What is Giving Compass?
We connect donors to learning resources and ways to support community-led solutions. Learn more about us.
Giving Compass' Take:
• The Rockefeller Foundation has launched the Rockefeller Foundation Opportunity Collective (ROC) that encourages investments in inclusive recovery from COVID-19.
• How can individual donors also opt-in for a more inclusive response to COVID-19?
• Here are some suggestions and recommendations for donors responding to coronavirus.
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.
The ROC will invest an initial $10 million to government, business, faith and nonprofit partners in 10 cities: Atlanta; Boston; Chicago; El Paso, TX; Houston; Louisville, KY; Miami Dade County, FL; Newark, NJ; Norfolk, VA; and Oakland, CA.
About 26.5 million adults in the U.S. are not involved in the credit economy, with 15% of Black and Hispanic Americans considered "credit invisible."
Nonexistent credit information and a lack of capital can severely limit economic development within a community. Black and Hispanic businesses in the U.S. are given only 2.5% and 5.8%, respectively, of funding from the Small Business Administration. Those figures contribute to communities that are hit by lost job opportunities and restricted housing options, according to the Rockefeller Foundation, which are issues heightened by the pandemic.
"The disproportionate economic toll on communities of color has historically stymied access to opportunity and been exacerbated by the COVID-19 pandemic," Otis Rolley III, senior vice president of the U.S. Equity and Economic Opportunity Initiative at The Rockefeller Foundation, said in a statement. "It's going to take a collective effort ... to meet the moment and undo the racist economic inequities that have plagued these communities for decades."
"By drawing on the comprehensive resources of our communities, this visionary program will not only provide critical support to our neighborhoods devastated by the COVID-19 crisis, it will also help address the deeper, generational fissures of inequality across our cities," Chicago Mayor Lori Lightfoot said of the ROC in a statement.
Read the full article about inclusive COVID-19 recovery by Cailin Crowe at Smart Cities Dive.