Additionally $1.5 million Invest in Detroit and Charlotte focuses on filling opportunity and asset gaps
DETROIT, July 27, 2022 /PRNewswire/ — The Ally Charitable Foundation announced today that it will make additional investments $1.5 million over the next two years to award transformational grants to 16 black-led grassroots organizations in Charlotte and Detroit, Ally’s hometown markets, as part of its community giving strategy. The commitment builds on the original $400,000 Investment and raises the overall investment in these organizations $1.9 million since 2021.
“Many of these organizations are working on very tight budgets to provide critical support on the ground, and we wanted to make the funding process easier and more accessible,” he said Mike Riser, President of the Ally Charitable Foundation. “These unrestricted grants will put breakthrough funds into the hands of organizations aiming to close the opportunity and prosperity gaps in their communities. This focused yet agile approach to community giving is beginning to meet the urgent needs of smaller organizations led by black leaders that are often overlooked by other donors.”
The Ally Charitable Foundation serves as a vital platform to promote lasting, just change in local communities through a wide range of grants. By putting resources directly in the hands of nonprofits that serve people directly, like For The Struggle and City Startup Labs Charlotte as well as the Detroit Phoenix Center and JOURNI in Detroitthey now have the flexibility and control to use the funds for their most pressing and immediate needs.
“The funding we have received from the Ally Charitable Foundation will have an immediate impact on our work with the youth here Detroit,” said Courtney Smith, Founder and CEO of the Detroit Phoenix Center. “The grant will enable us to offer 1,200 young people enhanced support throughout the year, including additional support with education and human resources development, while also addressing their basic needs. The children we work with are often overlooked and underestimated, and our work builds them to be the leaders of tomorrow.”
The traditional process of applying, evaluating, and accepting grants often requires recipients to go through numerous time-consuming steps before funds can be deployed. Ally’s approach simplifies the process, giving organizations flexibility in how and where to use grants and the ability to make needs-based decisions quickly and efficiently.
City Startup Labs Founder and CEO Henry Rock said, “The grant we received from Ally demonstrates her belief in City Startup Labs and the power of trust-based philanthropy. Funding of this nature for organizations of our size allows us to be more agile – and in this case we can focus on our work with ex-prisoners through our ReEntry Entrepreneurship Program (REEP). Now we can experiment with new and innovative ideas, such as nurturing new ventures through which entrepreneurship can be a tool of social capital, innovation, meaningful work, resilience, wealth creation and restorative justice.”
The Ally Charitable Foundation has made a total commitment $3.4 million in grants in 2022 to support organizations focused on advancing economic mobility through financial education, workforce development and affordable housing initiatives. From that, $1.5 million will be allocated to the 16 grassroots organizations over two years, inclusive $755,000 this year.
The full list of Black-led organizations receiving grants under this expanded initiative includes:
- Beatties Ford Road Vocational Trade Center, Inc; Charlotte, NC
- Involved; Detroit, Mich.
- City Startup Labs, Inc.; Charlotte, NC
- CrossRoads Corporation for affordable housing and community development; Charlotte, NC
- Detroit Phoenix Center; Detroit, Mich.
- Downtown Boxing Gym Youth Program; Detroit, Mich.
- Training Institute for Emerging Industries (EITI); Detroit, Mich.
- For The Struggle, Inc.; Charlotte, NC
- Friendship Community Development Corp (My Sister’s House); Charlotte, NC
- From Scratch (Man to Man Project, Inc.); Detroit, Mich.
- Garhouse Limited; Charlotte, NC
- JOURNI; Detroit, Mich.
- Lawn Academy; Detroit, Mich.
- Michigan College Access Network; Detroit, Mich.
- Premier Foundation; Charlotte, NC
- West Side Community Land Trust; Charlotte, NC
About the Ally Charitable Foundation
The Ally Charitable Foundation is a 501(c)(3) nonprofit organization organized in the state of North Carolina. Founded in 2020, the Ally Charitable Foundation is focused on supporting economic mobility, fighting systemic racism and supporting its employees and communities in times of crisis. For more information about the Ally Charitable Foundation, visit www.ally.com/about/social-impact/grants.
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a digital financial services company committed to its promise of “doing the right thing” for its individual, business and corporate customers. Ally consists of an industry-leading independent auto finance and insurance company, an award-winning digital direct bank (Allied Bank, a member of the FDIC and Equal Housing Lender that offers mortgage loans, personal loans at the point of sale, and a variety of deposit and other banking products), a consumer credit card business, a corporate finance business for lenders and middle-sized businesses, and securities brokerage and investment advisory services. Our brand belief is that we are all better off with an ally and our focus is on helping our clients achieve their best financial well-being, a concept tailored to what matters to them. For more information, please visit www.ally.com and follow @allyfinancial.
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Laurie Hurst for Ally Charitable Foundation
SOURCE Ally Financial