The Clinton Foundation has announced new corporate and philanthropic commitments in support of economic development and efforts to address racial disparities.
Announced in conjunction with the launch of Building an Inclusive Recovery, a series of virtual convenings focused on racial, ethnic, tribal, economic, and health disparities pre- and post-pandemic, the commitments include partnerships designed to support small businesses, invest in digital technology, and improve financial systems in underserved communities.
They include a commitment by Inclusiv (formerly the National Federation of Community Development Credit Unions), in partnership with the University of New Hampshire's Carsey School of Public Policy Center for Impact Finance, to create accessible training programs and shared capitalization platforms that make it easier for community-based financial institutions (CDFIs) to offer financing for solar energy projects in low-income communities and communities of color, and a commitment by Pacific Community Ventures, in partnership with Appalachian Community Capital, HOPE Credit Union, the Local Initiatives Support Corporation, other CDFIs, and community-based organizations, to assist three thousand small businesses owned by women, immigrants, and Black, Latinx, and Indigenous people over three years through its pro bono platform.
As an extension of a $500 million commitment announced in September in support of racial equity initiatives, MasterCard also announced that it will partner with the Association for Enterprise Opportunity to support three hundred Black-owned small businesses in St. Louis by developing and deploying "virtual Chief Financial Officer" technology designed to address gaps in cash flow and liquidity and equip those businesses with the digital tools needed to efficiently deploy the capital they receive.
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