As part of its $140 million investment in addressing racial inequality, Nike (NKE) is teaming up with youth-focused financial platform Goalsetter to help young Americans with financial literacy. The Swoosh brand will provide $2.75 million in local grants in seven cities, including Portland and New York City. Nike will also grant $1 million to Goalsetter — the financial literacy platform founded by Shark Tank competitor Tanya Van Court.
The investment by the sportswear giant will help Goalsetter seed savings accounts for 10,000 children. Nike hopes that it will go a long way in helping kids get on a path of financial wellness.
“Nike is propelling a historic moment by helping to change the way America educates a whole generation of kids — using culturally-relevant, game-based content to excite and engage them and start them on a path to financial freedom,” said Van Court.
“During Black History Month we’re reminded of the everyday work that is required beyond the commemoration of this month. To address systemic racism and create the future we want to see, we need urgent action as well as sustained partnership and engagement,” said Jorge Casimiro, chief public policy and social impact officer at Nike.
“That’s why Nike, together with Converse, the Jordan Brand and Michael Jordan, is investing in change at the national and local levels to advance economic empowerment, education and social justice for Black communities in cities across the United States,” he said.
Each of the seven cities will receive $250,000 in grants each year for four years. Nike has already invested heavily in its home city of Portland. This year alone Nike’s investments in the city’s Black community will total $1.25 million.
The full list of Nike’s grants in Portland and New York City will be distributed as follows.
America on Tech: ($50,000) supports virtual tech programs for East New York and Brownsville students in summer and fall 2021.
Brooklyn Community Services: ($75,000) helps increase access to economic security for Youth Development clients by enhancing their workforce development and credentialing programming.
East Harlem Tutorial Program: ($75,000) supports the development of a year-long, career-immersion program for select high school and college students that will allow students to choose between internships, job shadowing or an externship.
Women’s Housing and Economic Development Corporation: ($50,000) helps support a year-long program for 30-35 high school students from the Bronx to build more equitable pathways to post-secondary education and career opportunities.
Airway Science for Kids: ($75,000) supports STEM education and aerospace industry exposure and career development for Black youth.
Built Oregon: ($250,000) creates broad-based and inclusive entrepreneurial opportunities for Black business owners.
Constructing Hope: ($250,000) focuses on rebuilding the lives of people in Portland’s Black community by encouraging self-sufficiency through skills training, education and job placement in the construction industry.
KairosPDX:($250,000) works to eliminate the prolific racial achievement and opportunity gaps for Black children ages 0-10.
Micro Enterprise Services of Oregon: ($50,000) provides economic opportunities for Black business owners and entrepreneurs through empowerment, education and supportive services.
POIC + Rosemary Anderson High School: ($250,000) supports the success of at-risk youth and adults by supporting services in education, mentoring, family outreach, employment training and placement to continue the work of past Nike investments.
The Rosewood Initiative: ($75,000) supports the building of safe, healthy and vibrant neighborhoods through a broad array of programs and services focused on economic development and supportive social services.
Word Is Bond: ($50,000) works toward a truth and reconciliation process between young Black men and law enforcement through leadership development, critical dialogue and engagement.
Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.