You may have heard of the city of Boston's new racial equity fund , which hopes to raise tens of millions of dollars to support causes that combat racial inequities.
Now, a group of 19 Black and brown business executives have started their own fund separate of the city's efforts, called the New Commonwealth Racial Equity and Social Justice Fund , which Boston Globe's Shirley Leung told Boston Public Radio on Monday has "carved out a very different path in terms of raising money."
"Their whole take on philanthropy and corporate giving is that 'We want to raise money and we as Black and brown business leaders have been doing this work for a long timem'" she said. "A lot of them already give to racial equity and social justice nonprofits. They say now they want to raise their own money and they want to be able to direct the money and want to prioritize giving the money to Black-and-brown-led nonprofits doing this work."
Leung said the executives will rely on their decades-long networks they've cultivated in the predominantly white-dominated space that is corporate Boston, and attempt to counteract what is known as “philanthropic redlining.”
