Capital One announced a $1 million investment in The Bronx. This investment signals the start of a series of investments that Capital One will be making in low- and moderate-income communities across New York and nationwide as part of its $265 billion, five-year Community Benefits Plan (CBP), tied to the company’s recently approved acquisition of Discover Financial Services. The funds announced today will provide direct support to startup incubators, bolster the local business improvement district, expand small business loan programs and offer technical assistance and financial counseling to entrepreneurs and residents. “As Capital One prepares to unlock the historic $265 billion Community Benefits Plan related to our acquisition of Discover Financial, we are taking a meaningful step to partner with 4 innovative organizations who are investing in the Bronx’s small business ecosystem,” said Kerone Vatel, Senior Vice President, Community Finance, Impact & Investment at Capital One. This new investment will be highlighted tomorrow at the grand opening celebration of the Capital One Café at Fordham Road in The Bronx, which serves as a reimagined banking experience providing expanded financial access to members of the community. The Café—the fifth in New York City and part of Capital One’s growing network of 60 nationwide—is designed to provide financial literacy resources, programming and a welcoming environment for all, whether they are Capital One customers or not. The $1 million investment will support new and existing partnerships in The Bronx, contributing to the neighborhood’s financial wellness and community development, through grants for the four following organizations:
- Ariva: Capital One is deepening its partnership with the financial well-being organization to invest $200,000 in its Small Business Program, Free Tax Prep and Individual Financial Counseling and Coaching programs.
- Bronx Economic Development Corporation (BXEDC): In collaboration with The Bronx Borough President, Capital One is investing $400,000 to support BXEDC in growing the Small Business Loan Program.
- Fordham Road Business Improvement District (BID): Through a newly established partnership, Capital One will fund $200,000 in general operating support for the BID to provide resource navigation and capacity-building services to the local small business corridor.
- Lehman College: Capital One is advancing its partnership with the college to provide $200,000 for the Bronx Business Tech Incubator to support small businesses, entrepreneurs and freelancers.