visa Global Accelerator is a program designed to advance the careers of top talent to senior levels. More than half of the program’s participants are women
Ready to Return
- Visa’s Ready to Return is an “annual training, networking and mentorship event for people with interest in returning to the workforce after an extended time away.”
- The company offers coaching, networking opportunities, personal branding and full time job offers.
- A large percentage of Ready to Return participants are women who had taken time off to raise a family (around 90% women in one event according to one attendee).
- In 2019, Visa received over 1,600 applications for the program. As a result, hundreds of people attended the single-day event in San Francisco.
PART TWO: VISA COMPETITORS D&I PROGRAMS
- MasterCard has partnered with Grameen America, a non-profit microfinance organization, in the United States to support the organization’s technological transformation and to help low-income women entrepreneurs move to digital banking.
- So far, more than $1.9 billion has been disbursed and to help 132,000+ women entrepreneurs.
- A List of MasterCard D&I programs and efforts towards addressing social injustice and racial inequality include;
- Solidarity in action
- Mastercard Start Path
- Strivers Initiative
- Fearless Fund grant
- Give me 5 initiative
- True Name feature
- Path to Priceless Initiative
- Relaunch Your Career program
1. Solidarity in action
- In 2020, MasterCard announced that it is “investing $500 million in Black communities in the next 5 years.” It is one of Mastercard’s latest efforts in championing for an inclusive global digital economy.
- Aside from financial support, the commitment also includes services, products, technology and concentrated investments that ensure Black-owned businesses and Black people access affordable financial capital and tools.
- MasterCard’s goal for 2025 is to link 1 billion individuals to the digital economy. The firm is concentrating its efforts on three areas in order to have an immediate impact on Black communities.
- Expansion of municipal initiatives aimed at assisting Black neighborhoods. The business has launched initiatives in seven locations to provide over one million citizens with digital access to critical financial tools and assistance.
- Affordable financial services and tools. Through MoCaFi, a Black American owned FinTech, MasterCard is working to reduce the cost of digital services.
- Resources and capital for Black-owned businesses. To improve financing available in minority areas, the firm is extending its connection with Community Development Financial Institutions (CDFIs) such as Accion Opportunity Fund and the Community Reinvestment Fund.
2. MasterCard’s Start Path program
- Mastercard Start Path, is a program that is dedicated to support underrepresented FinTech founders of minority groups such as Women, Black, Indigenous and people of color. 25% of the startups in 2019 were women-led.
- MasterCard invites later stage startups to a six-month program. The startups receive mentorship and coaching, enterprise partnership readiness training and curated and investor introductions.
- The Start Path program is part of the company’s $500 million Solidarity commitment to bridging the racial wealth and opportunity divide.
- Over 200 companies have participated in the Start Path program since its launch in 2014.
3. Give me 5 initiative
- An initiative by MasterCard to further gender equality in the workplace.
- The project “Give me 5” is inspired by the United Nations’ fifth Sustainable Development Goal.
- The program is built around three pillars:
- People — Globally, establishing a vibrant, engaged, and balanced work environment.
- Society – Advancing an inclusive business strategy.
- Market — Restoring equilibrium and ensuring equitable access to products and solutions.
4. True Name feature
- In 2020, MasterCard introduced the True Name function. The feature allows people who identify with a different name other than what they were assigned at birth to have their preferred name on their cards.
- This feature is a demonstration of the company’s support for the LGBTQ+ community.
- The True Name campaign by MasterCard was featured on Contagious and was crowned campaign of the week on 14th July 2020.
- MasterCard did not just introduce a rainbow-hued debit card. Rather than that, it found a way to contribute meaningfully to the debate and give a solution to an LGBT+ pain point that it was uniquely positioned to address.
5. Path to Priceless initiative
- MasterCard’s effort to help one million female entrepreneurs.
- The initiative brings together partners like Hello Alice and Create and Cultivate in providing a “network of support and growth opportunities for women entrepreneurs.”
- Jaclyn Johnson, founder of Create and Cultivate, asserts that as a founder herself, she is all too familiar with the challenges inherent in building and growing a business, and that having a brand like MasterCard show up for all of us and commit in such a meaningful way to providing access to what our community needs is tremendous.
6. MasterCard Relaunch Your Career program
- A program for those wishing to relaunch their careers after taking a career break.
- Launched in 2017, the 16-week program provides networking and training for people looking to come back to the workforce.
- Since launching in 2017, the program has grown to more than 40 participants in 14 different countries.
- Although the program targets both men and women, most of its participants are women (95% according to the Director of Talent Enablement at MasterCard, Bobbi Davis) who return to work after being away from work raising a family and taking care of a sick family member.
- MasterCard has partnered with iRelaunch, an organization that specializes in returnships. iRelaunch helps with the onboarding process and trains managers on what to expect from a person returning from a career break.
Other initiatives launched by MasterCard include;
- The Strivers Initiative, a multi-city educational road show in four locations throughout the United States to raise awareness about the status of women and minority-owned companies.
- Fearless Fund Grant is a venture capital fund established by women of color for women of color with the purpose of awarding grants to Black women-owned companies with a focus on roadshow locations.
Awards and recognition
- MasterCard was honored by DiversityInc in 2018 for their efforts to foster an inclusive workplace based on decency and respect.
- DiversityInc ranked MasterCard 6th in 2020, 8th in 2019, 4th in the 2018 top 50 list of most diverse companies. MasterCard was placed in the top ten for the seventh consecutive year in terms of diversity.
- Additionally, MasterCard was ranked 8th in Diverse recruitment, 11th in Diversity Council, and a top company for LGBT employees.
- DiverityInc also recognized MasterCard for its efforts in hiring more women at senior levels and its effort in closing the wage gap.
- List of D&I programs and Capital One’s Efforts towards addressing social injustice and racial inequality;
- The Dollar for Dollar Associate Gift Matching Program
- Capital One Impact Initiative
- The Black Girl Magic Summit
- Contributions to the LGBTQ+ communities
- Capital One’s Business Resource Groups (BRGs)
1. Dollar for Dollar Associate Gift Matching Program
- On June 5th, Capital One, in support of its associates’ contributions to efforts that make a difference, announced that it would be matching dollar for dollar donations made by its associates till end of June to the following organizations; Equal Justice Initiative, Campaign Zero, Race Forward, National Urban League, Runnymede Trust in the UK, and Black Health Alliance in Canada.
- The company also added that it would be making new investments in two national organization that champion the fight for racial equity.
2. Capital One Impact Initiative
- Capital One established the Capital One Impact Initiative in 2020 with a $200 million, five-year commitment to accelerate socioeconomic mobility in underrepresented areas by eliminating gaps in equality and opportunity.
- The initiative compliments the company’s mission of changing banking for good, its struggle for racial equity, affordable housing, workforce development, small business support and financial well-being.
- The Impact Initiative is founded on three pillars: campaigning for a more inclusive society, fostering community development, and developing financial solutions that improve lives.
3. Black Girl Magic Summit
- Capital One, in partnership with Boss Women Media, an organization that focuses on educating and empowering professional Black women and women of color, co-hosted the 2nd annual Black Girl Magic Summit.
- The event featured thought workshops, leadership panels, keynotes, and opportunities to network with like-minded women.
- Attendees also participated in a sponsored competition for best live business pitch in front of judges. Grants were also offered to the winners.
- The two-day event attracted 15,000 participants.
- Boss Women CEO Marty McDonald said that her organization was proud of partnering with Capital One, as an ally in helping women in their financial lives.
4. Contributions to the LGBTQ+ communities
- Capital One asserts that it is committed to supporting legislation and implementation of workplace policies alongside amplifying the voices of the LGBTQ+ communities.
- As part of Capital One’s effort in advocating for an equitable and inclusive society, the company is making a direct investment of $500,000 in funding to support two of its partners;
- Out & Equal and its effort in supporting “equality of the LGBTQ+ community and the people of color in the workplace.”
- The National Center for Transgender Equality’s efforts in fielding the US Transgender Survey that will provide vital information in understanding the lives and experiences of the transgender community in the US.
5. Capital One’s Business Resource Groups (BRGs)
- Capital One has Business Resource Groups within the company that are committed towards inclusion, diversity and belonging.
- According to Capital One’s website, the groups play a critical role in attracting talent, engaging and retaining a diverse workforce, developing leaders and enhancing a rich workforce for all associates.
- “They help us get a better knowledge of other cultures, people, and experiences, and they allow colleagues to build networks and accelerate their growth and development,” says Rolddy Leyva, VP of Diversity, Inclusion, and Belonging.
- BRG groups at Capital One include;
- CapAbilities – for colleagues who identify as disabled, as well as caregivers and supporters, and supports active Advocacy Circles such as Autism Spectrum Connections and Gray Matter.
- EmpowHER — for women and their allies.
- iHOLA! – Capital One’s initiative to empower Hispanic and Latinx colleagues. Additionally, it manages the Hispanic Leadership Company.
- Origins — for acquaintances and allies of Asian and Pacific Islander descent.
- Out Front — for Capital One’s LGBTQ+ associates, leaders, and allies.
- Salute — for military, military spouse, and veteran associates.
- VOICES — for Black associates and their allies.
- Tech-specific BRGs which complement and enhance the work of Enterprise BRGs such as, Women in Tech, Hispanics in Tech, Blacks in Tech and Equality Allies
- In 2019-2020 BRGs have hosted inspiring speakers including; Tennis legend player and voice of equality Venus Williams, CNN Journalist Lisa Ling, Female combat pilot Vernice “Flygirl” Armour, First openly transgender NCAA division swimmer Shuyler Ballar, among others
Awards and Recognition
- Capital One was recognized by TheMuse as one of the places that champions LGBTQ equality, even beyond pride month.
- “Black EOE Journal 2020 Best of Bests Top Employers, Top Supplier Diversity Programs and Top LGBTQ+ Friendly Companies.”
- “DiversityInc Top 50 Companies for Diversity 2020″
- “Forbes Best Employers for Diversity 2020″
- “Bloomberg Gender Equality Index” 2019
- “Fairygodboss Best Companies for Women (#14) & Best Finance Companies for Women (#3)”
- Here is a link to the complete list of awards and recognition for 2019 and 2020
AMERICAN EXPRESS (AMEX)
- List of D&I programs
- Amex Action plan to promote Racial, Ethnic and Gender Equity
- American Express’s 100 for 100 program
- Give2Gether charitable gift matching initiative
- The American Express Leadership Academy
1. Amex Action plan to promote Racial, Ethnic and Gender Equity
- American Express launched a $1 billion action plan in October 2020 to advance ethnic, racial, and gender equity for communities, consumers, and employees.
- Additionally, Amex established a “Office of Enterprise Inclusion, Diversity, and Business Engagement” to supervise the initiatives and track Amex’s progress toward its goals. The company is also employing additional steps such as;
- Backing colleagues and advancing an inclusive culture by achieving and maintaining 100% equity and enhancing representation in the workplace.
- Backing customers and business partners by doubling the spending on diverse and minority owned suppliers to $750 million annually by 2024 which includes increasing spending on Black owned suppliers to at least $100 million annually by 2024. Simultaneously, Amex intends to extend finance access and financial education to over 250,000 black-owned small and medium-sized enterprises. Amex also plans on designing products that meet the needs of underrepresented consumers and programs that amplify the voices of the Latinx and Black communities.
- Backing communities by furthering philanthropic support. Amex plans on providing grants worth $50 million by the end of 2024 to support nonprofit organizations led by underrepresented groups and people of color globally. Additionally, this category covers groups dedicated to tackling inequality and advancing social justice. Additionally, through the American Express Leadership Academy, Amex seeks to elevate the next generation of leaders.
2. American Express’s 100 for 100 program
- Amex is partnered with IFundWomen of Color to provide 100 women of color with grants worth $25,000 each.
- In addition, they are also offering access to 100 days of business resources including education, marketing, mentorship, business education, and virtual networking to participants.
- The program, launched in 2020, is part of a larger promise to give finance and financial education to at least 250,000 African-American-owned small and medium-sized enterprises in the United States by the end of 2024.
- “We are pleased to partner with American Express to help these inspirational 100 Black women-owned companies develop and flourish,” said Karen Cahn, CEO of IFundWomen.
3. Give2Gether charitable gift matching initiative
- Amex matched the contributions given by its employees to various nonprofits, including those dedicated to addressing social Injustice and racial inequality.
- Through the initiative, Amex matched $5.4 million in contributions in 2018.
- In addition, the company held Give2Gether campaigns across the US, Canada and India.
- Give2Gether was attended by 20,345 colleagues throughout the United States. India came in second with 5,724 participants, followed by Canada with 1,697.
4. The American Express Leadership Academy
- In 2008, the leadership academy was created.
- Its objective is building personal, business and leadership skills of emerging nonprofit leaders to advance causes such as social justice and equality.
- Amex is actively pursuing a goal of increasing the percentage of persons of color participating in the program from 50% to 75% by 2024.
- Since launch, the organization has grown to a global program, hosting up to 130 leadership programs across 12 countries. It has also trained more than 4,300 social sector and nonprofit leaders.
- The company has also expressed its support for Acumen and Leaderosity which are online leadership platforms for social purpose leaders.
Awards and Recognition
American Express 2018 awards
- “Fortune 100 Best Companies for Diversity — ranked #18”
- “Fortune 100 Best Workplaces for Women — ranked #40”
- “Black Enterprise: Best Companies for Diversity”
- “Working Mother Best Companies to Work For — ranked #14”
- “Anita Borg Institute Top Companies for Women Technologists”
- “Human Rights Campaign: Corporate Equality Index, Rating American Workplaces on Lesbian, Gay, Bisexual, and Transgender Equality — Score: 100%”
PART THREE: PARTNERSHIP INITIATIVES THAT ADDRESS SOCIAL INJUSTICE AND RACIAL INEQUALITY
1. Project Tassel Initiative, a partnership with Terrence J
- In March 2021, First Boulevard announced a joint initiative with actor Terrence J to empower Historically Black Colleges and University (HBCU) students with financial literacy.
- “Project Tassels: 1,000 students, 1,000 degrees, 1,000 new outlooks on life,” will seek to “help 1,000 Black students reclaim their stranded credits.”
- A video series touching on money management including savings, budgeting and credit scores will also be created under the initiative.
- “Assisting 1,000 students in completing their degrees will contribute an additional $1 billion to the Black community’s circulation,” stated Terrence J.
- First Boulevard CEO couldn’t hide his excitement in the company’s partnership with Terrence J, urging that the actor had shown commitment to the advancement of Black Americans for years.
- The company’s mission is building generational wealth for Black communities, particularly HBCU students and Black America. Currently, student loans debt in the US stands at $1.7 trillion. It has a disproportionate effect on African American students, who borrow more and default at a greater rate than white students. This results in a delay and prevents African Americans from building savings, buying homes, providing for their families, and building generational wealth
- A video posted on First Boulevard’s Facebook page directs users to visit this page. The page is however missing on the company’s website.
2. Partnership with Visa
- In February 2021, Business Wire reported that Visa and First Boulevard were in partnership to pilot Visa’s new suite of crypto APIs that will enable customers to purchase and trade digital assets.
- According to the news source, the pilot will act as a critical first step in developing API capabilities that would enable other Visa clients to access and integrate cryptocurrency features into their product offerings.
- Visa partnered with First Boulevard as part of its diversity and inclusion priority of closing the financial inequality gap in the Black community.
- According to Visa’s announcement during Black History Month, the partnership with First Boulevard will assist in providing financial and business services that are tailored to the needs of the Black community, increasing financial literacy, and bringing the benefits of digital to everyone, everywhere.
- Additionally, First Boulevard will offer a Visa Debit Card that will have benefits such as early salary access, a Cash Back for Buying Black program, as well as financial education and budgeting tools.
- First Boulevard customers will benefit from financial literacy education that is incorporated in the partnership deal with Visa. Visa will also collaborate with First Boulevard to produce educational tools on the platform to assist underprivileged populations in gaining access to technology such as cryptocurrency.
- Visa will also connect First Boulevard to Anchorage, a chartered digital asset bank, a relationship that will allow First Boulevard customers to purchase and sell bitcoin.
- Here is a link to the report by Business Wire.
3. Partnership with Non-Profits through the Greenwood Gives Back Program
- To combat food insecurity and fight racial inequality, Greenwood is partnering with the Goodr Foundation and the National Association for the Advancement of Colored People (NAACP).
- According to the bank website, Greenwood will be donating an equivalent cost of 5 meals through Goodr when an account is created.
- In addition, the Greenwood Give Back Program will enable Greenwood credit card owners to choose between donating their change to Goodr, the NAACP, or the United Negro College Fund (UNCF).
- Additionally, Greenwood asserts that it will round up Greenwood Debit Card transactions made through the Greenwood Spending account’s Greenwood Debit card feature to the nearest whole dollar amount (between $0.01 and $0.99) and transfer the excess over the purchase price to a Greenwood Gives Back Service Account. Greenwood then pools the funds in the Greenwood Gives Back Savings Account and makes a single donation to the non-profit organization selected during the sign-up period.
- Through the Greenwood Gives Back program, the company vows to support Black and Latinx businesses and causes by providing meals to families in need and supporting education and civil right groups.
- Additionally, Greenwood will award a $10,000 grant to a client who is a Black or Latinx small business owner.
4. Greenwood’s Partnership with Drum Major Institute
- After reaching 500,000 sign ups, Greenwood announced a partnership with Drum Major Institute.
- Drum Major Institute was co-founded by Rev. Dr. Martin Luther King, Jr. and is devoted to advancing social justice for all American citizens.
- A donation was also given to the Martin Luther King, Jr. Center for Nonviolent Social Change, according to the Greenwood’s website. The organization’s mission is preparing global citizens to create a just, humane, peaceful and equitable world using non-violent teachings.
- Additionally, the King Center would join other groups in Greenwood’s Give Back initiative, which encourages consumers to round up their purchases to the nearest dollar and give to deserving charities.
- Greenwood’s Chairman Ryan Glover said that the organization is pleased to honor the legacy of Martin Luther King, Jr. by continuing his key teaching of economic empowerment to the minority communities.
- Here is a link to the press release.
5. Greenwood’s partnership with MasterCard
- In April, PR Newswire announced that Greenwood would be partnering with MasterCard for the bank’s first debit card.
- Cardholders of the Greenwood Matte Black MasterCard will benefit from a digital-first user experience, as well as a comprehensive range of security and concierge features.
- The card partnership will also offer innovative give back programs that are focused on helping Black and Latino communities. MasterCard and Greenwood have partnered to develop innovative financial education initiatives, including a daily podcast throughout the summer.
- Among the topics that the podcast is set to discuss include financial planning, banking, capital for small businesses, home ownership and wealth creation.
- Greenwood and MasterCard hope that the financial education will help address the current racial wealth gap inequality.
- Sherri Haymond, executive vice president of digital partnerships at MasterCard, stated that the relationship with Greenwood will promote a circle of prosperity by addressing the needs of companies and individuals in communities of color. She said that both firms are committed to paving the way to wealth creation via the provision of financial solutions and resources that remove systemic hurdles and promote economic empowerment.
- “MasterCard’s willingness to collaborate with us to create material that speaks specifically to our community while also giving access to the exclusive World Debit program ensures that Greenwood consumers receive a best-in-class product and wealth-building opportunities. Both of these advantages are directly related to our objective “Greenwood’s Chairman, Ryan Glover, stated.
- Here is a link to the announcement by PR Newswire.
6. The Change Company’s partnership with Netflix
- In March 2021, Business Wire reported that The Change Company had partnered with Netflix to expand Black ownership in America.
- The alliance is committed to racial justice in house finance by providing fair and responsible financing to Black homeowners.
- Empowered by the partnership, The Change Company also announced an initiative –Black Homeownership Initiative to lend over $1 billion to the cause of expanding Black homeownership.
- The Change Company’s network of over 500 lenders intends to facilitate outreach to underbanked customers in the Black community.
- Netflix Treasury Director Shannon Alwyn stated that the business committed $10 million in The Black Homeownership Initiative as part of its $100 million commitment to African-American communities. “We welcome other businesses to join the movement and support forward-thinking initiatives such as The Change Company’s Black Homeownership Initiative.”
- According to Rev. Everett Bell, Chair of The Change Company’s Community Board, “Netflix’s Black Economic Initiative not only sparked change, but also provided the capital necessary to assist The Change Company in increasing Black homeownership and reducing the structural racial inequities that persist in traditional financial institutions.”
- The Change Company’s director is confident that the relationship with Netflix will aid in the happiness of thousands of Black American families.
- Here is a link to the announcement by Business Wire
7. Initiative to expand Homeownership in Low to Moderate Communities
- As reported by the Business Wire, in March 2021, The Change Company announced the launch of an initiative to “ expand homeownership in low- to moderate income (LMI) communities.”
- The program builds on Prosperity Now’s study on Expanding Homeownership in Low- to Moderate-Income Communities.
- According to the report by Prosperity NOW, homeownership is one of the biggest drivers to racial wealth divide. Low homeownership rates in LMI communities and communities for people of color are significantly lower than that of other groups.
- The initiative by The Change Company pledged $1 billion in new lending to LMI communities.
- Additionally, $80 million was raised through the LMI Homeownership Initiative through a partnership of 18 institutions.
- The Change Company’s collaboration with Prosperity NOW to establish best practices for meeting the needs of our LMI communities has enabled us to safely and responsibly expand our lending in areas where it is most needed.
- Here is a link to the report by Prosperity NOW.
- Here is the link to the announcement by Business Wire.