Waltham-based Thermo Fisher Scientific, which has Haverhill locations, said Thursday it is committed to investing up to $25 million in minority-serving financial institutions.
The company has committed $20 million to the Black Economic Development Fund, launched by the Local Initiatives Support Corporation to increase financing to Black-led financial institutions, anchor institutions and businesses. Thermo Fisher will also deposit $5 million in Hope Credit Union’s Transformational Deposits program, which provides financing to low-wealth families, people of color and financially underserved communities to finance small businesses, housing, healthcare and other vital needs in Mississippi, Alabama, Arkansas, Tennessee and Louisiana.
“Unequal access to capital is hurting Black-owned businesses, Black entrepreneurs and Black communities in the United States,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. “Minority-serving financial institutions provide a bridge to empowering historically disenfranchised communities. For Thermo Fisher, supporting these institutions is part of our commitment to addressing inequalities through our business and hiring practices.”
Last August, Thermo Fisher launched “The Just Project” with a donation of $25 million in diagnostic instruments, test kits and related supplies to support the safe reopening of historically black colleges and universities in the U.S. The company also announced that it is committed to hiring at least 500 students from these institutions over the next three years.