Capital One announced the launch of the Capital One Impact Initiative, an initial $200 million, five-year commitment to support growth in underserved communities and advance socioeconomic mobility by closing gaps in equity and opportunity. The Impact Initiative builds upon Capital One’s core mission to change banking for good, and its priorities around racial equity, affordable housing, small business support, workforce development and financial well-being.
“Socioeconomic mobility is one of the most pervasive and long-standing issues in our society,” said Andy Navarrete, Capital One 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.”
The Capital One Impact Initiative is focused on creating a world where everyone has an equal opportunity to prosper by advocating for an inclusive society, building thriving communities and creating financial tools that enrich lives. Efforts will come to life through:
Racial Equity – investing in diverse communities and businesses, and supporting organizations that expand economic opportunity, particularly for Black and Latinx communities.
Affordable Housing – providing capital to finance affordable rental housing developments that meet the needs of a diverse range of households and communities in partnership with nonprofit organizations, for-profit real estate developers and government.
Small Business Support – accelerating investments with Black and Latinx partners and suppliers across our businesses and expanding mentoring, training and advisory programs designed to help Black and Latinx businesses and nonprofits succeed.
Workforce Development – expanding programs that provide opportunities for individuals who face impediments to unleash their potential and thrive in a rapidly changing employment market.
Financial Well-Being – creating simple, digital products that meet customers where they are to serve their needs.
Locally, Capital One is partnering with many D.C. organizations to provide grants that will accelerate their services to underrepresented communities in a timely and impactful manner. A few examples of this work include our support of the following organizations:
The Washington Lawyers’ Committee will team up with Capital One to address the racial achievement gap through litigation, organizing and advocacy.
Empower DC’s Grassroots Planning Coalition is working with Capital One to shape redevelopment efforts in the Barry Farm and Ivy City neighborhoods to prevent displacement, preserve affordability and create opportunities for economic advancement.
1863 Ventures is partnering with Capital One to further bridge the gap between entrepreneurship and equity through their 3R program that provides capital and coaching to 500 diverse businesses plagued by racial bias and COVID-19.
Understanding that socioeconomic mobility starts from a place of inclusion and security, these efforts build upon Capital One’s recent $10 million commitment to organizations that are advancing the cause of social justice for Black communities, and our $50 million commitment to address economic dislocation resulting from the COVID-19 pandemic.
Capital One’s philanthropic initiatives are closely tied to its core business activities serving low- and moderate-income individuals across the country. As the #1 community development (CD) lender nationally, Capital One has provided nearly $29 billion in CD loans since 2016. As part of that activity, through its Community Finance line of business, Capital One has provided over $13 billion in construction financing since 2007 for over 140,000 affordable housing units, creating over 158,000 jobs.
“Twenty-five years ago, Capital One was founded on the belief that great talent, great analytics and great technology could revolutionize financial services and democratize credit,” expanded Navarrete. “With the COVID-19 pandemic and a heightened awakening on issues of racial injustice, we continue to embrace the idea that by advancing the economic and social opportunities in the communities we serve, we can help people thrive. That’s why this program means so much – it’s core to who we are.”
To learn more about Capital One’s commitment visit CapitalOne.com/About.