The Historically Black Colleges & Universities Community Development Action Coalition (HBCU CDAC) is launching a $5.6 million financial wellness initiative, Our Money Matters (OMM) for students of color.
The initiative is funded by the Wells Fargo Foundation and plans to take a holistic approach to supporting students facing financial difficulties such as food and housing insecurity and college debt.
The initiative is being launched at Lincoln University, and over three years it will expand to 25 HBCUs and minority serving institutions, giving approximately 40,000 students of color financial capability skills, finance management tools and access to support services.
“The initiation of the OMM program is especially timely as the economic burden of COVID-19 is projected to have a devastating impact on HBCUs, MSIs, and surrounding communities. The OMM program is a proactive solution positioned to address these issues and generational wealth disparities within communities of color. Our partnership with the Wells Fargo Foundation demonstrates our aligned interest in equipping our partner institutions and their surrounding communities with the financial tools needed to create wealth for generations to come,” said Ron Butler, CEO of HBCU CDAC.