MCLEAN, Va., Oct. 5, 2020 /PRNewswire/ -- Capital One
today 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.
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
its $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."
In conjunction with this effort, Capital One published its
2019-20 Corporate Social Responsibility report. The document looks
back at Capital One's commitment to corporate citizenship in 2019
while also addressing the company's recent response efforts to the
events of 2020.
To learn more about Capital One's commitment visit
CapitalOne.com/About.
About Capital One
Capital One Financial Corporation
(www.capitalone.com) is a financial holding company whose
subsidiaries, which include Capital One, N.A., and Capital One Bank
(USA), N.A., had $304.2
billion in deposits and $421.3 billion in total
assets as of June 30, 2020. Headquartered
in McLean, Virginia, Capital
One offers a broad spectrum of financial products and services to
consumers, small businesses and commercial clients through a
variety of channels. Capital One, N.A. has branches located
primarily in New
York, Louisiana, Texas, Maryland, Virginia, New
Jersey and the District of Columbia. A Fortune 500 company, Capital One
trades on the New York Stock Exchange under the symbol "COF" and is
included in the S&P 100 index.
Visit the Capital One newsroom for more Capital One
news.
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SOURCE Capital One Financial Corporation