Citi commits more than $1B to initiatives to close racial wealth gap

Citi (NYSE:C) and Citi Foundation announce more than $1B in initiatives to help close the racial wealth gap and increase economic mobility in the U.S.

Its Action for Racial Equity includes: providing greater access to banking and credit in communities of color, increasing investment in Black-owned businesses, expanding homeownership among Black Americans, and advancing anti-racist practices in the financial services industry.

Over the next three years, Citi core businesses and the Citi Foundation are committing: $550M to  support homeownership for people of color and affordable housing by minority developers; $350M  in procurement opportunities for Black-owned business suppliers; $50M in additional impact investing capital for Black entrepreneurs; $100M to support Minority Depository Institutions’ growth and revenue generation; and $100M in Citi Foundation grants to support community change agents addressing racial equity.

According to a recent Citi GPS report, “Closing the Racial inequality Gaps,” if the U.S. had closed key racial gaps for Black Americans in wages,  housing, education, and investment 20 years ago, $16T could have been added to the U.S. economy.