Ally Financial has announced a three-year, $30 million commitment to help advance economic mobility and combat systemic racism in communities across its geographic footprint.
In support of that goal, the newly launched Ally Charitable Foundation will provide support for affordable housing, financial literacy, and workplace preparedness initiatives in Charlotte, North Carolina, and Detroit, where the company has large numbers of employees.
An initial round of grants totaling $1.6 million also includes awards of $200,000 to Rebuild&HealMN, a Minneapolis-based collaboration that provides support to immigrant, Black, and minority business owners; $100,000 to Local Initiatives Support Corporation Twin Cities in support of efforts to help local businesses in St. Paul's Little Africa community re-open; and $100,000 to Southern Bancorp Community Partners in Little Rock, Arkansas, which will use the funds to provide loans to local organizations unable to meet lending guidelines followed by depository financial institutions.
"Ally is an unwavering advocate for economic mobility, and the Ally Charitable Foundation will enable us to address its causes and impacts while fulfilling our promise to 'Do It Right,' " said Mike Rizer, the foundation's president. "In addition to supporting organizations doing exemplary work in promoting economic mobility, we will use the foundation as an important new avenue to listen, collaborate, and learn, in order to drive lasting, equitable changes in the communities we serve."