T. Rowe Price Announces Recipients Of Its $2 Million Grant Supporting The Fight Against Racial Injustice
The following outlines how recipients will use the funds within communities where
Advancing financial well-being. A total of
- Change Machine: Funds will support Change Machine's financial coaching platform, utilized primarily by social service organizations that are led by people of color with the goal to contribute to lasting economic change in disinvested communities.
- CASH Campaign of
Maryland: In partnership with local hospitals that primarily serve communities of color, CASH Campaign and their partners will provide financial coaching and other financial well-being services to constituents by leveraging existing relationships between families and their doctors and hospital networks.
Expanding access to racial justice education. A total of
Race Forward: Funds will support Race Forward'sinteractive trainings, aimed to help increase access to education on structural racism, and implement strategies to advance racial equity in cities where T. Rowe Pricehas offices.
- Designing the We: Funds will support traveling exhibits that invite participants to learn about the history of structural racism in their cities, interact with important community stories, and explore how to develop a future of undoing structural inequities.
Supporting entrepreneurs working to facilitate community development. A total of
- Black Business Initiative: Working with local partners in
Baltimoreand Colorado Springs, funds will support the development of a one-stop, online central hub for small businesses, micro-businesses, and entrepreneurs of color that offers incubation, education, networking, and resources. Baltimore Corps: Funds will support a new program, Social Entrepreneur Residencies, to help develop social innovators of color who are creating community development solutions to address disinvestment in communities of color. Residents will receive both financial support and other technical resources from T. Rowe Price.
The grant will be divided among recipients by region:
These efforts represent a continuation of
As part of a participatory decision-making process, an advisory committee of 24 associates was formed to help determine key focus areas of the firm's philanthropic commitment. The committee—composed of associates who represent diversity across geography, tenure, business units, gender, race, ethnicity, and community engagement experiences—heard from local and national experts on the impact of racial inequity and discussed the successes and failures of corporate philanthropy in advancing racial equity.
In the coming months, the firm will explore how it can partner successful investors with entrepreneurs of color in
"Our work to advance racial equity and justice does not begin or end with this grant. As we continue to seek ways to positively impact underserved communities, recent events continue to highlight the importance and immediacy of our diversity, equity, and inclusion work. We are committed to working to find, and being part of, the long-term solutions to these long-term problems."
"This grant puts an exclamation point on the work that we've been doing for the past six years to advance racial equity and racial justice. We see our role as not just funders, but also listeners who are led by community voices. These grants reflect the firm's trust-based philanthropy practices and support of the community through the creation of partnerships that build the strength and capacity for organizations who directly live in and serve disinvested communities of color."
"We undertook a robust learning schematic about the past and current states of racial injustice. Afterward, from our conversations as a group, focus areas of the grant emerged organically. We felt that these three areas address some of the most critical needs in community.
"I am hopeful that these grants will provide hope, above all. One of the strongest messages that came out of the learning schematic was the sense of hopelessness of racial injustice. The systems of injustice are ubiquitous and are often disguised by great intentions. Some groups will never have a brighter future unless things change. I personally hope these grants will help drive that change.
"For me, being selected to participate was a true honor and blessing. I felt like a part of something that could influence the world in a way that I will likely never do on my own."
Founded in 1937,
Heather McDonold, T. Rowe Price, 443-834-4132, firstname.lastname@example.org; Amy Burke Friedman, PROFILES, 410-382-5496, email@example.com