NEW COMMITMENTS WITH HEARTLAND ALLIANCE AND SAFER FOUNDATION SEEK TO CLOSE GAPS IN EQUITY, HELPING PEOPLE GAIN BETTER ACCESS TO ECONOMIC AND SOCIAL OPPORTUNITY
Capital One announced the launch of the Capital One Impact Initiative, an initial $200 million, five-year national commitment to support growth in underserved communities and advance socioeconomic mobility by closing gaps in equity and opportunity. The Impact Initiative will build upon Capital One’s core mission to change banking for good and long-standing philanthropic commitments in Chicago by advancing racial equity, affordable housing, small business support, workforce development and financial well-being.
As a springboard for the initiative, Capital One is addressing racial equity by committing to drive greater inclusion and representation. The Capital One Impact Initiative will come to life in Chicago through partnerships with Heartland Alliance, a nonprofit that advances human rights through comprehensive and respectful services, and Safer Foundation, a nonprofit with the mission to reduce recidivism by creating access to employment.
“Capital One is proud to partner with these two organizations that are breaking down the structural barriers to racial equity by advancing socioeconomic mobility and financial well-being,” said Dave Kucera, Capital One Chicago Market President. “Through these commitments, we hope to elevate the discussion on racial justice, drive positive change and create a more vibrant community for all here in Chicago.”
Capital One will partner with Heartland Alliance for its READI Chicago program, an innovative response to gun violence in Chicago. The program connects people most highly impacted by gun violence to cognitive behavioral therapy, paid transitional jobs and wrap-around support services. The data-informed, evidence-based intervention focuses on treating trauma and investing in individuals and communities in order to increase economic opportunity, create a viable path for a different future and reduce violence in the city’s most impacted neighborhoods.
“As a human rights organization, our mission is to create a just world that offers equity and opportunity for all,” said Evelyn Diaz, president of Heartland Alliance. “READI Chicago is one of the ways we walk the talk by providing mental health support, paid jobs and other basic needs. Through READI, individuals whom society has left behind can create a new path forward. We commend Capital One for their courage to create these opportunities in partnership with us and are grateful for their support.”
Additionally, Capital One will support Safer Foundation in the Fair Chance in Hiring and Economic Equity Project for the Financial and Banking Industry, with the goal to open an entire industry and career path that has historically been difficult or near impossible to access for individuals with records. The Fair Chance program will work to provide individuals with records support and services, including core job readiness training, case management, resume coaching, mock interview prep and legal records relief, to achieve employment within the financial services industry.
“Capital One’s support will help provide resources to build a reliable, robust, and replicable pipeline of job-ready men and women, creating pathways to economic mobility for Chicago’s Black and justice impacted residents,” said Sodiqa Williams, ESQ., Vice President, External Affairs and General Counsel, Safer Foundation. “By bringing these individuals into living wage, quality jobs, our workforce development and advocacy efforts translate into family stability, community development and a stronger more equitable city for all.”
These local commitments are in addition to Capital One’s most recent $10 million investment in national organizations advancing the cause of social justice for Black communities, and its $50 million commitment to address economic dislocation resulting from the COVID-19 pandemic.
Capital One’s philanthropic initiatives are closely tied to its core business activities serving low- and moderate-income individuals across the country. As the No. 1 community development (CD) lender nationally, Capital One has provided nearly $29 billion in CD loans since 2016. As part of that activity, through its Community Finance line of business, Capital One has also provided over $13 billion in construction financing across the nation since 2007 for over 140,000 affordable housing units, creating over 158,000 jobs.
“Twenty-five years ago, Capital One was founded on the belief that great talent, great analytics and great technology could revolutionize financial services and democratize credit,” said Andy Navarrete, Capital One Executive Vice President and Head of External Affairs. “With the COVID-19 pandemic and a heightened awakening on issues of racial injustice, we continue to embrace the idea that by advancing the economic and social opportunities in the communities we serve, we can help people thrive. That’s why the Impact Initiatives means so much to us—it’s core to who we are.”
To learn more about Capital One’s commitment visit https://www.capitalone.com/about/.
