C.E.O.s set goals to advance racial equity by providing money and mentorship.
The Business Roundtable, a group of chief executives of major U.S. companies, announced on Thursday initiatives meant to advance racial equity and justice and to reduce the “economic opportunity gap in communities of color.”
The group said it hoped to:
Give $1 billion to community lending institutions, which provide funds for Black households and small businesses, by 2025.
Give $600 million in financial contributions to provide Black- and Latino-led Minority Depository Institutions with capital and deposits, by 2025.
Set up a system to mentor and support Black and Latino small-business owners, with a goal of reaching 50,000 businesses over the next five years.
Give $30 billion to build 200,000 affordable rental units, by 2025.
“The racial inequities that exist for many Black Americans and people of color are real and deeply rooted,” Doug McMillon, president and chief executive of Walmart and chairman of the Business Roundtable, said in a statement. “These longstanding systemic challenges have too often prevented access to the benefits of economic growth and mobility.”
PepsiCo, a member of the Business Roundtable, said on Wednesday that it was committing more than $170 million over five years to support initiatives to “empower Hispanic Americans.” The company said it would expand Hispanic managerial representation to 10 percent of the company’s work force by 2025 by hiring 120 Hispanic managers, including 50 executives.
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