USAA Commits $20 Million to Advance Economic Mobility for Underserved Communities

USAA announced it has committed $20 million to nearly 50 nonprofit organizations as part of its three-year, $50 million commitment made in late 2020 to advance diversity, equity and inclusion.

“Over the past three years, we’ve had the opportunity to support nearly 70 nonprofit organizations in local communities and nationally,” said Lindsey O’Neill, USAA chief communications and corporate responsibility officer. “Each of these nonprofits is doing incredible work by providing underserved individuals opportunities to achieve educational and employment success to help build solid financial futures.”

The three-year, $50 million commitment aims to advance economic mobility by closing gaps across education, employment and entrepreneurship, ultimately reducing the wealth-building gap. Nonprofit organizations that have received funding through the multi-year commitment are committed to delivering:

Education-Focused Nonprofits

• 5,000 internships or fellowship opportunities for underrepresented student populations and veterans by the end of the 2022-2023 school year.
• 2,000 scholarships to underrepresented student populations in high-demand STEM fields for at least two semesters by the end of the 2022-2023 school year.
• Professional development, tutoring and mentoring programs aimed at improving academics and attendance for 60,000 Black and Hispanic students by the end of the 2022-2023 school year.

Employment-Focused Nonprofits

• More than 1,500 military/veteran and spouse career readiness mentors by December 2023.
• Knowledge and expertise for 3,000 underrepresented and veteran-owned small businesses through technical assistance and mentorship by the end of 2023.
• Support for 10,000 historically underrepresented civilians and veterans who enroll in upskill or reskill programs and complete at least a post-secondary credential in STEM fields by December 2023.

Entrepreneurship-Focused Nonprofits

• Support for 110,000 one-on-one financial counseling or coaching sessions for veterans and others from underserved communities by December 2023.