Capital One Commits to Catalyze Economic Growth
The Capital One Impact Initiative seeks to close gaps in equity, helping people gain better access to socioeconomic opportunity
October 2, 2020
Capital One 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 our $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.
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