Press release
Comcast Advances Economic Mobility and Racial Equity in Underserved Communities Through $10 Million Investment With Inclusiv
NEW YORK & PHILADELPHIA--(BUSINESS WIRE)-- Inclusiv and Comcast Corporation today announced that Comcast has committed to invest $10 million specifically
About this update from Comcast Corporation
[{"type":"text","content":" NEW YORK & PHILADELPHIA--(BUSINESS WIRE)--\nInclusiv and Comcast Corporation today announced that Comcast has committed to invest $10 million specifically aimed at building equity in credit unions led by and/or serving people of color through Inclusiv’s Racial Equity and Resilience Investment Fund (“the Fund”). Launched in 2020, the Fund leverages investments to increase lending to minority-owned businesses, homeowners, and consumers, providing access to capital and new financial opportunity to traditionally underserved and underbanked communities. As Inclusiv’s first corporate investment, Comcast’s commitment will enable local financial institutions to deploy at least $200 million in total capital in communities that need it the most and help ensure hardworking individuals have access to the capital needed to build and strengthen their financial lives.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210609005259/en/(Graphic: Business Wire)\nThis high-impact investment also paves the way for additional contributions from social impact investors, further growing the Fund’s impact and reach. The Racial Equity and Resilience Investment Fund builds upon the highly successful Inclusiv Resilience Grant Fund, which raised more than $1 million in grant funds for 59 minority-designated credit unions serving more than 200,000 members.\n\nThe unprecedented economic crisis caused by the COVID-19 pandemic exacerbated the long-standing racial wealth gap caused by generations of systemic racism in the United States. People and communities of color saw their income levels, ways to accumulate wealth, and entrepreneurial opportunities lag behind that of their white counterparts before and after the pandemic, disparities that became even more pronounced over the past year. Currently, the unemployment rate for Black workers is almost double that of white workers. Additionally, Black-owned small businesses have experienced the most significant decline among active small business owners nationwide, shutting their doors at more than twice the rate of white-owned businesses.\n\n“Our partnership is driven by the simple – but powerful – idea that businesses can help change and improve lives,” said Dalila Wilson-Scott, Executive Vice President and Chief Diversity Officer of Comcast Corporation...