Politicians & Donations: Bloomberg’s $600 Million Commitment to HBCUs
Written By: Elainey Bass
Funding for HBCUs has been a controversial topic for politicians. It’s no debate that HBCUs have been vital to the education and advancement of the Black community for as long as they have been established. However, some individuals just don’t understand the contributions that our institutions have given to society. Recently, HBCUs have been seeing an influx of monetary support from politicians and public figures, especially being that election season is upon us. Now these donations aren’t small; we’re talking millions that are being poured into programs and opportunities. How many millions you ask? Well, let’s ask Michael Bloomberg, a three-term mayor of New York. Bloomberg recently donated a whopping $600 million to four Black medical schools. But what many don’t realize is that this isn't his first investment in Black education.
In 2020, Michael Bloomberg donated $100 million to Meharry Medical College, Howard University College of Medicine, Morehouse School of Medicine, and Charles R. Drew University of Medicine and Science. Given during the time of COVID-19, his donation helped reduce the debt for students that were struggling to stay enrolled. It also shows that he has recognized the pivotal role HBCUs play in shaping the Black professional class, particularly in fields like medicine, where African Americans remain underrepresented. Bloomberg’s passion and desire for these institutions also stems from his understanding that Black doctors are crucial to the survival rate of Black people. He stated, "Black patients overall have better outcomes when they are treated by Black doctors. A wealth of data supports this, including a recent study that found Black newborns treated by Black physicians had higher rates of survival.”
His donations are given through his organization called Bloomberg Philanthropies, founded on the basis of bettering the lives of the people. With his Greenwood Initiative, he seeks to accelerate the pace of wealth accumulation for Black individuals and families and address systemic underinvestment in Black communities.
Fast forward four years, Bloomberg put his money where his mouth is and gave an additional $600 million to the same institutions. This time including the Xavier Ochsner College of Medicine, a medical school being developed in New Orleans by Xavier University of Louisiana and Ochsner Health.
While this is a tremendous effort, Michael Bloomberg isn’t the only political figure to donate to HBCUs. The Biden-Harris Administration recently federally invested an additional $1.3 billion to HBCUs, an extraordinary addition to the already $16 billion that was given prior. What’s most important about this investment is that $1.1 billion of the funds will go to supporting students directly through need-based grants and other federal programs, including Pell Grants. James Clyburn, a Black Congressman of the 6th district of South Carolina, allocated $3 million in funding with the National Park for South Carolina HBCUs.
Donations like Bloomberg’s help close gaps in resources and opportunities, securing the future generations of Black change-makers. The investments and support from political figures mean more than just monetary help. It gives awareness and shows recognition of the success produced from our institutions.