Capital One Announces Impact Initiative
Capital One recently announced the launch of their new Impact Initiative to help boost communities of color. The Impact Initiative is Capital One's commitment to 'support growth in underserved communities and advance socioeconomic mobility by closing gaps in equity and opportunity.' The commitment is over the next five years and includes $200 million in funding. With this initiative, Capital One aims build communities and create financial tools that will enrich the lives of people everywhere.'Our growth and success as a company provides us with an extraordinary platform to tackle the root causes of this challenge. We have the opportunity and the obligation to leverage our scale and resources, and to harness the ingenuity and empathy of our associates, to be an engine for progress. ' - Andy Navarrete, Capital One Executive Vice President and Head of External Affairs.
Capital One will invest in diverse communities to boost racial equity and economic opportunities. The initiative will create more affordable housing by investing in affordable rental housing. They will also invest in small Black and Latino businesses and expand training and mentoring programs.
The Impact Initiative is representative of the priorities of Capital One. The company aims to increase financial wellness, equity, and opportunities for everyone. They have recently committed to putting $10 million towards organizations that support social justice initiatives. Since 2007, they've also provided over $13 billion in construction financing for over 140,000 affordable housing units. To learn more about Capital One and the Impact Initiative, visit their website.