The Economic Opportunity Coalition

The Economic Opportunity Coalition (EOC) is a historic effort to catalyze and align public and private investments to accelerate inclusive economic growth

The corporations and foundations that are members of the EOC have committed to aligning major investments in communities of color with investments made by the Biden-Harris Administration. The EOC is coordinating across public, private, and social sector organizations to develop and deploy products that solve challenges in getting resources where they are most needed and drive towards outcomes for meaningful action.

Founding EOC member companies include Ariel Investments, Bank of America, BNY Mellon, Capital One, Citi, Discover, Ford Foundation, Goldman Sachs, Google, H&R Block, Intercontinental Exchange, KeyBank, Kresge Foundation, Mastercard, McDonald’s, McKinsey & Company, Micron, Momentus Capital, Moody’s, Netflix, Next Street, PayPal, PNC, The Rockefeller Foundation, Starbucks, TIAA, Upstart, Vista Equity Partners, and Wells Fargo.

KEY PRINCIPLES OF THE COALITION

Quality over quantity

We focus on quality over quantity, building very specific solutions from the bottom-up that address root cause problems; EOC members have over $150 billion in existing commitments – our goal is to focus commitments in a few areas that will move the needle.

Alignment and synergy

We create alignment and synergies between the private and public sectors through sustainable dialogue across the public, private, and social sectors.

Accountability

We hold each other accountable to meaningful action.

THE EOC HAS FOUR PRIORITY AREAS OF FOCUS

Investing in CDFIs and MDIs
  • Launching a planning committee to explore the creation of a Community Equity Development Bank (CEDB) to expand financial services to low-to-moderate income (LMI) communities
  • Create a shared platform to connect private sector resources for scalable capacity-building assistance to the more than 1,000 branches of CDFIs and MDIs who serve over 1 million people in LMI communities each year
  • Fuel low-cost capital by moving $1 billion in deposits to MDIs. EOC members have committed to moving $1 billion in deposits to MDIs to increase access to affordable capital in communities of color
Supporting entrepreneurship and minority-owned businesses
  • Connecting 5 million small businesses with capital and technical assistance
Improving financial health and inclusion
  • Exploring pathways to not report missed payments in federal disaster areas to limit negative and lasting impact on credit scores
Investing in community infrastructure to support wealth creation
  • Partnering to make in-demand-tech jobs accessible to more people

PRESS RELEASE

JULY 28, 2022 I STATEMENTS AND RELEASES

FACT SHEET

Vice President Announces New Private and Public Sector Efforts to Align Tens of Billions in Investments in Underserved Communities USD 450-500Mn income uplift by 2024 across all markets

Oct 4, 2022 I STATEMENTS AND RELEASES

FACT SHEET

Vice President Harris Announces New Public and Private-Sector Efforts to Advance Racial Equity at Freedman’s Bank Forum

ACKNOWLEDGEMENT

African American Alliance of CDFIs (Board Chair)

Appalachian Community Capital

Enterprise Community Partners

Financial Health Network

Hope Credit Union

Momentus Capital

National Association for Latino Community Asset Builders

National Coalition for Asian Pacific American Community Development

National Bankers Association

Next Street

Opportunity Finance Network

Policy Link

Prosperity Now

SaverLife

The Resurrection Project

TruFund

Urban Institute

FOUNDING MEMBERS OF THE EOC

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© 2022 EOC