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Ally Financial commits $30 million to help grow Black-owned businesses

Ally Financial Inc. is making a combined $30 million investment to help grow Black-owned businesses and fuel broad-based Black community development.

According to the company’s recent announcement, Ally’s investment consists of two parts: (1) a $5 million primary investment in Fearless Fund, a venture capital fund created by women of color for women of color; and (2) a $25 million investment in SoLa Impact’s recently launched $300 million Black Impact Fund which invests exclusively in Black and Brown communities in major urban markets.

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