The First Bank recently announced that they’ve donated $1 million to numerous HBCUs.
Announced in a press release, the bank has reportedly donated $1 million to 12 different HBCU institutions. Amongst the schools that are being supported are the Xavier University of Louisiana, Florida A&M University, Bishop State Community College and Albany State University.
The donation is part of a campaign by First Bank to help support communities.
Over the course of 14 years, the financial institution has awarded more than $70 million to local establishments, including schools, housing organizations and food banks. In the past year alone, First Bank has reportedly given more than $1.6 million in funds.
“Historically Black colleges and universities date back to the late 1800s and were created to provide Black students an opportunity for higher education,” said the Chief Community Officer, Jerome Brown, per a statement. “Today, they continue to serve higher education and a broad range of economic and community development purposes.”
“Education is key to forming these three fundamental building blocks, which is why we believe so strongly in the mission of these universities and want to support the great work they are doing in their colleges of business and small business development centers to educate our future business leaders,” added the President of First Bank, Hoppy Cole.
The First Bank Donates $1 Million To 12 HBCUs #HBCUBUZZ https://t.co/2kH8QoiX6Q
— HBCU Buzz (@HBCUBuzz) April 2, 2024
HBCUs have historically been underfunded by both philanthropies and the government.
Per a study released by research group Candid and nonprofit ABFE, the donations given to HBCU by U.S. philanthropies have decreased in the span of the last two decades.
From 2002 to 2019, the researchers found that funds from U.S. foundations dropped by 30% with donations shifting to Ivy League schools. The Ivy League colleges reportedly receive 178 times more monetary support than HBCUs.
From 2015 to 2019 alone, whereas all 99 HBCUs in the U.S. received $303 million in funds, eight Ivy Leagues received $5.5 billion.
Throughout their time, the Biden-Harris administration has addressed the lack of funding on a government level.
In December, they announced that, under the Research and Development Infrastructure program, $20 million will be given to HBCUs, TCCUs and MSIs.
The new funds add to the $25 billion that has already been awarded to HBCUs by the government.
“These grant awards will help many of our nation’s most inclusive and diverse colleges and universities expand their capacity to drive research and innovation, and propel more students to graduation day and fulfilling careers,” said U.S. Secretary of Education Miguel Cardona in a statement. “This is how we raise the bar for college excellence and attainment in this country and close equity gaps in higher education that have no place in the 21st century.”
