PURCHASE, N.Y., March 30, 2021 /PRNewswire/ -- Recognizing the
need for systemic change to address barriers that make it difficult
for low-income students of color to pursue higher education,
PepsiCo and its philanthropic arm, The PepsiCo Foundation, today
announced a new $40 million
scholarship and professional mentoring program to support Black and
Hispanic aspiring and graduating community college students.
Launching in Dallas, Westchester, Houston, and Chicago, PepsiCo plans to expand the program
to 16 additional cities in the fall and aims to support 4,000
students over five years.
Higher education is a key pathway to better pay, greater job
opportunities and long-term economic security. This $40 million initiative is designed to help Black
and Hispanic students pursue and succeed in higher education and
gain the training and skills they need for current and future job
markets. The comprehensive program provides students with financial
support as well as mentoring and leadership training from PepsiCo
employees. Students will also have the opportunity to apply for
internships and jobs at PepsiCo.
"Education is a great equalizer that enables economic growth,
upward mobility and helps build generational wealth that lifts up
communities over the long-term," said PepsiCo Chairman and CEO
Ramon Laguarta. "With this program,
we are creating a differentiated experience for students that goes
beyond scholarships by providing critical training, support and
other services that will put them on the path to success. Last
year, PepsiCo committed to using our resources to combat
deep-rooted economic disparities that have long impacted Black and
Hispanic communities. We're proud to announce this community
college program today as a key part of that effort."
The program is comprised of two types of scholarships –
Uplift Scholarships for students seeking two-year associate
degrees or trade certificates and S.M.I.L.E (Success Matters
in Life & Education) scholarships for community college
graduates transitioning to four-year colleges.
Because students of color are more likely than white students
to face challenges like access to affordable housing, childcare
support, transportation and food, scholarship recipients
will receive funding for education expenses like tuition and books
as well as financial support for eligible living
expenses.
In lives lost, rates of infection and joblessness, COVID-19 has
inflicted a staggering toll on Black and Hispanic communities,
exposing deep-rooted health and economic disparities. It has also
increased challenges for students of color seeking higher
education, threatening their access to jobs for years to come.
PepsiCo is currently working with Dallas
College, Houston Community
College, Westchester Community
College and City Colleges of Chicago in this program and will add
additional community college partners as the program expands to
more cities. This initiative is based on a successful three-year
pilot between PepsiCo and City Colleges of Chicago.
"City Colleges of Chicago is
honored to be a part of The PepsiCo Foundation scholarship
initiative. These transformative resources will help our talented
students enroll, persist and complete. I have no doubt that this
program will reshape lives," said Juan
Salgado, Chancellor of City Colleges of Chicago. "We are thankful that PepsiCo put
words into action by supporting the academic excellence of
community colleges. I applaud their efforts in removing barriers to
higher education, and to helping end racial inequity in education
and beyond."
This program is a cornerstone initiative of PepsiCo's more than
$570 million commitment over the next
five years to lift up Black and Hispanic businesses and
communities in the U.S. to address issues of inequality and create
opportunity. As part of this effort, PepsiCo is increasing its
spending with Hispanic- and Black-owned suppliers, increasing
diverse leadership within the company and funding community
engagement initiatives. These initiatives so far include the Black
Restaurant Accelerator program, a partnership between The PepsiCo
Foundation and the National Urban League to support 500 Black-owned
restaurants; Pepsi Dig In, a digital platform that
encourages consumers to support Black-owned restaurants; the Black
Restaurants Deliver program, a no-cost service that helps
Black-owned restaurants boost online ordering and delivering
capabilities; LIFEWTR's Black Art Rising Series and Doritos
#AmplifyBlackVoices campaign, which are focused on elevating Black
artists and voices; and a program to support Hispanic-owned small
food and beverage businesses that will be announced soon.
More information about PepsiCo's Racial Equality Journey can be
found online at pepsico.com/about/diversity-and-engagement.
About PepsiCo
PepsiCo products are enjoyed by consumers more than one billion
times a day in more than 200 countries and territories around the
world. PepsiCo generated more than $70
billion in net revenue in 2020, driven by a complementary
food and beverage portfolio that includes Frito-Lay, Gatorade,
Pepsi-Cola, Quaker, Tropicana, and SodaStream. PepsiCo's product
portfolio includes a wide range of enjoyable foods and beverages,
including 23 brands that generate more than $1 billion each in estimated annual retail sales.
Guiding PepsiCo is our vision to Be the Global Leader in Convenient
Foods and Beverages by Winning with Purpose. "Winning with Purpose"
reflects our ambition to win sustainably in the marketplace and
embed purpose into all aspects of our business strategy and
brands. For more information, visit www.pepsico.com.
About The PepsiCo Foundation
Established in 1962, The PepsiCo Foundation, the philanthropic arm
of PepsiCo, invests in the essential elements of a sustainable food
system with a mission to support thriving communities. Working with
non-profits and experts around the globe, we're focused on helping
alleviate hunger, managing water and waste responsibly and
supporting women as champions of nutrition from farm to family. We
strive for tangible impact in the places where we live and
work—collaborating with industry peers, local and international
organizations, and our employees to affect large-scale change on
the issues that matter to us and are of global importance. Learn
more at www.pepsico.com/sustainability/philanthropy.
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SOURCE PepsiCo Foundation