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Philanthropic and corporate leaders join Biden-Harris Administration’s call to invest in underserved communities

General Foundation News

The Ford, Kresge and Rockefeller Foundations join 21 major corporations to direct funds and unlock capital in communities with a history of disinvestment

The Ford Foundation, The Kresge Foundation and The Rockefeller Foundation announced that they have joined the Biden-Harris Administration’s Economic Opportunity Coalition, a historic effort to catalyze and align public/private investments to address economic disparities and accelerate economic opportunities in underserved communities across the country.

A photo of Vice President Kamala Harris in a dark suit standing in front of the American flag.
Vice President Kamala Harris is set to deliver remarks today on the Biden-Harris Administration’s investment in underserved communities, financial institutions, and small businesses at the Billie Holiday Theatre in Restoration Plaza in Brooklyn’s Bedford-Stuyvesant neighborhood.

“The Economic Opportunity Coalition will leverage the power of public-private partnerships to create positive, sustainable change for the communities that need it most,” said Ford Foundation President Darren Walker. “From the urban communities that were hit hardest by COVID-19, to the heartland of rural America that has experienced disinvestment for decades, it takes cooperation, collaboration and innovation across sectors to remove barriers to equal opportunity and pave the way for a fairer, more prosperous future for all.”

“The strength of American cities – and the nation as a whole – depends on generating inclusive growth for people of all races, ethnicities and incomes,” said Rip Rapson, president and CEO of The Kresge Foundation. “We have long believed at Kresge that cities could benefit from additional resources and support, including the opportunities to learn from one another, secure unlikely allies and advance scaled solutions within states, across states and at higher levels of government. For those of us who have long been boosters of inclusive growth at the municipal level, the creation of the Economic Opportunity Coalition marks a significant shift in how we promote economic mobility and decrease socio-economic disparities in the United States.”

“At The Rockefeller Foundation, we believe every working person in the United States should be able to meet their family’s financial needs and have a path to a better future,” said Dr. Rajiv J. Shah, President of The Rockefeller Foundation. “That’s why we’re proud to join the Economic Opportunity Coalition and look forward to working with our partners to finally make opportunity universal and sustainable.”

The four areas of focus are:

  • Investing in Community Development Financial Institutions and Minority Depository Institutions
  • Supporting Minority/Women-Owned Business Enterprises (M/WBEs)
  • Expanding equitable access to credit and other financial services
  • Making infrastructure investments that create more community wealth and economic opportunity

The Economic Opportunity Coalition builds upon the foundations’ wide-spanned and comprehensive work to serve underserved communities through strategic grantmaking in the United States, coalition building and direct investments in areas of greatest need.

The founding members of the Economic Opportunity Coalition are: Ariel Investments, Bank of America, BNY Mellon, Capital One, Citi, Discover, Ford Foundation, Goldman Sachs, Google, Key Bank, Kresge Foundation, Mastercard, McDonald’s, McKinsey & Company, Micron, Momentus Capital, Moody’s, Netflix, Next Street, PayPal, PNC, The Rockefeller Foundation, TIAA, Upstart.