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Foundation: Johnson Foundation, Robert Wood Johnson Foundation
The Robert Wood Johnson Foundation is putting its money where its mouth is, investing $50 million to help communities of color get out of poverty, the New York Times reports.
Zoila Jennings, the foundation's impact investment officer, says the money is going to small businesses, affordable housing, and community banks that help communities of color get out of poverty.
"We're investing in communities of color that have historically been under-served by the financial system," she says.
"We're investing in communities of color that have historically been under-served by the financial system."
The money is being doled out as the foundation works to "democratize the financial system for communities of color," according to a press release.
Jennings says she wants to "democratize the financial system for communities of color," and that's not just about putting money in people's pocketsit's about changing the financial system itself.
She tells the Times that banks are "highly regulated, and it does limit what they can do in terms of flexible financing," so the Robert Wood Johnson Foundation is a " systems-level investor" that doesn't focus on one specific area.
"On the community development side, I say, where is the capital now
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A part of a series produced by The Huffington Post in celebration of #GivingTuesday, which will take place this year on December 3, Kathy Calvin and Henry Timms vouch that we are living in a new era of philanthropy.