PepsiCo launches $40M community program for Black and Hispanic students

PepsiCo through its philanthropic arm The PepsiCo Foundation has announced a new $40 million community program for Black and Brown students.

The company has recognized the challenges students of color face in American educational institutions and the need for a change. Pepsi hopes to provide a solution to this by launching its scholarship and professional mentoring program for students in pursuit of higher education, particularly Black and Hispanic students.

According to a press release, the new initiative will first launch in Dallas, Westchester, Houston, and Chicago. Pepsi plans to extend the program to 16 additional U.S. cities by the fall and plans to support about 4,000 through 2026.

“Education is a great equalizer that enables economic growth, upward mobility and helps build generational wealth that lifts up communities over the long term,” said PepsiCo Chairman/CEO Ramon Laguarta, in a statement. “With this program, we are creating a differentiated experience for students that goes beyond scholarships by providing critical training, support, and other services that will put them on the path to success.

Pepsi’s goal through this program is to help Black and Brown college students succeed in their community college careers. With the necessary training and skill set, the company will prepare these students for the current and future job markets.

“Last year, PepsiCo committed to using our resources to combat deep-rooted economic disparities that have long impacted Black and Hispanic communities. We’re proud to announce this community college program today as a key part of that effort,” Laguarta said.

Students will also receive financial support during the program. This support will be for their education expenses, as well as mentoring and leadership training from PepsiCo employees. The students will also be given opportunities to apply for internships and jobs at the company.

The PepsiCo community program is divided into two types: Uplift Scholarships for students applying for two-year associate degrees or trade certificates and S.M.I.L.E (Success Matters in Life & Education) scholarships for community college graduates apply community program is divided into two types: Uplift Scholarships for students applying for two-year associate degrees or trade certificates and S.M.I.L.E (Success Matters in Life & Education) scholarships for community college graduates applying to a four-year university.

Although the initiative is newly-launched, it is based on a three-year pilot that was previously introduced between PepsiCo and City Colleges of Chicago, according to a press release report.

“City Colleges of Chicago is honored to be a part of The PepsiCo Foundation scholarship initiative. These transformative resources will help our talented students enroll, persist and complete. I have no doubt that this program will reshape lives,” said the Chancellor of City Colleges of Chicago, Juan Salgado, in a statement. “We are thankful that PepsiCo put words into action by supporting the academic excellence of community colleges.”

Since the 2020 Black Lives Matter protest following the killing of George Floyd by an ex-police officer, several companies and organizations have spoken up in support of the fight against racial injustices. To show solidarity for Black and Brown communities, PepsiCo is taking new initiatives to contribute its quota to these communities.

In a statement on the PepsiCo website, CEO Laguarta said the company has been “thinking hard” about how it can help fight against the “systemic racial barriers” that have eaten into the American society for years. He announced that PepsiCo has committed more than $400 to fund more initiatives over the next five years to “lift up Black communities and increase Black representation at PepsiCo.”