DENVER–(BUSINESS WIRE) – As communities across the country prepare for the June holiday celebrations, Western Union (NYSE: WU), in partnership with the Western Union Foundation, announced two new initiatives aimed at recruiting future and current indigenous black business leaders and support People of Color (BIPOC) community. Project Finish Line, an extension of the foundation’s WU scholarship program, funds scholarships for BIPOC students looking to complete their higher education, many of whom attend historically black colleges and universities in the United States. The foundation also helped fund business and leadership development support for black women-run businesses through the Black Entrepreneurship Foundation’s program, Sistahbiz. Both initiatives were launched in partnership with Western Union’s Black Advisory Council, which promotes access, advancement and opportunity within the black community inside and outside Western Union.
“Social exclusion, particularly of blacks, indigenous peoples and people of color (BIPOC) in the United States, remains one of the greatest and most worrying problems for economic mobility1,” said Elizabeth Roscoe, executive director of the Western Union Foundation. “Our foundation works with partners around the world to address these inequalities as part of a broader mission to prepare and connect young people for viable economic opportunities. We pride ourselves on creating opportunities for the BIPOC community as they develop their unique and essential role in today’s economy. ”
According to the US Department of Education2, 60% of black college students do not finish their studies. Those who have an average of $ 7,400 more in student loans than white graduates by the time they leave school.
Project Finish Line helps remove barriers that could prevent BIPOC and other minority students from completing their degrees. In addition to offering 15 scholarships, the Western Union Foundation connects students with Western Union staff around the world to build mentorship, an additional support system, and a professional network.
“Realizing it or not, these students are at a crucial moment in their lives,” said Kanika Wilkerson, Western Union Black Advisory Council lead. “There is so much data to show that higher education can be a bridge to opportunity and act as a catalyst to bridge the wealth gap for so many deserving people – they just need one chance. Our goal is to remove the barrier and help them overcome one of the most important hurdles to achieve this degree. ”
Sistahbiz’s Unstoppable Business Grant program aims to address the dichotomy of black women, who own 42% of female-owned new businesses – three times the proportion of the female population – but who suffer from unequal access to capital, skills development and education. The foundation’s support came at a critical time during the COVID-19 pandemic when small businesses were hit hard. The 20 fellows will receive critical business development coaching, including leadership development, networking, marketing, and accounting services.
This year, Western Union joins other companies in officially celebrating Juniteenth as a paid holiday for employees in the United States.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money and payments transactions. Western Union’s platform provides seamless cross-border flows and its leading global financial network connects more than 200 countries and territories and over 130 currencies. We connect businesses, financial institutions, governments and consumers through one of the world’s most widespread networks, accessing billions of bank accounts, millions of digital wallets and cards, and over half a million retail locations. Western Union connects the world to bring limitless possibilities within reach. More information is available at www.westernunion.com.
Via the Western Union Foundation
The Western Union Foundation believes that economic growth can be achieved if young people are given access to and competition in the world economy. Through Opportunity Beyond Borders, we partner with nonprofits around the world to equip young migrants and other vulnerable populations, including teenagers who don’t go to school or work, the skills necessary for better jobs and an opportunity for a better life required are. We respond in times of disaster or humanitarian crisis to help rebuild communities. To date, we have allocated more than $ 133 million to projects and grants. The Western Union Foundation is a separate, 501 (c) (3) tax-exempt not for profit and is supported by the Western Union Company, its employees, agents and business partners. Contributions to the foundation are tax deductible for US income tax purposes. To find out more, visit www.westernunionfoundation.org or follow us on Twitter @TheWUFoundation.
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1 page 5 https://www.urban.org/sites/default/files/publication/31156/1001156-diskrimination-and-economic-mobility.pdf
2 page 60 https://www2.ed.gov/rschstat/research/pubs/advancing-diversity-inclusion.pdf
source https://collegeeducationnewsllc.com/western-union-powers-black-education-and-business-opportunities/
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