Capital One Financial Corporation has announced a five-year, $200 million commitment in support of efforts to advance economic growth and socioeconomic mobility in underserved communities.
With the aim of contributing to a more inclusive society, building thriving communities, and creating financial tools that help enrich lives, the Capital One Impact Initiative will invest in diverse communities and businesses and support organizations working to expand economic opportunity, particularly for Black and Latinx communities; provide capital for the development of affordable rental housing that meets the needs of diverse households and communities; accelerate investments in the financial service company's Black and Latinx suppliers and partners and expand mentoring, training, and advisory programs designed to help Black and Latinx businesses and nonprofits succeed; expand programs designed to provide opportunities for individuals facing barriers to employment in a rapidly changing job market; and create digital products that meet customers where they are.
The latest commitment by the company is in addition to a $10 million pledge it made in June in support of social-justice initiatives focused on Africa-American communities.
"Socioeconomic mobility is one of the most pervasive and long-standing issues in our society," said Andy Navarrete, Capital One's executive vice president and head of external affairs. "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."
(Photo credit: Capital One Financial Corporation)