Western Union Powers Black Education and Business Opportunities

Rhea-AI Summary

Western Union (NYSE: WU), in collaboration with the Western Union Foundation, has launched two initiatives supporting BIPOC business leaders. Project Finish Line offers scholarships to BIPOC students, aiding those attending historically black colleges and universities. The Foundation also funds Sistahbiz, providing leadership support to Black female-owned businesses. These initiatives aim to tackle economic disparities and enhance opportunities for minority communities. Additionally, Western Union will observe Juneteenth as a paid holiday for its U.S. employees.

Positive

• Launch of Project Finish Line providing scholarships to BIPOC students.
• Sistahbiz initiative offers business development support to Black female entrepreneurs.
• Aim to reduce economic disparities faced by minority communities.
• Western Union officially recognizes Juneteenth as a paid holiday for U.S. employees.

Negative

• None.

As communities around the nation prepare to celebrate the Juneteenth holiday, Western Union (NYSE: WU), in partnership with the Western Union Foundation, announced two new initiatives aimed at supporting future and current business leaders from the Black, Indigenous and People of Color (BIPOC) community. Project Finish Line, an extension of the Foundation’s WU Scholars program, funds scholarships to BIPOC students working to complete their higher education, many of whom are attending historically black colleges and universities in the United States. Additionally, the Foundation took part in helping to fund business and leadership development support for Black, female-owned businesses through the Foundation for Black Entrepreneurship’s program, Sistahbiz. Both initiatives were created in partnership with Western Union’s Black Advisory Council, which drives access, progress, and opportunity within the Black community inside and outside of Western Union.

“Social exclusion, particularly concerning Black, Indigenous, and People of Color (BIPOC) in the United States, remains among one of the largest and most troubling problems for economic mobility¹,” said Elizabeth Roscoe, Executive Director, The Western Union Foundation. “Our Foundation works with partners around the world to address these inequalities as part of a broader mission to prepare and connect young people to viable economic opportunities. We are proud to help enable opportunity for the BIPOC community as they carve out their unique and essential roles in today’s economy.”

According to the U.S. Department of Education², 60% of Black students who enter college do not finish their degree program. Those who do carry on average $7,400 more in student loan debt than white graduates when they leave school.

Project Finish Line helps address barriers that may prevent BIPOC and other minority students from completing their degree programs. In addition to offering 15 scholarships, the Western Union Foundation connects the students to Western Union employees around the world to build mentorships, an additional support system, and a professional network.

“Whether they realize it or not, these students are at a pivotal moment in their lives,” said Kanika Wilkerson, Western Union Black Advisory Council Lead. “There is so much data that shows higher education can be a bridge to opportunity, acting as a catalyst to close the wealth gap for so many deserving individuals—they just need an opportunity. Our goal is to remove the barrier and help them clear one of the most important hurdles, getting that degree.”

Sistahbiz’ Unstoppable Business Grant program aims to address the dichotomy of Black women owning 42% of new women-owned businesses – three times their share of the female population – yet suffering from unequal access to capital, skills development, and training. The Foundation’s support came at a critical time during the COVID-19 pandemic, when small businesses were hit hard. The 20 grant winners will receive key business development coaching including leadership development, network building, marketing, and accounting services.

This year, Western Union joins other companies officially observing Juneteenth as a paid holiday for employees in the United States.

About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect businesses, financial institutions, governments, and consumers through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and over half a million-retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.

About the Western Union Foundation
The Western Union Foundation believes that by enabling young people to access and compete within the global economy, economic growth can be achieved. Through Opportunity Beyond Borders we collaborate with nonprofits around the world to provide young migrants and other vulnerable populations, including youth not enrolled in school or work, with the skills needed for better jobs and a chance at a better life. We also respond in times of disaster or humanitarian crises to aid in the rebuilding of communities. To date, we have funded more than $133 million for projects and scholarships. The Western Union Foundation is a separate, tax-exempt 501(c)(3) charitable corporation and receives support from The Western Union Company, its employees, agents, and business partners. Contributions to the Foundation are tax-deductible for U.S. income tax purposes. To learn more, visit www.westernunionfoundation.org or follow us on Twitter @TheWUFoundation.

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1} Page 5 https://www.urban.org/sites/default/files/publication/31156/1001156-discrimination-and-economic-mobility.pdf
² Page 60 https://www2.ed.gov/rschstat/research/pubs/advancing-diversity-inclusion.pdf

View source version on businesswire.com: https://www.businesswire.com/news/home/20210615005474/en/

FAQ

What is Project Finish Line from Western Union?

Project Finish Line is an initiative that provides scholarships to BIPOC students, particularly those attending historically black colleges and universities.

How does the Sistahbiz program support Black businesses?

The Sistahbiz program offers business development coaching, including leadership development, network building, and marketing services to Black female-owned businesses.

Why is Western Union observing Juneteenth as a holiday?

Western Union is observing Juneteenth as a paid holiday to honor the significance of the day in the context of African American history and economic mobility.

What percentage of Black college students graduate?

Approximately 60% of Black college students do not finish their degree programs, as stated by the U.S. Department of Education.

What initiatives is Western Union implementing to support BIPOC communities?

Western Union is implementing Project Finish Line for scholarships and Sistahbiz for business support aimed at helping BIPOC communities.