FirstEnergy contributes $1 million to small-business lending program affiliated with Urban League
Summary
Akron-based FirstEnergy Corp. (NYSE: FE) announced it has made a $1 million contribution to UBIZ Venture Capital, a small-business lending program affiliated with the Urban League of Greater Cleveland. FirstEnergy said in a news release issued Wednesday, March 9, that the grant will be used to establish the "UBIZ Access Fund II," which will make loans to qualifying minority-owned or minority-controlled small businesses in Cuyahoga, Summit, Lake and Lorain counties. UBIZ provides counseling, technical assistance and loans to Black- and minority-owned businesses with high growth potential that are having difficulty securing capital. The release noted that FirstEnergy "has committed to achieving a 20% diversity spend by 2025 for its companywide supply chain expenditures." Michael Obi, executive vice president for economic development at the Urban League and president of UBIZ, said in a statement that FirstEnergys support "aligns with UBIZs long-term goal of sustaining existing, and creating additional, viable, minority-owned small businesses that generate jobs for community residents and build community wealth."