Capital One announced that it is making one of its largest grant commitments to Dallas-Fort Worth yet: $500,000 to The Commit Partnership, a Dallas-based nonprofit that works to ensure all local students have access to an equitable education that prepares them for college and a future career.
The money is part of more than $3 million the financial holding company is distributing to nonprofit organizations as part of its Impact Initiative.
Commit will use the grant for its Dallas Thrives program, a collaborative effort of local educators, business leaders, and elected officials who are working to double living wage attainment in a single generation to bolster and recover the region’s economy.
Capital One and Commit will work together to promote the resiliency of Dallas’ education system.
According to Commit, only one in four young adults in Dallas County are currently earning a living wage. And Black and Hispanic residents are often not even given an opportunity to make ends meet—while 53 percent of White young adults with a degree work full-time, only 32 percent of Black people and 36 percent of Hispanic people do.
The COVID-19 pandemic has only accelerated these barriers to socioeconomic mobility, equal education, and living wage attainment.
That’s why Commit wants to equip over 25,000 students with the tools to prepare for college, careers, and equal access to the Internet. Dallas Thrives was launched with more than 50 Dallas nonprofits, government agencies, colleges, and institutions to make the city a powerhouse of economic growth that’s distributed equally.
“The Capital One Resiliency grant will help us collectively strive to double living wage attainment in a single generation, in part through continuing to provide access to a postsecondary credential and ensuring internet access for all,” Todd Williams, Commit’s CEO and chair, said in a statement. “Each of these efforts are critical components to ensuring a resilient economy and better future for our students, families, and businesses alike.”
Capital One’s Impact Initiative is an initial $200 million, five-year commitment that aims to “support growth in underserved communities and advance socioeconomic mobility by closing gaps in equity and opportunity.”
The latest round of grants involved $500,000 to six nonprofits in Dallas, New Orleans, New York City, Richmond, and Washington, D.C. and $250,000 to two nonprofits that are progressing financial well-being for women. The funding will accelerate timely services for underrepresented communities, according to Capital One.
In addition to Commit, the nonprofits are: 1863 Ventures, Better Housing Coalition, LIFT, St. Nicks Alliance, The Greater New Orleans Foundation, SaverLife, and Dress for Success Worldwide.
Capital One said that each nonprofit has pivoted existing programs to address the challenges brought on by the COVID-19 pandemic. Collectively, they represent the pillars of the Impact Initiative, which Capital One says is to advocate for an inclusive society, build thriving communities, and create financial tools that enrich lives.
“Capital One is proud to partner with local organizations that directly serve our communities and create opportunities for our region’s future leaders,” Sanjiv Yajnik, the president of Capital One Financial Services and South Central region market president, said in a statement. “When we have a strong talent and workforce pipeline, businesses thrive and our community becomes more vibrant.”
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