HBCU CDAC Launches $5.6 Million Financial Wellness Initiative for Students of Color
June 7, 2021 |
The Historically Black Colleges & Universities Community Development Action Coalition (HBCU CDAC) launches a $ 5.6 million financial wellness initiative, Our Money Matters (OMM), for students of color.
Funded by the Wells Fargo Foundation, the initiative plans a holistic approach to helping students facing financial difficulties such as food and housing insecurity and college debt.
The initiative will be launched at Lincoln University and will expand to 25 HBCUs and minority institutions over three years to help approximately 40,000 students with financial literacy, financial management tools and access to support services.
“The start of the OMM program comes especially timely as the economic burden from COVID-19 will have a devastating impact on HBCUs, MSIs and surrounding communities. The OMM program is a proactive solution designed to address these issues and the wealth disparities between generations within color communities. Our partnership with the Wells Fargo Foundation shows our shared interest in providing our partner institutions and their surrounding communities with the financial tools necessary to create wealth for generations to come, ”said Ron Butler, CEO of HBCU CDAC.