USAA Funds Final $20 Million in 3-Year, $50 Million Commitment to Advance Economic Mobility for Underserved Communities

News provided by

Jan 17, 2023, 12:25 ET

Commitment complements company's accountability to advance diversity, equity and inclusion for USAA employees.

SAN ANTONIO, Jan. 17, 2023 /PRNewswire/ -- USAA has committed $20 million to nearly 50 nonprofit organizations as part of its three-year, $50 million commitment made in late 2020 to advance diversity, equity and inclusion. The nonprofit organizations receiving this latest round of funding will be focused on amplifying the collaborative need to build diverse talent pipelines through education and employment programs.

"Over the past three years, we've had the opportunity to support nearly 70 nonprofit organizations in local communities and nationally," said Lindsey O'Neill, USAA Chief Communications and Corporate Responsibility Officer. "Each of these nonprofits is doing incredible work by providing underserved individuals opportunities to achieve educational and employment success to help build solid financial futures."

In late 2020, USAA responded to the uptick in racial injustices with a more defined commitment to advance diversity, equity and inclusion by focusing on its employees, members and the community.

"USAA has been on a journey to reimagine and revitalize its efforts to build and sustain a diverse, equitable and inclusive workplace," said Tara Leweling, Chief Diversity and Sustainability Officer at USAA. "We aim for our workplace to reflect the diversity of the members we serve and believe strongly in providing opportunities to our members and communities through our products, services, community involvement and corporate citizenship."

The three-year, $50 million philanthropic commitment provides intentional support of advancing economic mobility by closing gaps across education, employment and entrepreneurship, ultimately reducing the wealth-building gap. Nonprofit organizations who have received funding through the multi-year commitment are committed to delivering:

Education-Focused Nonprofits

5,000 internships or fellowship opportunities for underrepresented student populations and veterans by the end of the 2022-2023 school year.
2,000 scholarships to underrepresented student populations in high-demand STEM fields for at least two semesters by the end of the 2022-2023 school year.
Professional development, tutoring and mentoring programs aimed at improving academics and attendance for 60,000 Black and Hispanic students by the end of the 2022-2023 school year.

Employment-Focused Nonprofits

More than 1,500 military/veteran and spouse career readiness mentors by December 2023.
Knowledge and expertise for 3,000 underrepresented and veteran-owned small businesses through technical assistance and mentorship by the end of 2023.
Support for 10,000 historically underrepresented civilians and veterans who enroll in upskill or reskill programs and complete at least a post-secondary credential in STEM fields by December 2023.

Entrepreneurship-Focused Nonprofits

Support for 110,000 one-on-one financial counseling or coaching sessions for veterans and others from underserved communities by December 2023.

The initial two years of the philanthropic initiative have positively impacted more than 400,000 lives, and the third year will be tracked to assess further impacts on communities. To learn more about USAA's three-year, $50 million commitment, visit USAA's News Room. To learn more about USAA's Diversity, Equity and Inclusion efforts click here.

About USAA

Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and investment and retirement solutions to more than 13 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, USAA has offices in seven U.S. cities and three overseas locations and employs approximately 38,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.

Contact: USAA Media Relations
[email protected]

SOURCE USAA