{"id":249613,"date":"2024-04-25T14:00:00","date_gmt":"2024-04-25T14:00:00","guid":{"rendered":"https:\/\/news.republicofgreen.com\/northwestern-mutual-sustainability-and-social-impact-delive\/"},"modified":"2024-04-25T14:00:00","modified_gmt":"2024-04-25T14:00:00","slug":"northwestern-mutual-sustainability-and-social-impact-delive","status":"publish","type":"post","link":"https:\/\/news.republicofgreen.com\/northwestern-mutual-sustainability-and-social-impact-delive\/","title":{"rendered":"Northwestern Mutual Sustainability and Social Impact: Delive"},"content":{"rendered":"

\"\"\/
\n<\/p>\n

\n

\t\t\tWe exist to relieve Americans from financial anxiety and invest in improving financial access to help reduce the wealth gap.
\n\t\t<\/h5>\n<\/p>\n

\n

Originally published in Northwestern Mutual 2023 Sustainability and Social Impact Report<\/p>\n

Driven by our mission to improve lives through financial security, we\u2019ve helped millions of Americans reduce financial vulnerability and plan and manage for a lifetime of financial needs and goals. We know that financial security is often hindered in underserved communities, which is why we\u2019re taking bold steps to increase financial knowledge, improve access to capital for small businesses and advance the ability to build generational wealth. We believe accelerating economic empowerment delivers the growth and returns our stakeholders expect.\u00a0<\/p>\n

A key engine in these efforts is our Sustained Action for Racial Equity (SARE) initiative, launched in 2020 by Chairman, President and Chief Executive Officer John Schlifske. Through this initiative, driven by 80+ leaders across our corporate offices and network of field offices, we seek to promote multicultural entrepreneurship, supplier\/business diversity and financial education. We take a long-term view while acting with a sense of urgency\u2014proud of the results we\u2019ve achieved while recognizing there is much more to be done to create healthier, stronger communities and a better tomorrow.<\/p>\n

ADVANCING MULTICULTURAL AND WOMEN-RUN BUSINESSES<\/strong><\/p>\n

Northwestern Mutual is committed to specific initiatives to support change in underserved communities. We\u2019re building an ecosystem for multicultural business success\u2014increasing access to resources and capital, and furthering organizations\u2019 willingness to spend with multicultural and women-run businesses.\u00a0<\/p>\n

Northwestern Mutual wants to reduce barriers to financial equity and expand financial access for tech startups by supporting entrepreneurs who have been historically underserved. To address this need, each year the Northwestern Mutual Black Founder Accelerator\u00ae provides up to 10 entrepreneurs with a $100,000 investment, plus an intensive 12-week business training program and ongoing mentoring. In partnership with gener8tor, a nationally ranked startup accelerator, we\u2019ve welcomed 30 entrepreneurs and invested $3 million to date. Participants have gone on to accelerate their business plans, raise additional funding and spark business and community growth.\u00a0<\/p>\n

Northwestern Mutual Future Ventures, our venture capital arm, in addition to investing in a variety of other startups, has a goal of investing $20 million each in women and African American\/Black entrepreneurs. We look for partners who are developing tools and platforms to help us deliver the experience our clients need, want and deserve; who are shaping the future of health and wellness; and who are bringing new technologies and enhanced analytics to market.<\/p>\n

INVESTING WITH IMPACT<\/strong><\/p>\n

In 2023, Northwestern Mutual added $75 million to our Impact Investment Fund, bringing the total to $175 million. The fund directs investments to increase entrepreneurs\u2019 and businesses\u2019 access to capital to create positive economic momentum locally and nationally; develop physical and social infrastructure, including affordable homes and improved school systems; and generate financial returns for our policyowners and investors.\u00a0<\/p>\n

Since the fund launched in 2021, Northwestern Mutual has made 16 investments nationally and in Milwaukee, leading to further investments in 64 business owners from diverse backgrounds and creating 525 jobs across the country.<\/p>\n

Supplier and business diversity\u00a0<\/strong><\/p>\n

Northwestern Mutual engages with a broad array of outside vendors for everything from office supplies and building materials to marketing and technology services. Through rigorous and transparent competitive bidding, we ensure that regardless of size or ownership, suppliers have an equal opportunity to provide us goods and services. This promotes fairness and equity while enriching our supply chain with fresh perspectives, innovation and expertise. We\u2019ve also developed a roadmap toward supply chain sustainability reporting, with pilot participants beginning in 2023.\u00a0<\/p>\n

Employing inclusive procurement practices, our program has achieved remarkable growth in the amount we spend with small and diverse businesses. We\u2019re one of the first members of the Financial Services Roundtable for Supplier Diversity that recognizes and tracks LGBTQ+ owned company spending, and we belong to the National LGBTQ Chamber of Commerce to increase access to certified LGBTQ+ suppliers and businesses.\u00a0<\/p>\n

Our efforts have created $91.1 million in total economic impact with small and diverse businesses in the Milwaukee area and $842.1 million with small and diverse businesses nationally.<\/p>\n

PROMOTING FINANCIAL EDUCATION TO HELP BUILD GENERATIONAL WEALTH<\/strong><\/p>\n

We continually look for opportunities to learn from and share financial knowledge with a wide variety of individuals. Our financial advisors and representatives and our corporate employees work to open dialogues, build awareness and earn trust in underserved communities.<\/p>\n

Programming for youth\u00a0<\/strong><\/p>\n

We recognize the power of educating young people about building wealth; it can transform communities as well as individuals. Our financial advisors and representatives and our corporate offices offer a variety of programs to connect with students at all levels.\u00a0<\/p>\n

In partnership with the Leo Tucker network office in Washington, D.C., we completed the second pilot of Advancing Financial Literacy, a program with Howard University\u2019s Center for Financial Excellence. The three-week program gives undergraduate students the opportunity to learn financial planning strategies and practice using related tools.<\/p>\n

Increasing connections and collaboration\u00a0<\/strong><\/p>\n

Through partnerships with professional, community and advocacy organizations, our corporate offices and network of field offices increase visibility and connections, expanding markets and social impact. Northwestern Mutual is proud to work with and learn from thought leaders in organizations including the National Urban League and the National Black MBA Association.\u00a0<\/p>\n