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Apple Launches New Projects Under $100 Mln Racial Equity And Justice Initiative - Quick Facts

Apple Inc. (APL) on Wednesday announced a set of major new projects as part of its $100 million Racial Equity and Justice Initiative or REJI to help dismantle systemic barriers to opportunity and combat injustices faced by communities of color.

The new projects include the Propel Center, a global innovation and learning hub for Historically Black Colleges and Universities or HBCUs; an Apple Developer Academy to support coding and tech education for students in Detroit; and venture capital funding for Black and Brown entrepreneurs.

Apple announced the REJI in June 2020 in the wake of protests around the world following the killings of Breonna Taylor, George Floyd, and countless others. The initiative builds on Apple's work to advance racial equity in education, the economy, and the criminal justice system.

The REJI is led by Apple's vice president of Environment, Policy and Social Initiatives, Lisa Jackson.

Apple said it is working with Southern Co. (SO) and community stakeholders to support the launch of the Propel Center, a first-of-its-kind innovation and learning hub for the HBCU community.

Apple noted that its $25 million contribution will enable the Propel Center to support HBCU students and faculty through a virtual platform, a physical campus in the historic Atlanta University Center, as well as on-campus activations at partner institutions.

Later this year, Apple will open an Apple Developer Academy in Detroit, which has a vibrant Black entrepreneur and developer community. The academy is designed to empower young Black entrepreneurs, creators and coders by helping them cultivate the skills required for jobs in the rapidly growing iOS app economy.

To address systemic barriers to access and funding faced by Black and Brown entrepreneurs, Apple announced two new investments in the venture capital and banking spaces.

Apple will invest $10 million with Harlem Capital - an early-stage venture capital firm based in New York - to support its investments in 1,000 companies with diverse founders over the next 20 years.

The company will also invest $25 million in Siebert Williams Shank's Clear Vision Impact Fund, which provides capital to small and medium-size businesses, with an emphasis on minority-owned companies.

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