Ally Financial Commits $30M to Communities Across US
Ally Financial Inc. will invest $30 million in communities across its geographic footprint over the next three years. As part of this commitment, the company has formed the Ally Charitable Foundation, which will deploy grants to support economic mobility in the communities Ally serves by focusing on affordable housing, financial literacy, workplace preparedness and other initiatives.
"Ally's investment in its communities has grown as our business has grown and, over the next three years, we will continue our impactful giving through both the Ally Charitable Foundation and other corporate grants," said Alison Summerville, business administration executive and head of corporate citizenship at Ally. "The $30 million in grants will fund the incredible work of many nonprofit organizations throughout our communities, including the Local Initiatives Support Corporation, Junior Achievement USA and the Thurgood Marshall College Fund."
Ally's grant process is by invitation only and concentrated in the Charlotte and Detroit communities, in which Ally has a large employee presence.
The Ally Charitable Foundation's $1.6 million in inaugural grants will be distributed among several nonprofit organizations. The $1.6 million includes $400,000 in grants promoting the economic mobility of Black and Brown small business owners and micro-entrepreneurs in the Twin Cities and Little Rock, Arkansas, two regions in which Ally has operations. These organizations include:
- Rebuild&HealMN, a Minneapolis-based collaboration supporting immigrant, Black and Brown business owners who have been impacted due to the city's recent civil unrest, will receive a $200,000 grant to help these small businesses get back on their feet and reenergize their communities.
- Local Initiatives Support Corporation Twin Cities will receive a $100,000 grant, which it will then distribute among small business owners in St. Paul's Little Africa community. LISC will offer a range of grants to help local businesses reopen, with funding prioritized for recovery and technology needs. This grant is in addition to Ally's $3 million commitment to LISC National to fuel entrepreneurship and homeownership, with a focus on those who may not otherwise have access to much-needed capital and support.
- Southern Bancorp Community Partners of Little Rock, a 501(c)(3) loan fund and financial development organization, will receive a $100,000 grant to provide loans for organizations that may be unable to meet credit or other guidelines offered by depository financial institutions. As loans made with these funds are repaid, Southern Bancorp Community Partners will revolve the funds to make new loans available, multiplying Ally's initial grant impact over time.
Commenting on the grant, Henry Jiménez, founding member of Rebuild&HealMN and executive director of the Latino Economic Development Center, said, "The small businesses here in the Twin Cities are the pillars and livelihood of our community, and we began Rebuild&HealMN to stand by them and offer our assistance during these times of extreme hardship. Through Ally's generous grant, we are able to not only save many immigrant, Black and Latino-owned small businesses, but also preserve the unique cultures these businesses represent for generations to come."
Peter McLaughlin, executive director of LISC Twin Cities, said, "The COVID-19 pandemic and civil unrest that followed in the wake of George Floyd's murder were especially hard on small businesses in the Twin Cities, particularly in areas like Little Africa. This grant will help local businesses survive the recession and emerge in a position ready to serve their communities."
Karama Neal, president of Southern Bancorp Community Partners, said, "Small businesses are the lifeblood of Little Rock's economy, particularly in the African American and Hispanic communities. Business development plays a significant role in wealth building and economic mobility, and since these are both key priorities of our own mission, we are thrilled to be able to deploy the funds provided through the Ally Charitable Foundation's generous grant to help local businesses not only survive this challenging time, but also thrive for many years into the future."
To learn more about Ally's philanthropic initiatives, including the Ally Charitable Foundation, please visit: ally.com/socialimpact.
Editor's Note: This press release was provided by a company unaffiliated with NonProfit PRO. The views expressed within do not directly reflect the thoughts or opinions of NonProfit PRO and its staff.