Micron Technology is allocating USD50 million of its cash and short-term investments to support economic development efforts across the US in predominantly Black and other underserved communities.In partnership with RBC Global Asset Management (RBC GAM), Micron will invest in an impact strategy that seeks to positively support underserved communities nationally, including those in the San Francisco Bay Area, Washington DC, Northern Virginia and Maryland. The initiative aims to reduce wealth gaps in predominantly Black neighbourhoods and increase access to homeownership, affordable rental housing, community facilities and small business loans. The strategy will focus on investing in US government-backed securities that aim to deliver both a competitive financial return to Micron while supporting lending in historically underserved communities.
“We want our diversity efforts to cascade beyond the walls of our business and into the communities we are proud to call home,” says Micron Vice President of Diversity, Equality and Inclusion Sharawn Connors. “Micron’s capital commitments are a reflection of how we can use our strengths and resources to drive deep and lasting change for the future of underrepresented Americans and advance equal opportunity for all.”
Micron has previously allocated USD100 million for management under veteran-owned firm, Academy Securities, and USD100 million under Ramirez Asset Management, Inc (RAM), an affiliate of Samuel A Ramirez & Company, Inc, which is the oldest and largest Hispanic owned Investment bank in the US, delivering on Micron’s focus to support firms owned and managed by members of underrepresented groups.
“We are pleased to partner with Micron on this initiative aimed at reducing racial disparities in income and wealth within the United States,” says Ron Homer, chief strategist of US Impact Investing at RBC Global Asset Management. “RBC GAM’s purpose is to help clients thrive and communities prosper, and it’s inspiring to see growing interest in impact investments from corporations that want to support community development by creating opportunities in areas historically underserved.”