Impact Report on Business Roundtable Member Company Efforts to Expand Economic Opportunity

Explore Companies' Programs and Strategies

• BCG: Developing Engines to Accelerate Systemic Change

  BCG engages an ecosystem of corporate, government and non-profit partners to accelerate the growth of minority owned businesses, catalyze change through business/supplier diversity initiatives, and inspire the next generation of entrepreneurs. 

  BCG partnered with Macy’s Inc. to expand their inclusion of underserved suppliers through the design and launch of an innovative, jointly invested $200M “S.P.U.R. Pathways: Shared Purpose, Unlimited Reach” fund. The fund intends to accelerate the growth of underrepresented businesses and communities while activating the broader MBE ecosystem of partnerships. Macy’s Inc. directly invested $30M to provide access to capital, mentorship, and markets for MWBEs, building on their Workshop at Macy’s and Mission Everyone initiative. BCG also supported Grameen America in extending its customer base to Black female entrepreneurs by implementing a new service model to secure additional funding and grow its distribution footprint into new markets. 

  BCG solidified its investment in equitable and inclusive consulting through establishing Its North America Center for Inclusion and Equity (CIE). The CIE, with 250+ diversity, equity, and inclusion experts covering all industries, supports clients to embed inclusion and equity in their business strategy, talent practices, and community engagement.

  In 2021, BCG co-founded the Southern Community Initiative (SCI) with Vista Equity, PayPal and the Kellogg Foundation to close the racial wealth gap across six cities in the South. The Initiative works to break down silos and channel the $100+ billion in racial equity commitments made since 2020 towards high impact opportunities to drive MBE entrepreneurship, access to capital, education, workforce development, and digital access. SCI has been endorsed by 90+ corporate and philanthropic signatories to date.

  In partnership with the Majira Project, BCG also runs BCG Spark, a program that provides consulting, business development, and mentorship to underserved entrepreneurs/businesses across a range of sectors. The program, which had 400+ volunteers from 16+ BCG North America offices this year, has worked with more than 140 companies that have raised $400M+ since its founding seven years ago.

• Boeing: Prioritizing Equity, Diversity and Inclusion With Thurgood Marshall College Fund

  Since 2018, The Boeing Company has partnered with Thurgood Marshall College Fund (TMCF) to establish a talent pipeline that is vital to future innovation at the company and across the aerospace industry. Its TMCF partnership has become the company’s primary source of diverse talent hiring.

  A four-year, $6 million investment in 2018 funded scholarships, internships, on-campus engagement and immersive programs that introduced students to Boeing’s culture and career paths. In 2022, the company reaffirmed its commitment with an $8 million investment through 2026, creating The Boeing Scholars. The program provides students with certain majors an opportunity for leadership and professional development through internships, immersive experiences, mentorship and scholarships.

  In addition to this signature program, Boeing also participates as a Presidential Partner at TMCF’s Leadership Institute. During the Institute, Boeing interviews candidates for both internship and full-time job opportunities, making as many as 20 offers in some years.

  The TMCF partnership has allowed Boeing to engage with over 50 different HBCUs, meet thousands of talented HBCU students, invite over 300 students to its facilities and convert upwards of 90 percent of participants in its internship and immersive experiences to full-time employees.

• Cisco: 12 Bold Actions for Social Justice

  In 2020, Cisco launched its 12 Actions for Social Justice, a five-year commitment backed by a $300 million investment to explore new ways to address inequities, break down barriers and create more inclusive opportunities for people to thrive. What began as a commitment to the African American/Black community now serves as a blueprint for creating lasting, generational change within Cisco, across its partners and suppliers, and in communities around the world.

  Through Social Justice Action 8, Cisco committed a total of $150 million through 2025 to preserve the legacy and sustainability of Historically Black Colleges and Universities (HBCUs). The company’s commitment is the largest corporate donation in HBCU history and the only corporate donation with the intended purpose of supporting the entire HBCU system.

  Within the total commitment, Cisco is directing $50 million to fund STEM education as the first corporate donor to the Student Freedom Initiative’s (SFI) Access to Education endowment. Through the endowment, all juniors and seniors in a STEM discipline at any HBCU can receive up to $20,000 per year (a maximum of $40,000) in a low-cost loan with income-dependent repayment terms. To date, the endowment has distributed over $25 million to more than 250 students at 26 HBCUs. 

  Cisco is directing the remaining $100 million to HBCU technology modernization. Together with SFI and its implementation partners, Cisco is donating cybersecurity software, services, training, and support over a five-year period to help HBCUs achieve National Institute of Standards and Technology (NIST) self-certification. These upgrades preserve the schools’ eligibility for federal funding, keep their data secure, and thwart cyberattacks that have targeted HBCUs in recent years. Cisco is also addressing the issue of broadband desserts by providing broadband access to schools and to their surrounding communities.

• Citi: Breaking Down Barriers to Capital

  Citi launched a new initiative in September 2020 — Action for Racial Equity — to help address the racial wealth gap in a more tailored way. Through a range of strategic investments and programs totaling over $1 billion, the initiative aims to help provide better access to banking and credit in communities of color; invest in Black-owned businesses; expand affordable housing and homeownership for Black Americans; and advance anti-racist practices within Citi and the financial services industry.

  Unfortunately, just as Black business owners have historically faced higher barriers to capital, trusted local Black-owned banks have also lacked equitable access to capital. This is why Citi allocated $100 million to support MDI growth and revenue generation as part of Action for Racial Equity. Citi has also committed to a variety of capacity-building assistance programs, including through close collaboration and support of the National Bankers Association.

  Overall, Citi has collaborated with over 16 Black-owned banks, including Optus Bank, OneUnited Bank and Carver State Bank. Citi has also:

  • Assigned three Citi employees with MDI banks to support technology and strategy advancements as part of the MDI Rotational Program.
  • Enlisted three MDIs to take part in a $1.23 billion syndicated corporate loan, proceeds from which will finance quality affordable housing for low- to moderate-income populations.

• Cummins: Building Black-owned Businesses

  The Cummins Advocating for Racial Equity (CARE) commitment, in partnership with Black Business Boom (BBB), provides technical assistance to build and sustain black-owned businesses through two programs: Booming to the Bank and The Fundamentals of Digital Marketing. 

  Booming to the Bank is a no-cost virtual experience to help companies prepare to get the credit and funding they need to build a thriving business while activating money strategies to grow their bottom lines. This program is designed for business owners who never set up bookkeeping procedures and offers free bookkeeping, free access to QuickBooks, mandatory group learning sessions and personalized one-on-one coaching sessions. 

  The Fundamentals of Digital Marketing is a free virtual experience to help businesses learn low-cost digital marketing techniques and strategies to attract and retain their customer base. This 12-week program offers pricing strategies, social media platforms, promotional videos and advice on how to brand your business. 

• CVS Health: A Faith-based, Community-led Approach to Advancing Social Justice and Equity

  CVS Health® has partnered with Ebenezer Baptist Church in Pittsburgh, Pennsylvania, to forge a first-of-its-kind, community-led Workforce Innovation and Talent Center (WITC) in the under-represented, predominantly Black Hill District community.

  Collocated with Ebenezer Baptist Church, a long-time center of gravity in the neighborhood, the Pittsburgh WITC offers training and wrap-around services for individuals seeking employment at CVS Health. Through the initiative, the company is working to break a generational cycle of poverty and address complex challenges related to health and well-being.

  Tailored to the specific needs of the community, the Pittsburgh WITC offers a robust set of programs and services to prepare individuals for careers as pharmacy technicians, customer service associates, call center associates and retail associates, including training programs for CVS Health Career Paths, Job Readiness Training and Life Skills Programming. It also includes supportive services to set participants up for success, including a Basic Needs Resource Center and Food Pantry, Child Care, Transportation, Health Clinic and After-School Programming. Dozens of community partners also contribute to community outreach efforts, like regular health screenings, engagement with nearby senior living residences and more.

  The Pittsburgh WITC is part of the CVS Health Faith-Based Collaborative and the company’s $600 million commitment to social justice and equity. Nationwide, CVS Health has trained more than 13,000 participants at its WITCs and established more than 1,400 partners to attract and build talent pipelines.

• Gap Inc.: Providing a Way In and a Way Up to Careers for Black and Latinx Youth

  Through the Old Navy program This Way ONward, Gap Inc. provides one-on-one mentorship, coaching and on-the-job skills building to create transparent and accessible pathways for economic advancement, with a focus on Black and Latinx youth. The Old Navy program is tackling systemic barriers to employment by providing a way in and a way up for underserved youth to advance their careers.

  This Way ONward builds a strong pipeline of talent, especially for Black and Latinx talent. Program alumni stay longer and have higher engagement scores than their peers. Of the 1,300 alumni of the program who still work at Old Navy, 86 percent identify as people of color. 

  This Way ONward supports Gap Inc.’s goal to increase representation of Black employees by 50 percent in store leader roles in the United States by 2025. Learn more in Gap’s spotlight.

• General Motors, Nike and Visa: Partnering with Black Girl Ventures to Fund Black and Brown Business Founders

  Black Girl Ventures (BGV) provides Black and Brown women-identifying founders with access to community, capital and capacity building that leads to economic advancement through entrepreneurship.

  BGV has partnered with Business Roundtable member companies to lead the charge on financial inclusion by funding over 300 founders, directly impacting more than 20,000 people in major regions across the United States.

  For example, BGV’s work with General Motors will help double the impact and size of BGV’s HBCU program, NextGen. This collaboration is furthering BGV’s commitment to champion equity through economic empowerment and pioneer the innovations of the future.

  Nike, Inc. provided catalyst support to launch BGV Chicago. The company also placed inspirational murals across multiple cities and amplified BGV founders through national campaigns including the NBA All-Star Game and Nike Give.

  BGV’s work with Visa supported small businesses with digitization; granted access to capital and connections for over 100 Black and Brown women-owned companies; and activated a multi-city Pull Up and Pitch program that lowers the barrier to accessing capital.

• IBM: Delivering Racial Equity Through New Collar Careers

  IBM’s New Collar initiative addresses the skills gap in the technology industry, with a specific focus on improving access to opportunities in related careers for people of color.

  The skills-first policy IBM brings to the initiative — which recognizes that hiring good talent does not just mean hiring someone with a diploma — creates a pathway for diverse talent to work in technology’s fastest-growing areas such as cloud computing, AI, cybersecurity, and digital design.

  IBM made the commitment to provide 30 million people of all ages with new skills needed for the jobs of tomorrow by 2030 including partnerships with NGOs that focus on groups such as underserved youth, women, and military veterans. Additionally, IBM will invest $250 million in Apprenticeship and other New Collar programs by 2025.

• PwC: Collaborating with Higher Ed to Increase Diversity in the Accounting Industry

  To expand avenues for Black and Hispanic/Latinx individuals to enter the accounting industry, PwC established the While You Work — CPA Acceleration Program in 2021 in collaboration with Northeastern University’s D’Amore-McKim School of Business. This fellowship program provides Black and Hispanic/Latinx rising college seniors or recent graduates the opportunity to earn a tuition-paid, industry-recognized master’s degree while working part time at PwC.

  PwC and Northeastern teams designed an immersive experience that deeply integrates learning and working across tax and audit capabilities, data analytics, business acumen and leadership skills. Fellows also earn the final 30 credit hours needed to meet the 150-credit hour requirement for a CPA license — without incurring any additional school debt or delaying entry to the workforce.

  Following the first year of the program, over 70 percent of the class received an offer for a full-time position at PwC, adding 29 new employees to the firm. The second class began in July 2022 with 56 new fellows. Recruiting for the third class started in September 2022 with plans to double the size of the program, bringing together more than 120 fellows and providing new experiential opportunities across the firm.

  Through this program and other efforts, PwC hopes to achieve a 50 percent increase in its Black and Hispanic/Latinx workforce and bring at least 10,000 Black and Hispanic/Latinx students into the firm by fiscal year 2026.

• State Farm: Building Safer, Stronger, Better-Educated Communities

  State Farm embodies the Good Neighbor spirit by supporting community development organizations like Local Initiatives Support Corporation (LISC), which leverages public and private funding to help revitalize underserved communities.

  Over the past 20 years, State Farm has provided roughly $151 million in flexible resources to LISC to support affordable housing, small business revitalization and economic and workforce development through programs like the Financial Opportunity Centers (FOCs). FOCs focus on improving clients’ financial health through financial and employment counseling with the goal of increasing a client’s income, net worth and credit score. In 2021, State Farm grant dollars helped 12,000 people through FOCs, which resulted in more than 3,000 clients boosting their credit scores; over 2,200 increasing their net income; and more than 2,250 improving their net worth.

  State Farm also supports LISC’s Developers of Color Training program in New York City, which equips real estate developers with the knowledge and resources they need to grow their businesses and generate sustainable wealth while supporting the creation and preservation of affordable housing.

• Target: REACHing and Achieving Greater Diversity, Equity and Inclusion

  In 2020, Target established the Racial Equity Action and Change (REACH) committee to accelerate its DE&I strategy for its Black team members and guests.

  REACH is aligned to four key areas of focus for Target: Helping Black team members build meaningful careers and experience success at every level; creating an environment where Black guests feel welcome and see themselves represented at Target; finding new ways to support Black communities across the country; and working with policymakers on key issues that impact Black Americans.

  Examples of the REACH investments and commitments Target has made include:

  • Committing to spend more than $2 billion with Black-owned businesses by 2025 to enhance its retail operations and shopping experience, as well as help its Black-owned vendors grow and successfully scale their businesses.
  • Investing $100 million through 2025 to help fuel economic prosperity in Black communities by supporting local, Black-led organizations. This investment provides scholarships and support to students attending HBCUs, expands the company’s funding of Black-led nonprofits and sponsors programs that elevate Black stories and voices.

  Working to catalyze civic engagement — focused on building greater trust, transparency and accountability — and convening partners to create change, which includes advancing the company’s voting rights principles to ensure everyone’s voice is heard.

• United Airlines: Increasing Diversity Among Its Workforce and in Leadership Roles

  United Airlines offers training and development programs for prospective and current employees that help increase diversity among its frontline roles and leadership ranks.

  As the only major U.S. airline to own a flight training school, United Aviate Academy, is a key part of the airline's goal to train new pilots and diversify the flight deck. According to the U.S. Bureau of Labor Statistics, only 5.6 percent of pilots are women and 6 percent are people of color.

  Recognizing that cost is a reason for access among underrepresented groups, United and JPMorgan Chase & Co. established a scholarship fund to award more than $5 million in scholarships for prospective academy students. In addition, the airline partners with industry organizations like the Organization of Black Aerospace Professionals and Sisters of the Skies to recruit students and fund scholarships.

  As a result of these efforts, United Aviate Academy has received more than 22,000 applications, with nearly 70 percent of applicants being women or people of color.

  Last Fall, United launched Calibrate, a 36-month in-house apprenticeship program to help grow and diversify its pipeline of Aircraft Maintenance Technicians. Participants "earn and learn," getting paid while completing the full-time certification and training process, and forgoing the expense, up to $50,000, of going to a technical school.

  The inaugural apprentice cohort started in Houston with 69 percent people of color and recently launched in San Francisco. The airline plans to expand Calibrate to more than a dozen locations and train more than 1,000 people by 2026, with the goal of at least half being women or people of color.

  United also launched the Airport Operations Leadership Academy, which provides development opportunities to the airline’s current workforce, offering certificates of completion by skills category. Just two weeks after launching the Academy, more than 500 United employees had enrolled.

• Vista Equity Partners: Investing in Businesses and Programs that Serve Black and Other Minority Communities

  Vista is working on several fronts to invest in banks and businesses dedicated to servicing Black Americans and other minorities as well as the communities held back by the racial wealth gap.

  First, the company and its founder, Robert F. Smith, along with partners PayPal and BCG, co-founded the Southern Communities Initiative (SCI) to invest in six cities in the South where approximately 50 percent of the Black population in the United States lives. SCI advances four main priorities:

  • MBE entrepreneurship and supplier diversity
  • Access to capital and modernization of CDFIs and MDIs
  • Education and workforce development
  • Digitization and access to broadband

  SCI is locally led by The King Center (Atlanta), Prosper Birmingham, Charlotte Regional Business Alliance, Greater Houston Partnership, The Collective Blueprint (Memphis), and the Urban League of Louisiana.

  Second, when the COVID-19 pandemic laid bare disparities in access to modern IT infrastructure as financial institutions struggled to process PPP loans, Vista partnered with Finastra and the W.K. Kellogg Foundation, among others, to help CFDIs and MDIs upgrade their technology. To date, Vista and its partners have secured $1.7M and confirmed 15 CDFIs/MDIs for IT modernization efforts.

  Third, Vista and Smith are committed to advancing the 2% Solution, which asks U.S. companies to invest 2 percent of their profits into communities that have been systematically held back by the racial wealth gap — investments with tangible areas of focus including healthcare, education, infrastructure and finance. As a founding member of the Economic Opportunity Coalition, Vista committed to shifting 2 percent of the firm’s cash balance to CDFIs and MDIs.

• Wells Fargo: Supporting Minority-Owned Small Businesses

  Wells Fargo fulfilled its Open for Business Fund commitment in 2021, as part of its ongoing efforts to strengthen historically marginalized communities and build a more inclusive economy.

  The Open for Business Fund is a roughly $420 million small business recovery effort focused on access to capital, expertise and owning tangible assets like property and equipment. By the end of 2021, the company had fully awarded those funds to more than 200 nonprofit community-based organizations, which are creating lasting impact for entrepreneurs.

  As of September 2022, the fund has served more than 178,000 small businesses and preserved or created an estimated 222,000 jobs. Approximately 79 percent of small businesses served by grantees are projected to be those hardest hit by the pandemic, including Black-, African American-, Hispanic-, Native American- and Asian American-owned small businesses.