Capital One Awards Over $3.5 Million in Grant Funding

Capital One announced the latest major grants in the Capital One Impact Initiative, committing $3.5 million to 12 nonprofit organizations who are addressing critical community needs in financial well-being, workforce development, housing and small business support as a result of the COVID-19 pandemic and long-standing issues caused by racial inequity. Hope Credit Union in New Orleans, and the Women’s Business Enterprise National Council (WBENC) in markets across the country, will each receive $500K in funding. Ten nonprofits located across Dallas, New York City, Richmond, and greater Washington, D.C. will receive $250K each for addressing critical local and regional community needs. These commitments follow eight similar grants totaling $3 million announced in November 2020. 

The grants build upon Capital One’s Impact Initiative, an initial $200 million, five-year commitment made in October 2020 to support growth in underserved communities and advance socioeconomic mobility by closing gaps in equity and opportunity.

“At Capital One, we’re passionate about partnering with organizations that provide critical services and resources to meet the changing needs of communities,” said Kerone Vatel, Head of Community Impact & Investment at Capital One. “We know from our own ongoing study through the Capital One Insights Center that the financial impact of COVID-19 has varied greatly across different demographic groups. Our efforts aim to create synergies through the power of partnership with community-based organizations to bolster the resilience of populations disproportionately affected by the pandemic.”

Through innovation, these 12 nonprofit organizations have pivoted existing programs and imagined new ones to address the rapidly changing landscape presented by COVID-19, and represent the pillars of Capital One’s Impact Initiative: advocating for an inclusive society, building thriving communities and creating financial tools that enrich lives. The grants will accelerate services to underrepresented communities in a timely and impactful manner. Each of the following partners were awarded grants:

Dallas/Fort Worth, TX

• Merit America will expand "Unlocking $1.7 Million in Wage Gains," an initiative testing the impact of community focused co-working and post pandemic workforce needs.
• Year Up will offer "Mitigating Barriers to Ensure Access & Opportunity” for Year Up DFW Students, a Lyft partnership addressing transportation barriers for internships.

Greater Washington, D.C.

• Per Scholas National Capital Region will expand their tech apprenticeship program addressing barriers to women completing training and successfully transitioning to stable, family-sustaining employment.
• Year Up National Capital Region will expand support of their workforce development program for students and remediate barriers to student success heightened by the COVID-19 pandemic.

New Orleans, LA

• Hope Credit Union will expand their Hope Affinity Network, conducting on-site financial education and delivering services to support the financial well-being of partner organizations.  

New York, NY

• Breaking Ground will provide time-sensitive “Critical Time Intervention” support for at-risk individuals transitioning from homelessness to permanent housing.
• West Side Federation for Senior and Supportive Housing will establish The Wellness Wheel program which will provide proximity to healthcare services to seniors by establishing a health care center that is co-located with affordable housing units.
• Enterprise will engage families in Harlem affordable housing developments who are at early risk of housing instability, via targeted outreach and whole family services.

Richmond, VA

• Virginia LISC will launch the BIPOC Small Business Investment Fund, providing revolving interest and fee free loans, paired with coaching, to Black and Latinx owned businesses.
• Metropolitan Business League will expand the “We Care RVA Recovery Grant Fund,” supporting certified Small, Women-owned, and Minority-owned (SWaM) small businesses impacted by COVID-19. 
• Virginia Community Capital and the Capital Region Small Business Development Center will support small businesses through technical assistance focused on financial management, additional grant funding for loan loss reserves, and credit enhancements.

National 

• WBENC and its 14 Regional Partners Organizations will enhance and expand “WeThrive,” a program launched during the pandemic to respond to new needs of small, women-owned businesses. 

Capital One is on a mission to change banking for good by removing barriers to opportunity, creating pathways to financial success and enabling vibrant futures. As part of that, Capital One recognizes the need for local-level financial support for organizations that provide crucial community services that were forced to pivot in order to survive the pandemic. 

To learn more about Capital One’s commitments, please visit https://www.capitalone.com/about/.