Scotiabank $500 million program to help disadvantaged groups earn economic resilience
Posted January 12, 2021 4:30 am.
Last Updated January 12, 2021 4:32 am.
This article is more than 5 years old.
TORONTO — Bank of Nova Scotia will spend $500 million over the next decade on a new program that aims to break down barriers to higher education and career advancement.
The Toronto-based bank says the ScotiaRISE program will involve partnerships with charities, not-for-profits and community initiatives that are providing tools needed to increase the likelihood of financial success for disadvantaged groups.
Scotiabank hopes the partnerships will increase graduation rates and post-secondary enrolment, help newcomers feel at home faster and secure meaningful employment and remove barriers to employment and career advancement for under-represented groups.
Scotiabank’s group head of Canadian banking, Dan Rees, says the program will have an international and domestic focus so economic inclusion, stability and mobility can be achieved by everyone.
Rees says the bank has long been considering launching a program like ScotiaRISE, but really got serious about the idea just before the COVID-19 pandemic began.
When the virus began sweeping across Canada, he says the bank knew helping marginalized communities build economic resiliency was even more important so it acted quickly.
This report by The Canadian Press was first published Jan. 12, 2020.
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The Canadian Press
