PepsiCo has today announced a new $40 million scholarship and mentoring programme to support Black and Hispanic community college students.
The programme is initially launching in Dallas, Westchester, Houston and Chicago. However, PepsiCo plans to expand the programme to 16 additional cities to support 4,000 students over five years. The investment recognises the need for systemic change to address barriers that make it difficult for low-income students of colour to pursue higher education.
Higher education is a key pathway to better pay, greater job opportunities and long-term economic security. The $40m initiative aims to help Black/Hispanic students pursue higher education to gain the skills they need for current and future job markets. The comprehensive programme provides students with financial support, as well as mentoring and leadership training from PepsiCo employees. Students will also have the opportunity to apply for internships and jobs at PepsiCo, the company confirmed.
CRITICAL TRAINING & SUPPORT
“Education is a great equaliser that enables economic growth, upward mobility and helps build generational wealth that lifts up communities over the long-term,” said PepsiCo Chairman and CEO Ramon Laguarta. “With this programme, we are creating a differentiated experience for students that goes beyond scholarships by providing critical training, support and other services that will put them on the path to success.
“Last year, PepsiCo committed to using our resources to combat deep-rooted economic disparities that have long impacted Black and Hispanic communities. We’re proud to announce this community college programme today as a key part of that effort.”
COVID IMPACT ON HISPANIC/BLACK COMMUNITIES
The programme comprises two types of scholarships; Uplift Scholarships for students seeking two-year associate degrees or trade certificates and S.M.I.L.E (Success Matters in Life & Education) scholarships for community college graduates transitioning to four-year colleges. As students of colour are more likely than White students to face challenges like access to affordable housing, childcare support, transportation and food, scholarship, recipients will receive funding for education expenses like tuition and books; as well as financial support for eligible living expenses.
In lives lost, infection rates and joblessness, Covid-19 has inflicted a staggering toll on Black and Hispanic communities, exposing deep-rooted health and economic disparities. It has also increased challenges for students of colour seeking higher education; threatening their access to jobs for years to come.
‘TRANSFORMATIVE’ RESOURCES & PROGRAMMES
PepsiCo is currently working with Dallas College, Houston Community College, Westchester Community College and City Colleges of Chicago in this programme. It hopes to add additional community college partners as the programme expands to more cities. This initiative is based on a successful three-year pilot between PepsiCo and City Colleges of Chicago.
“City Colleges of Chicago is honoured to be a part of The PepsiCo Foundation scholarship initiative. These transformative resources will help our talented students enroll, persist and complete. I have no doubt that this programme will reshape lives,” stated Juan Salgado, Chancellor of City Colleges of Chicago. “We are thankful that PepsiCo put words into action by supporting the academic excellence of community colleges. I applaud their efforts in removing barriers to higher education, and to helping end racial inequity in education and beyond.”
UPLIFTING BLACK & HISPANIC COMMUNITIES
This programme is a cornerstone initiative of PepsiCo’s more than $570 million commitment over the next five years to lift up Black and Hispanic businesses and communities in the US to address inequality and create opportunity. As part of this effort, PepsiCo is increasing its spending with Hispanic- and Black-owned suppliers; increasing diverse leadership within the company; and funding community engagement initiatives.
These initiatives so far include the Black Restaurant Accelerator programme, a partnership between The PepsiCo Foundation and the National Urban League to support 500 Black-owned restaurants; Pepsi Dig In, a digital platform that encourages consumers to support Black-owned restaurants; the Black Restaurants Deliver programme, a no-cost service that helps Black-owned restaurants boost online ordering and delivering capabilities; and LIFEWTR’s Black Art Rising Series and Doritos #AmplifyBlackVoices campaign focused on elevating Black artists and voices; and a programme to support Hispanic-owned small food and beverage businesses to be announced soon.
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