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Capital One Impact Initiative

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Capital One Impact Initiative

La Cocina VA and Capital One are teaming up to help entrepreneurs from diverse backgrounds launch culinary startups

Photo by Louis Hansel on Unsplash
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This story was originally shared on Capital One.

Inside the walls of her kitchen at her childhood home in Guatemala, Evelyn Klohr, the founder of a Washington, D.C.-area bakery called Kakeshionista, was taught a lesson that remains central to her business operations today.

"Baking cakes gave me the confidence to believe in my own brand and now I put my heart into giving my customers something they'll enjoy eating," Klohr said.

While driven to launch her own baking business, pursuing a dream in the culinary arts was economically challenging for Klohr. In the United States, culinary schools can open doors to future careers, but the cost of entry can be upwards of $36,000 a year.

Through a friend, Klohr learned about La Cocina VA, a nonprofit dedicated to providing job training and entrepreneurship development services at a training facility in the Washington, D.C-area.

La Cocina VA's, which translates to "the kitchen" in Spanish, offers its Bilingual Culinary Training program to prepare low-and moderate-income individuals from diverse backgrounds to launch careers in the food industry.

That program gave Klohr the ability to fully immerse herself in the baking industry within a professional kitchen facility and receive training in an array of subjects including culinary skills, food safety, career development and English language classes.

Photo courtesy of Capital One

The organization also offers participants the opportunity to enroll in its Culinary Small Business Incubator, a 9-week training course that teaches participants to create and scale their own food-based startups.

During that program, LA Cocina VA provides participants with support for developing the internal operations of their businesses and provides a shared kitchen for community members to rent space at affordable rates.

Patricia Funegra, who founded La Cocina VA in 2014, said that helping people like Klohr is exactly why she wanted to create the incubator.

"I have firsthand experience of the difficulties of being an immigrant and person of color in America," said Funegra. "At the same time, I also know the enormous opportunities that exist here to improve people's lives."

With the help of funding from Capital One, the center has been able to support 160 participants since opening with roughly 85% of graduates being hired for jobs in the food industry upon completion.

La Cocina VA also received support from Capital One's Community Finance team as it provided financing for the construction of Gilliam Place, an affordable housing unit in which La Cocina VA moved its operations into in 2020.

After moving into Gilliam Place, Funegra launched the Zero Barriers Training and Entrepreneurship Center, a hub for startup founders that includes a kitchen incubator and a community cafe to provide workforce development opportunities for residents.

That support comes as part of the Capital One Impact Initiative, a multi-million dollar commitment to support growth in underserved communities and advance socioeconomic mobility by closing gaps in equity and opportunity.

La Cocina VA students also worked alongside Capital One Cafe ambassadors to learn skills in management and personal finance.

Photo courtesy of Capital One

"The COVID-19 pandemic forced entrepreneurs, especially people of color and immigrants, to shift their entire business models just to survive," said Emilia Lopez, the Senior Vice President of US Card Customer Resiliency, who serves on La Cocina VA's Board of Directors. "As a La Cocina VA board member, I am proud of the commitment and support Capital One provides La Cocina VA and thankful for their effort this past year to help entrepreneurs quickly adapt their businesses to support alternative dining options."

La Cocina VA is also in constant communication with employers, partners, hotels and restaurants to make them aware of their pipeline of graduates.

"La Cocina VA taught me not just the physical work that goes into baking and cooking but also how to have a good understanding to mentally and financially launch my business," said Klohr. "They're helping me make those connections and I know they'll always have my back."

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This AI chatbot named Oli is helping first-generation college students navigate the enrollment process

Courtesy of Capital One
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Marim Albajari was a high school senior living in New York City during the onset of the pandemic. Suddenly, the prospect of starting college directly after graduation no longer seemed like a sure thing.

Due to a lack of resources to help her navigate the college application process, she was almost a victim of the "summer melt"—a term used to describe students who cancel plans to attend college before classes begin.

The "melt" is a common problem disproportionately affecting students from low-income families—many high-school graduates who have been accepted to college and plan to enroll are quickly knocked off-course if they do not obtain sufficient financial aid, miss administrative deadlines, or most importantly, lack support from family and friends.

The COVID-19 pandemic worsened the problem, as high school graduates who immediately went on to college in Fall 2020 declined by nearly 7% when compared to the previous year, for obvious reasons. Even without a pandemic, finding the right information about things like course load, financial aid, and housing can be time-consuming and overwhelming for students without a guide.

That's where Oli comes in.

A free AI chatbot service, nicknamed "Oli", is offered by The Common Application (Common App). In 2018, the Reach Higher Initiative merged with Common App and partnered with AdmitHub to develop the AI chatbot that would eventually become Oli. The group then joined forces with the College Advising Corps to offer counseling services to get more first-generation, low-income, and diverse students enrolled in college.

Now a freshman at John Jay College of Criminal Justice, Albajari can attest to the value of Oli's help.

Courtesy of Common App

With the help of $1.4 million in grant funding from the Capital One Foundation, nearly 675,000 high school students applying to colleges through Common App have gained access to information on admissions and scholarship opportunities.

"The Capital One Foundation saw the need and stepped up to help by moving as quickly as possible to maximize the number of people that could be helped," says Eric Waldo, executive director of the Reach Higher Initiative at Common App. "Our colleagues at The Foundation have gone over the top to connect us with resources across their organization and are continuing to help us achieve our mission to assist as many students as possible through its continued support to the Class of 2021 and beyond."The result? Resources provided by Oli have saved students nearly 18,000 hours that traditionally would've been spent consulting with an advisor.

"Oli was my guardian angel," Albajari said. "As a first-generation college student, I didn't have the privilege to get the help I needed at home on my college journey. Even though Oli may be a robot, I felt like someone had my back."

The result? Resources provided by Oli have saved students nearly 18,000 hours that traditionally would've been spent consulting with an advisor.

"Oli was my guardian angel," Albajari said. "As a first-generation college student, I didn't have the privilege to get the help I needed at home on my college journey. Even though Oli may be a robot, I felt like someone had my back."

"It is imperative that all graduating high school students be equipped with the tools necessary to avoid delaying their dreams of attending college," says Andy Navarrete, Head of External Affairs at Capital One. "The playing field of opportunity in higher education has never been level, and the COVID-19 pandemic only made that fact more clear. We're committed to continuing our efforts to support equitable access and persistence for aspiring college students of all backgrounds."

That support from The Foundation comes alongside an initial $200 million, multi-year commitment from Capital One to advance socioeconomic mobility through the Capital One Impact Initiative.

In addition to exclusively funding the initial launch of the AI chatbot for Class of 2020 students, Capital One is continuing to expand this resource by contributing both financially and through pro bono support from its tech associates. Since the chatbot's inception, nine associates from Capital One have volunteered 500 hours of pro bono service to optimize the chatbot's ability to help prospective college students.

"As a first-generation college student, I remember having a lot of the same questions that students interacting with the chatbot were seeking answers to," says Elizabeth Souza, a Capital One associate who helped support the development of this chatbot. "Volunteering to support the development of this chatbot has been a tremendous opportunity to ensure equitable access to technology and resources for all."

Courtesy of Capital One

Those efforts in turn helped first-generation college student Jennifer Sanchez, a California native now finishing her freshman year at the University of La Verne. With the help of resources provided by the AI chatbot, Sanchez earned a scholarship, received a grant to help offset the cost of housing and was connected with councilors at each university she received admission to best decide which school would be the best fit for her.

"I was considering not even going to college because of how the pandemic financially impacted my family, but that chatbot gave me access to financial and educational resources that I would've never known existed without it," Sanchez said. "I think of that Oli like a friend. It supported me on my journey, like a friend would, every step of the way."

A little encouragement and access to the right information can take us places we never imagined.

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This organization is ensuring that North Texas residents can receive a higher education

Courtesy of The Commit Partnership
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For Festus Oyinwola, a 19-year-old first-generation college student from Dallas, Texas, the financial burden of attending college made his higher education dreams feel like a faraway goal.

As his high school graduation neared, Oyinwola feared he would have to interrupt his educational pursuits for at least a year to save up to attend college.

That changed when Oyinwola learned of the Dallas County Promise, a new program launched by The Commit Partnership, a community navigator that works to ensure that all North Texas students receive an equitable education.

Photo by Element5 Digital on Unsplash

The Dallas County Promise covers any cost of tuition not included in financial aid grants. To date, nearly 60 high schools in Dallas County currently participate in this initiative.

It pairs students — including Oyinwola — with a success coach for the following three years of their education.

To ensure that students like Oyinwola have the opportunity to build a solid foundation, The Commit Partnership is supported by businesses like Capital One who are committed to driving meaningful change in Dallas County through improved access to education.

The bank's support comes as part of its initial $200 million, multi-year commitment to advance socioeconomic mobility through the Capital One Impact Initiative.

"Businesses have a responsibility as neighbors in our community to help foster a more equitable and vibrant future," said Sanjiv Yajnik, President of Financial Services of Capital One. With this level of support, the plan is to build thriving, inclusive communities that generate and foster prosperity."

The education gap exists: 85% of jobs that pay a living wage require a postsecondary degree while only nearly 40% of young adults in Dallas hold an associate's degree or higher. The Dallas County Promise strives to help build a key foundation for professional success by ensuring that students have the resources needed to attend college.

In an effort to bridge that gap, The Commit Partnership has also launched Dallas Thrives, an initiative that aims to double the number of young adults earning a living wage by 2040. This program will lean into strategic partnerships with local businesses, nonprofits, elected officials and educators to launch Dallas Thrives and strive to create lasting change.

Those initiatives aim to prepare North Texas students like Oyinwola for success in the classroom and workforce.

Photo by Wes Hicks on Unsplash

As a Promise Scholar, Oyinwola first attended Richland College and has since transferred to the University of North Texas at Dallas where he studies biology and chemistry. Receiving tuition assistance has enabled Owinyola to spend less time worrying about how to pay for his studies and instead focus on his goal of attending medical school.

He hopes to serve as a model for his younger sister and create a cycle for his family members to pursue a higher education directly following high school. Now that his sister is approaching her own high school graduation, Oyinwola has encouraged her to apply for the Dallas County Promise so she too can have the same opportunities to study in her field of interest.

"When I was in my first year of college, I had to figure out most of those things by myself," Oyinwola says. "My hope is that she doesn't really have to do that because she has me."

Learn more about how Capital One is closing gaps in equity and opportunity.

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Veterans across the country are struggling to find stable housing. This affordable housing community is ensuring Los Angeles vets have a place to call home.

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After years of service as a military nurse in the naval Marine Corps, Los Angeles, California-resident Rhonda Jackson became one of the 37,000 retired veterans in the U.S. who are currently experiencing homelessness — roughly eight percent of the entire homeless population.

"I was living in a one-bedroom apartment with no heat for two years," Jackson said. "The Department of Veterans Affairs was doing everything they could to help but I was not in a good situation."

One day in 2019, Jackson felt a sudden sense of hope for a better living arrangement when she caught wind of the ongoing construction of Veteran's Village in Carson, California — a 51-unit affordable housing development with one, two and three-bedroom apartments and supportive services to residents through a partnership with U.S.VETS.

Her feelings of hope quickly blossomed into a vision for her future when she learned that Veteran's Village was taking applications for residents to move in later that year after construction was complete.

"I was entered into a lottery and I just said to myself, 'Okay, this is going to work out,'" Jackson said. "The next thing I knew, I had won the lottery — in more ways than one."

Communities like Veteran's Village are contributing to the national decline in homeless veterans. According to The Department of Housing and Urban Development, 793 fewer veterans experienced homelessness between 2018 and 2019.

That drop continued a steady decline over the past decade, as the number of veterans experiencing homelessness has fallen nearly 50 percent since 2009.

National Equity Fund (NEF), a nonprofit LIHTC syndicator and partner to Capital One, brought Veteran's Village to the bank, which responded by providing a $14.3 million construction loan and $15.6 million long-term equity investment through the purchase of low-income housing tax credits.

Courtesy of Thomas Safran & Associates

"Everyone deserves safe, secure, stable housing — especially the heroes that protect our rights and freedoms," says David Musial, a Capital One Senior Director of the Bank's Community Finance team, which specializes in financing affordable housing. "We are honored to be able to support communities like Veteran's Village as stable affordable housing is fundamental to physical and financial health and access to opportunity."

Veteran's Village strives to be more than just an affordable housing development. Its staff functions as a support system to help residents navigate their individual situations to ensure that each resident is equipped with the tools they need to thrive.

"Through the support of Capital One, we were able to provide much-needed housing for U.S. Veterans," said Amy Hyde of Thomas Safran & Associates, an affordable housing development and management organization whose properties include Veteran's Village. "Our goal is to enrich the lives of the people who reside in our buildings and Capital One's funding is helping us do just that," Hyde said.

For Jackson, that goal is realized through the sense of community throughout Veteran's Village.

"It's home for people who served their country and want to serve each other," Jackson said. "We take care of each other and we look out for each other. We're a family here."

In addition to supporting housing for veterans, Capital One supports affordable housing for residents throughout the Los Angeles area, including Vista Grande Court, an affordable development that supports people over 60 years of age and Palo Verde Apartments, which includes 49 affordable units with 25 reserved for formerly homeless veterans and their families.

Capital One's support to affordable housing communities in Los Angeles comes as part of its larger Capital One Impact Initiative, an initial $200 million, multi-year commitment to advancing socioeconomic mobility through advocating for an inclusive society, building thriving communities and creating financial tools that enrich lives.

Jackson said that while she is grateful for her living arrangement at Veteran's Village, there is a long road ahead in ensuring that every veteran has access to stable housing.

"I pray that there will be more communities like this built because there are so many of my veteran brothers and sisters on the streets that don't even realize their living situation doesn't have to be the way it currently is," Jackson said.

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