USAA commits $50 million to advance racial equity for military families

USAA commits $50 million to advance racial equity for military families

Financial and insurance services firm USAA has announced a commitment of $50 million over three years in support of efforts to advance racial equality and support the financial security of the military community.

With the aim of helping close gaps in education and job training, employment, and income for communities of color and low-income military communities, USAA will focus resources on ensuring employee engagement in efforts to embrace diversity and inclusivity; invest in businesses owned by veterans, minorities, women, LGBTQ individuals, and individuals with disabilities; strengthen its recruitment and retention of diverse employees; and enhance measurement and analysis of its efforts to support a more diverse and inclusive culture. 

To that end, the company will award grants totaling nearly $7 million to national and San Antonio-based nonprofits this year, including a grant in support of an expansion of the San Antonio-based Executive Leadership Council's scholarship programs and philanthropic endeavors, with a focus on building a pipeline of Black business talent, providing low-interest loans for Black and Latinx entrepreneurs, and upskilling/reskilling low-to-moderate-income Black and Latinx San Antonians. According to the U.S. Chamber of Commerce's Equality of Opportunity Initiative, black-owned non-employer businesses are less than half as likely to get financing as white-owned firms. 

"At USAA, we strive to create an environment where all employees feel like they truly belong and have the opportunity to reach their full potential," said USAA president and CEO Wayne Peacock. "This commitment extends to the communities in which we live and work. It's our mission to care for military families, a community that reflects our nation's racial, social, and economic diversity — and the complex issues that come with it. We recognize that there is more USAA can do to help close inequality gaps, and these investments are a fundamental part of our efforts."

(Photo credit: USAA)