Charlotte Receives $1.3 Million Investment from Ally Charitable Foundation to Boost Economic Mobility

Charlotte Benefits from Ally Charitable Foundation’s $1.3 Million Investment

In a vibrant show of support for the community, Charlotte is set to receive a significant boost in its pursuit of enhanced economic mobility. The Ally Charitable Foundation, which operates as the philanthropic branch of Ally Financial Inc., has announced that it will be awarding over $1.3 million in grants this year to more than 50 nonprofit organizations within the region. This financial infusion is aimed at addressing key areas such as affordable housing, financial education, and workforce development.

Making Positive Change Happen

With a commitment to driving meaningful change, the Ally Charitable Foundation has pledged a total of $3.6 million in grants across its major hubs in Charlotte and Detroit. The targeted focus on enhancing economic mobility aligns perfectly with Charlotte’s recent progress. According to a study by Harvard University titled “Changing Opportunity,” Charlotte has been recognized for its strides, moving from dead last to 38th among the 50 largest cities in terms of economic mobility.

A few Charlotte organizations that will benefit from this generous grant include Digi-Bridge, Circle de Luz, CrossRoads Corp. for Affordable Housing and Community Development, Gardhouse Limited, and Goodwill Southern Piedmont. These groups play a crucial role in empowering residents and supporting their ambitions for better living conditions and careers.

A Closer Look at Digi-Bridge

One of the standout recipients is Digi-Bridge, known for its work in providing underrepresented students with access to STEAM education—science, technology, engineering, arts, and math. Over the past six years, the Ally Charitable Foundation has provided Digi-Bridge with much-needed funding and resources. The engaging collaboration also includes hundreds of volunteers from Ally, who have been dedicating their time to build STEAM kits and serve as mentors for students. This kind of involvement not only fosters career exposure but also helps to build vital social connections.

Alyssa Sharpe, the CEO of Digi-Bridge, expressed gratitude for Ally’s role, stating, “As a digital bank, they understand the importance of digital skilling for today’s youth to be better prepared for the technology jobs of the future.”

Driving Collaborative Efforts

Charlotte’s climb in economic mobility has not gone unnoticed. Mike Rizer, the president of the Ally Charitable Foundation, remarked on the collaborative effort that has taken place among various stakeholders in the city. “It was kind of a wake-up call,” Rizer shared, emphasizing that the community united to tackle the issue. “People from all walks of life came together and said, ‘This is unacceptable.'”

The study also highlighted the importance of public-private partnerships in making a real difference. Ally is actively involved in this progress through regular stakeholder assessments to evaluate ongoing needs for improvement. Rizer mentioned that these assessments include discussions with community leaders, nonprofits, elected officials, and Ally board members to strategically identify areas for growth.

A Community of Givers

In alignment with their commitment to the community, about 50% of Ally’s employees contribute their time to volunteer efforts annually, surpassing the national average of 23%. Experts suggest that social networks play a pivotal role in reshaping opportunities, and Ally is keen on fostering these connections through its charitable endeavors.

“We want to make it a good place to live for the community and for our employees,” Rizer emphasized. His confidence in the foundation’s impact resonates throughout the community, showcasing their dedication to creating a thriving environment for all Charlotte residents.

With the implementation of these grants, Charlotte is well on its way to further enhancing its economic landscape and ensuring that opportunities are available to all who seek them.