Cummins giving $3 million to aid black-owned companies

Cummins has plans to distribute $3 million to aid black-owned businesses in cities including Columbus.

The Columbus based engine manufacturer announced this week that agreements are in place to work with non profit groups, municipal partners and community development financial institutes, to disburse capital to black-owned businesses. Locally, Cummins announced partnerships with the Columbus and Bartholomew County branch of the NAACP and the Columbus Area Chamber of Commerce.

The Community Development Financial Institutes are private financial institutions that exist to deliver affordable lending to low-income and low-wealth communities.

Cummins launched the Cummins Advocating for Racial Equity or CARE initiative last July as a way to help undo the systemic discrimination against the Black community in the U.S., according to the company. Cummins identified four areas it wants to affect, including creating empowerment by building Black wealth and income.

Other cities to benefit from the funds include Indianapolis, Minneapolis, and Memphis. In Indianapolis, the company will be working with the Local Initiatives Support Corporation and the Indy Black Chamber of Commerce.