T. Rowe Price Group will offer $2 million in grants to organizations fighting racial injustice, including groups that provide financial coaching, offer education on structural racism and help reverse disinvestment in communities of color.
The Baltimore-based money management firm and its foundation announced the grant recipients Thursday, eight months after unveiling the grant program.
The company joined other businesses last June in donating money toward such causes after the death of George Floyd, a Black man who died at the hands of police in Minneapolis, sparked nationwide protests and a national reckoning on racial equity.
“Our work to advance racial equity and justice does not begin or end with this grant,” T. Rowe Price CEO Bill Stromberg said in a statement Thursday. “As we continue to seek ways to positively impact under-served communities, recent events continue to highlight the importance and immediacy of our diversity, equity and inclusion work.”
The firm will donate $775,000 to two groups working to advance financial well-being, including Change Machine and the CASH Campaign of Maryland. Change Machine, based in Brooklyn, New York, has created a financial coaching platform that is used by social service groups to help residents of disinvested communities. The CASH Campaign will work with local hospitals that mostly serve communities of color to offer financial coaching.
Another $400,000 will to go organizations that are boosting access to education on racial justice. Race Forward will use the funds for interactive training sessions on structural racism in cities where T. Rowe has offices, while New York-based Designing the We will create traveling exhibits on the history of structural racism in cities.
And a total of $825,000 will help entrepreneurs that work in community development.
The Black Business Initiative will work with local partners in Baltimore and Colorado Springs, Colorado, to develop one-stop, online central hubs for small business, micro businesses and entrepreneurs of color that offer incubation, education, networking and resources.
That donation will also allow Baltimore Corps to start Social Entrepreneur Residencies, a program to develop social innovators of colors who are helping solve disinvestment in communities.
The grant will be divided among recipients by region, with $1.5 million earmarked for Baltimore, $275,000 for efforts in Colorado Springs and the rest going to other locations.
“Some groups will never have a brighter future unless things change,” said Neil Ifill, a member of a T. Rowe advisory committee that helped select focus areas for the grants. “I personally hope these grants will help drive that change.”