New Rockefeller Foundation Program Supports 'Credit Invisible' Communities in Crisis
"The Rockefeller Foundation has launched the Rockefeller Foundation Opportunity Collective (ROC) to encourage investments within the public and private sectors for inclusive growth and recovery from the coronavirus pandemic," reports Cailin Crowe.
An initial investment of $10 million will be spent in multiple cities around the country: Atlanta; Boston; Chicago; El Paso, TX; Houston; Louisville, KY; Miami Dade County, FL; Newark, NJ; Norfolk, VA; and Oakland, CA.
To support at-risk communities during the economic downturn resulting from the public health crisis presented by the novel coronavirus, the program will eliminate barriers to capital and credit "among low-wage workers and small businesses operated by women, black and Latinx owners," according to the Rockefeller Foundation announcement of the program.
While the media has raised awareness of the disparate public health impacts of the coronavirus as the pandemic has lengthened, less attention has been paid to the disparate economic effects on Black and Latino communities. That might be changing, however, as both the New York Times and Quartz have published articles on the subject in recent days.
"The Rockefeller Foundation’s $10 million investment is also part of their larger $65 million investment to aid the 10 million-plus low-wage workers across the country in meeting their basic needs," adds Crowe.