Target making $100 million investment in Black communities

Target Corp. is making a major investment as part of its ongoing commitment to advancing racial equity.

The discounter is investing $100 million through 2025 to help fuel economic prosperity in Black communities across the country.  It will do so by supporting local, Black-led organizations to ensure that resources are specifically designed for the communities they serve.

As part of its new investment, Target will focus on infusing resources directly into Black communities, including providing scholarships and support to students attending Historically Black Colleges and Universities (HBCUs) and being a founding supporter of the Pensole Lewis College of Business & Design. Located in Detroit, Pensole Lewis will be the country’s first HBCU to focus on design, supporting aspiring Black designers, engineers, and business leaders. It will offer free tuition. (Target noted that outperform non-HBCUs in retaining and graduating Black students, particularly first-generation college students and those from low-income backgrounds.)

In other initiatives tied to the investment, Target will expand its funding of Black-led nonprofits that advance racial equity and create economic opportunity in Black communities nationwide. It also will sponsor programs that elevate Black stories and voices.

The investment is in line with Target’s Racial Equity Action and Change strategy, and builds on the initial $10 million commitment it made in 2020 after the murder of George Floyd in the retailer’s Minneapolis hometown. It also follows Target’s April announcement that it will spend more than $2 billion with Black-owned businesses by the end of 2025 to help it create “more equitable experiences for our Black guests and use out size, scale and resources” to create economic opportunity for Black-owned businesses that extends outside of Target.”

“As one of the largest retailers in the U.S., we know we have the responsibility and opportunity to use our resources to help end systemic racism and accelerate economic prosperity for Black communities,” said Amanda Nusz, senior VP, corporate responsibility, and president of the Target Foundation. “With this commitment, we aim to support the next generation of Black talent, expand the impact of Black-led movements and voices, and create economic opportunity in Black communities across the country.”

[Read More: Target to increase number of Black employees]