Business and Finance
Synchrony Commits $100 Million to Grow Minority-Owned Businesses
Invests in Ariel Alternatives’ Project Black Fund to Scale Minority Businesses
Investment Builds on Synchrony’s Efforts to Advance Equity Among Diverse Businesses
STAMFORD, Conn., Feb. 2, 2023 /PRNewswire/ — Synchrony (NYSE: SYF), a premier consumer financial services company, today announced a $100 million commitment in Ariel Alternatives’ Project Black, which aims to scale sustainable minority-owned businesses and position them as leading suppliers to Fortune 500 companies. Project Black is a strategic initiative of Ariel Alternatives, the private equity subsidiary of Ariel Investments, LLC.
“Building a more equitable, inclusive economy is a business imperative.” – Brian Doubles, President and CEO of SynchronyTweet
“Building a more equitable, inclusive economy is a business imperative,” said Brian Doubles, President and CEO, Synchrony. “Our investment in Ariel and Project Black will help give Black, Hispanic and women entrepreneurs the support they need to grow long-term. Synchrony is committed to providing the resources and expertise to advance equity for diverse businesses and communities.”
Project Black invests in middle-market companies that are not currently minority owned, as well as existing Black- and Hispanic-owned businesses, providing capital, resources and minority executive talent. Under Project Black’s ownership, these companies are expected to be transformed into certified minority business enterprises (“MBEs”) of scale to fuel Fortune 500 vendor and supply chain diversity. Synchrony, along with other investors, plans to explore collaboration opportunities with portfolio company management teams to pursue growth strategies.
“Synchrony’s partnership will help fuel widespread corporate vendor and supply chain diversity. With their support, we look forward to creating consequential middle-market businesses, changing the perception of what it means to be a minority-owned enterprise in the United States,” said Leslie A. Brun, Chairman and CEO of Ariel Alternatives. “We are delighted and honored to have Synchrony as an investor in Project Black.”
According to CEO Action for Racial Equity, in 2020, Fortune 500 companies directed an average of two percent ($125 billion) of their total spend to minority-owned businesses, yet many have pledged to dramatically increase their spend. With 95 percent of minority businesses having less than $5 million in revenue, few have the scale to tap into this $1 trillion opportunity.
Advancing equity, diversity and inclusion
These efforts build upon Synchrony’s ongoing commitment to treat equity, diversity and inclusion as a strategic business imperative and drive long term progress. The company’s holistic approach includes advancing financial opportunities and growth among diverse businesses and communities.
- Synchrony and Synchrony Ventures have pledged $20 million to date in venture capital funds led by Black, Hispanic and female investing partners. The funds selected include Company Capital, Chingona Ventures, Seae Ventures, Trail Mix Ventures and Zeal Capital Partners. The company also signed the National Venture Capital Association’s (NVCA) human capital pledge in 2020 to advance a more diverse and inclusive venture ecosystem.
- Since 2021, the company has strengthened its supplier diversity program by expanding internal initiatives and external outreach. As a result, in 2022, Synchrony achieved a 180 percent increase in the number of proposal submissions by diverse suppliers and nearly 70 percent of those were selected to do business with Synchrony. As a member of the National Minority Supplier Development Council and the Women’s Business Enterprise National Council, the company continues to identify and use diverse suppliers whenever possible.
- Synchrony and the Synchrony Foundation’s $50 million, five-year initiative, Education as an Equalizer, increases access to higher education, skills training in high-growth fields, and financial empowerment for underserved communities and its own workforce.
- In 2020, the Synchrony Foundation committed $5 million to support funding of small business grants through community organizations such as the Local Initiatives Support Corporation (LISC) that provides emergency grants to minority- and women- owned businesses and Operation Hope which offers technical support and financial counseling. To date, more than 620 small business owners have received grants and support.
- Synchrony has been highly successful in its effort to hire, develop and advance diverse talent within its own organization through a data-driven approach. The company has included diversity improvements among the metrics used to determine bonus funding for Synchrony leaders. Synchrony has also redesigned its leadership development programs so diverse employees can gain executive coaching, sponsorship and mentorships with senior leaders.
- The company has committed to hire, upskill, advance and improve retention for Black talent without four-year degrees into middle skill and family-sustaining wage jobs. Synchrony has joined OneTen, a coalition of leading companies that is committed to creating a more inclusive corporate America by hiring and promoting one million Black individuals into family-sustaining jobs over the next decade.
- Synchrony hosts an annual Global Diversity Experience for all employees, leaders and members of its Board of Directors to deepen understanding while advancing a culture of belonging and well-being for all.
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry’s most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our “partners.” We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice.
For more information, visit www.synchrony.com and Twitter: @Synchrony.
SOURCE Synchrony Financial
Lifestyle
7 Fire Prevention Tips to Protect Your Home and Community
7 Fire Prevention Tips: Fires can be devastating, but many of them are preventable with simple precautions and smart everyday choices. Consider these tips to reduce the risk of fires and keep your household, family and community safe.
7 Fire Prevention Tips to Protect Your Home and Community
(Feature Impact) In observance of National Fire Prevention Month, it’s a good time to review your fire safety habits at home and in your neighborhood. Fires can be devastating, but many of them are preventable with simple precautions and smart everyday choices.
Consider these tips to reduce the risk of fires and keep your household, family and community safe.
Test Your Smoke Alarms
Smoke detectors are one of the simplest yet most important tools for protecting your home, loudly alerting you to potential danger at any time of the day or night. Test them monthly, follow manufacturer’s instructions for replacement and change batteries as needed.
Heat Your Home Safely
Depending on how you heat your home, there can be different hazards to remain aware of. Never leave fireplaces unattended when in use and have them inspected and maintained as recommended by a trained professional. If you use portable heaters, keep them at least three feet away from curtains, bedding, furniture and other flammable materials.
Prevent Electrical Fires
Frayed cords, damaged outlets or overloaded appliances can pose real danger to your home when they overheat or spark. Particularly if you live in an older home or have outdated appliances, keep an eye out for warning signs like tripped circuit breakers, malfunctioning devices or the smell of burning. If you’re concerned, have your system inspected by a qualified electrician.
Store Flammable Objects Carefully
Keeping matches and lighters out of reach of children is always a smart first step for household fire safety. Also follow safe storage practices for items like lighter fluid, propane, aerosol cans and other household products that could potentially ignite when exposed to heat or a stray spark.
Practice Smart Kitchen and Grill Habits
From sparks flying off the grill to hot oil forgotten in the frying pan, cooking is the leading cause of household fires. Stay attentive in the kitchen, never leave cooking food unattended and avoid setting combustible materials like paper plates or fabric towels too close to a stove or grill. Also keep your appliances cleaned and well-maintained.
Plan Your Escape Route
Fires can spread quickly, which is why it’s important for everyone in your household to know the plan (and backup plan) for safely exiting different areas of the house during an emergency. Decide on a specific meeting place outside and practice quick fire drills together to build muscle memory.
Observe Local Fire Safety Rules
Where you live determines what kinds of fire risks affect your community, so make sure you stay informed about local regulations. For instance, areas prone to drought or wildfire may have rules about outdoor burning, and local fire prevention ordinances may outline specific requirements for smoke alarms in your home.
Find more home safety tips at eLivingtoday.com.
Photo courtesy of Shutterstock
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eLivingtoday.com
home improvement
5 Simple Steps to Prepare Before Disaster Strikes
Disaster preparedness doesn’t have to be expensive or complicated. It’s all about the small, simple steps you can take to protect yourself, your family and your community.
(Feature Impact) Disaster preparedness doesn’t have to be expensive or complicated. It’s all about the small, simple steps you can take to protect yourself, your family and your community.
Yet, as severe weather becomes more frequent, many people aren’t prepared for the impact.
New research from United Way Worldwide and Verizon revealed that although 60% of U.S. adults are concerned a natural disaster could affect their household in the next year, only 15% would feel very prepared for one.
While many people understand the risks, they face real barriers to preparation. Cost remains the primary obstacle to disaster preparedness with 45% of those surveyed naming it as the top barrier. In addition to cost, lack of time (25%) and not knowing where to start (28%) prevented people from taking action.
That’s why preparedness should be practical and affordable.
For example, the United Way’s United We Prepare initiative, supported by Verizon, offers free disaster preparedness workshops, emergency kit distribution, information on local emergency services and practical guidance to help people plan and be ready to weather a storm.
When individuals and families are better prepared, communities are more resilient. Get started with these simple, zero-cost steps:
Identify Key Emergency Contacts
Choose a relative or friend outside of your immediate community who can act as a central check-in point or offer shelter during an emergency. Also, take a few moments to create updated digital and physical emergency contact lists with names, phone numbers and addresses of loved ones as well as service and healthcare providers.
Enable Local Alerts
Identify trusted local emergency services and news that can provide weather and emergency information. Turn on wireless emergency alerts in your phone settings, bookmark local news weather pages and save other important website links to ensure you’re in-the-know when disasters strike.
Build a Support System
Before severe weather, touch base with at least two neighbors or family members to identify what help they may need (or what assistance they can provide) and create a plan for checking in with each other in the event of an emergency.
Plan for Special Needs
It’s easiest to make clear-headed decisions before you’re stressed and rushing in the heat of the moment, so sit down and sketch out basic plans for special needs related to transportation, prescriptions, caregiving and pets before severe weather arrives. Decide where you would meet if separated, how to get there if transportation is disrupted, who would pick up children or take care of pets, what health needs or medications need to be considered and more.
Save Key Information and Documents Digitally
During a crisis, you likely won’t have time to search filing cabinets, desks and glove compartments for important documentation. Take photos or make digital copies of identification documents, insurance information, medical cards, prescription details, important household records and other key documents to access if you need to leave home quickly. For insurance purposes, it may also be helpful to take a video of your property and valuable belongings in your home in case they’re damaged or ruined.
The goal isn’t to do everything at once; it’s to start. An hour spent making connections, gathering information and talking through a plan today can make it easier to act when time matters most.
For more simple preparedness tips and resources, visit UnitedWePrepare.org.
Test Your Disaster Preparedness Knowledge
Take the quiz at UnitedWePrepare.org to test your knowledge on 10 disaster preparedness questions customized to your area, such as:
- What should you include in a winter emergency supply kit for your car?
- What is the difference between a Tornado Watch and Tornado Warning?
- When should you evacuate during a wildfire?
- Why is it important to prepare for disasters?
Photo courtesy of Shutterstock (preparation supplies)
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child education
Preparing the Next Generation for Economic Mobility in an AI-Driven World
AI-Driven World: Within only a few years, AI has already changed many things about the world and workforce. Entry-level jobs, particularly the ones relying on routine and predictable tasks, are increasingly disappearing to automation, leaving young people wondering how to launch their careers and futures. To learn what preparing students for the future may look like in practice, consider these tips.
Preparing the Next Generation for Economic Mobility in an AI-Driven World
(Feature Impact) Within only a few years, AI has already changed many things about the world and workforce. Entry-level jobs, particularly the ones relying on routine and predictable tasks, are increasingly disappearing to automation, leaving young people wondering how to launch their careers and futures.
Access to economic mobility – the ability to change your income or wealth – doesn’t just rely on technical knowledge and skills but on leaning into humanity. Being able to think outside the box, collaborate, solve problems and grow as a person can open doors in life and at work. AI may be changing the world, but in change lies opportunity. The students who can adapt quickly are more likely to prosper as the economy continues to reshape itself.
To learn what preparing students for the future may look like in practice, consider these tips from the economic and career experts at Junior Achievement.
Build the Kinds of Skills AI Can’t Replace
Young people facing AI as their competition can get a boost from cultivating the uniquely human skills technology can’t replicate. Educators, parents and other adults in kids’ lives can help them develop increasingly important soft skills like critical thinking, communication, teamwork and leadership, which can translate to many different careers. Hands-on skills can fit into this category as well, like the kinds required in entrepreneurship and the trades.
Provide Real-World Experiences
When young people have the chance to test themselves in a real-world setting, it lets them hone their interests, skills and confidence before the time comes to make major decisions about their futures. As early as elementary school, experiential learning activities like Junior Achievement’s Biztown allow students to operate businesses, work with others, manage finances and solve problems, combining in-class learning with hands-on simulations. As kids grow up, other options can include job shadowing, internships and entrepreneurship experiments – all ways to build durable social and professional skills that can help them succeed.
Teach Foundational Financial Literacy
Earning money is only part of the equation for a healthy financial future; equally important is understanding how to manage it. As kids prepare to earn their first sources of income, make sure they’re also equipped with practical financial skills like budgeting, saving, investing, using credit wisely and planning for future goals. Giving them these tools early helps them make informed decisions about their long-term economic advancement.
Connect Students with Employers and Opportunities
Sometimes, all a student needs to succeed is someone who’s willing to give them a chance. Young people in a position to meet business professionals in (and beyond) their communities may be able to turn those connections into future opportunities. This can happen naturally as they seek real-world experiences through apprenticeships, mentorship programs, career fairs and more.
Programs like Junior Achievement’s 3DE puts students in authentic business challenges, connecting them with educators, business partners and volunteers as they work in teams to complete case experiences. This not only gives young people the opportunity to meet potential employers or mentors, it also lets them demonstrate critical thinking, social skills and real-world competence.
Visit jausa.ja.org for more ideas to help young people gain the confidence and connections needed to achieve economic mobility in a changing world.
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