Target Corp. will invest $100 million in Black-led organizations through 2025 as it continues to realign its philanthropic priorities.
The investment, which will include nonprofits and programs that work to elevate Black voices, will be made through the Minneapolis-based retail chain and its foundation "to help fuel economic prosperity in Black communities across the country," according to a Target blog post Tuesday.
It is the latest in the retailer's financial commitment to Black organizations and businesses since the Minneapolis police killing of George Floyd last year.
"As one of the largest retailers in the U.S., we know we have the responsibility and opportunity to use our resources to help end systemic racism and accelerate economic prosperity for Black communities," Amanda Nusz, senior vice president of corporate responsibility and president of the Target Foundation, said in a statement. "With this commitment, we aim to support the next generation of Black talent, expand the impact of Black-led movements and voices, and create economic opportunity in Black communities across the country."
Target Corp. and the Target Foundation pledged to provide scholarships to students to attend Historically Black Colleges and Universities (HBCUs). Target also committed to becoming a founding supporter of the Pensole Lewis College of Business & Design in Detroit, a HBCU that closed in 2013 but is expected to re-open in March. Additional funds would sponsor programs that elevate Black stories and voices, such as the PBS NewsHour series "Race Matters."
Currently, these grants are being provided by invitation and not through an application process.
Last year in the wake of Floyd's death and calls for more action to further racial equity, Target and Target Foundation announced it would make a $10 million investment to groups advancing social justice causes across the country including the National Urban League and the African American Leadership Forum. This spring, Target said it plans to spend $2 billion partnering with Black-owned businesses by 2025 by increasing the number of products it sells made by Black-owned businesses and working with diverse contractors.
The $100 million announced Tuesday is in addition to these efforts.