CHARLOTTE -- Ally Financial is making a combined $30 million investment to help grow Black-owned businesses and fuel broad-based Black community development.
The Ally investment consists of two parts:
· A $5 million primary investment in Fearless Fund, a venture capital fund created by women of color for women of color. Ally and Fearless Fund executives will work on a series of programs that support Black entrepreneurship and wealth growth.
· A $25 million investment in SoLa Impact’s recently launched $300 million Black Impact Fund which invests exclusively in Black and brown communities in major urban markets. SoLa Impact is the seventh fastest-growing minority-led private company and has been recognized as one of the leading urban real-estate platforms in the country.
"Black-owned businesses are the backbone of many communities throughout the country,” said Diane Morais, president of consumer and commercial banking at Ally Bank. “To succeed, they need capital and, when it comes to accessing that capital, we know representation matters. Our investments in Fearless Fund and the Black Impact Fund will help develop the next generation of successful Black entrepreneurs, investors and community leaders who will be writing the checks and creating the opportunities. These are important steps to building a healthier and more inclusive economy.”