UBS Americas has committed $10 million over the next five years to UBS NextGen Leaders, a new education initiative to increase the number of inner city males who graduate from college.
A press release from UBS recently announced that the bank would partner with nonprofit Sponsors for Educational Opportunity (SEO) to recruit and then mentor high school students from 12th grade through college graduation.
UBS NextGen Leaders will be launched first in New York, New Jersey and Connecticut. It is modeled after SEO Scholars program which prepares low-income, public high school students for admission to college and then follows them through graduation.
SEO reports a 95 percent success rate for students who graduate from college within six years.
The goal for this new effort is to empower students through academic, social and emotional support. UBS NextGen Leaders also will sponsor special summer events and international trips to provide students with a world view.
A recent McKinsey study found that the annual Gross Domestic Product can increase as much as $525 billion when that gap is narrowed. A report from the Brookings Institution’s Hamilton Project also found that someone with an associate’s degree earns about $170,000 more than a high school graduate, over a lifetime. Those with a bachelor’s degree earn $570,000 more.
Children at the lowest rung of poverty who earn a college degree have an 84 percent chance of bettering themselves.
UBS has a long tradition of supporting education and small businesses through Elevating Entrepreneurs. The program provides mentoring and networking opportunities as well as loans to small business owners in all of the Americas so they can grow their companies and create jobs.
For instance, the UBS Bank Community Development Group and California-based nonprofit VEDC have pledged $35 million to qualified small businesses in cities and states across the country including Chicago, New York and Salt Lake City. Since 2012 about $9.1 million has been awarded to more than 45 small businesses through loans ranging from $50,000 to $500,000. The funds helped create or retain more than 1,200 jobs.
A new partnership with Venture for America focuses on recruiting top college graduates to work for two years at start-up businesses in cities with potential for redevelopment. Another UBS partner, American Corporate Partners, works with UBS to aid veterans transitioning from military service to private sector of small businesses.
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