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

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

NEW YORK, July 28, 2022 /PRNewswire/ -- The Ford Foundation, the Kresge Foundation, and The Rockefeller Foundation announced today 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.

"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
• PayPal
• PNC
• The Rockefeller Foundation
• TIAA
• Upstart

THE FORD FOUNDATION

The Ford Foundation is an independent organization working to address inequality and build a future grounded in justice. For more than 85 years, it has supported visionaries on the frontlines of social change worldwide, guided by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement. Today, with an endowment of $16 billion, the foundation has headquarters in New York and 10 regional offices across Africa, Asia, Latin America, and the Middle East.

ABOUT THE KRESGE FOUNDATION

The Kresge Foundation was founded in 1924 to promote human progress. Today, Kresge fulfills that mission by building and strengthening pathways to opportunity for low-income people in America's cities, seeking to dismantle structural and systemic barriers to equality and justice. Using a full array of grant, loan, and other investment tools, Kresge invests more than $160 million annually to foster economic and social change. For more information visit kresge.org.

ABOUT THE ROCKEFELLER FOUNDATION

The Rockefeller Foundation is a pioneering philanthropy built on collaborative partnerships at the frontiers of science, technology, and innovation to enable individuals, families, and communities to flourish. We work to promote the well-being of humanity and make opportunity universal. Our focus is on scaling renewable energy for all, stimulating economic mobility, and ensuring equitable access to healthy and nutritious food. For more information, sign up for our newsletter at rockefellerfoundation.org and follow us on Twitter @RockefellerFdn.

SOURCE Ford Foundation