The US government is asking companies in certain clean energy, semiconductor and other manufacturing sectors to make a similar commitment.
The parent company of Google, Alphabetand a group of Bank entities and foundations of the United States committed to channeling at least $4 billion toward small businesses and lending institutions for minorities, according to Tuesday’s announcement by Wally AdeyemoUndersecretary of the Treasury.
The government that heads Joe Biden launched a set of initiatives aimed at encouraging small and minority-owned businesses ahead of its annual forum Freedman’s Bankwhich addresses the issue of economic opportunities for groups of people of color.
The group of important banks and foundations that make up the Economic Opportunity Coalitionpromised to provide US$3 billion in deposits to credit institutions aimed at the most disadvantaged groupsamong them residents of rural areas and minorities, Adeyemo explained to the media.
In this way, the commitment made this year is more ambitious than the US$1 billion that the organization promised to channel in 2022 to financial entities for community development and minority deposit entities.
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For its part, Google committed to investing at least $1 billion annually in diversified property providers in the United States, according to the deputy secretary of the Treasury.
Micron Technology (MU), Xcel Energy (XEL) and Air Products (APD) have committed to dedicate 15% of their spending on contracts for external goods and services to small and less advantaged businesses by 2025. The IRS pledges to spend 19% of its procurement dollars on small and disadvantaged companies.
The US Government asks companies in certain sectors of clean energy, semiconductors and other manufacturing sectors to make a similar commitment.
Source: Ambito
