Sootchy Charitable Foundation

Sootchy is committed to ending long-term poverty by connecting underserved and underrepresented American families with access and opportunities. Join us in our mission to create a brighter future for children in America. Learn more about our efforts to tackle this enormous task. #EndPoverty #BrighterFuture #AccessForAll

Years ago, I encountered a young woman burdened with $125,000 in student loans while earning $53K annually, feeling unable to pursue family life or marriage due to financial strain. Her experience unveiled a concerning trend impacting our youth. Presently, approximately 46 million Americans grapple with student debt, with many facing defaults and financial hardships. These loans constrict career paths, aspirations, and financial independence. It's crucial to reassess our approach to education and savings. Let's offer the upcoming generation genuine choices, steering away from mere debt. Envision a future where education empowers rather than encumbers. Sootchy Charitable Foundation Sootchy, Inc

Welcome to the first post in a series, delving into the critical issues of wealth disparity and student loan debt in the US. According to Emmanuel Saez, the UC Berkeley economist, the top 10% of earners in America now make more than 9 times the income of the bottom 90%. But that is nothing compared to Americans in the top 1%, who have averaged more than 39 times more income than the bottom 90%. The wealth disparity in America is one of the biggest challenges facing the country's future. America’s $1.6 trillion in student debt is holding back millions, particularly young adults, from achieving financial stability. Many of them are unable to start families, launch businesses, or even pursue their dreams. Instead, they find themselves trapped in a cycle of debt, unable to invest in long-term opportunities or create lasting wealth. This issue is not just an individual struggle, it’s one that will shape the future of our economy and society.

Black History Month is a time to recognize and honor Black Americans' immense contributions to this country. Throughout history, from science and politics to arts and culture, Black Americans have played a pivotal role in shaping the nation, despite facing discrimination. We’ve seen how diversity and inclusion is vital for fostering innovation, social progress, and equity. We know that companies with diverse leadership perform better financially. A diverse society allows for a richer exchange of ideas, perspectives, and cultural expressions, ultimately leading to stronger communities and economic growth. By celebrating Black History Month and uplifting marginalized voices, we take steps toward a more inclusive future, where all individuals have the opportunity to thrive. Celebrating the triumphs of Black Americans not only honors their legacy but also encourages continuous efforts toward racial equality and social justice. Here at Sootchy, we’d like to celebrate by taking a moment to highlight some of the many Black people who have paved the way for others by challenging the status quo and achieving success. Maggie Lena Walker (1864–1934) - First Black Woman to Own a Bank Walker was the first Black woman to charter and serve as the president of a bank. In 1903, she founded the St. Luke Penny Savings Bank in Richmond, Virginia. Her bank provided Black people with a secure place to save money and build wealth, which was especially important at a time when many Black Americans were denied access to mainstream financial institutions. A.G. Gaston (1892–1996) - A Self-Made Millionaire Gaston built a financial empire that included banks, insurance companies, and real estate, all aimed at uplifting Black communities. By acquiring property and establishing businesses that catered to Black consumers, Gaston helped improve the economic conditions of the Black community in Birmingham, Alabama, and beyond. Despite growing up in a segregated South, Gaston persevered through hardship and managed to build a vast business empire. Reginald F. Lewis (1942–1993) - First Billion Dollar Black-Owned Business Lewis led the first Black-owned billion-dollar company, TLC Beatrice International, and was one of the first Black Americans to build wealth in private equity. Beyond his business achievements, Lewis advocated for greater economic power and opportunity for the Black community, inspiring generations of Black entrepreneurs and professionals to break barriers and redefine what was possible.

With a focus on accelerating economic mobility and building generational wealth, our teams at Sootchy Charitable Foundation and Sootchy, Inc are thrilled to collaborate with 12 cities and their dynamic African American Mayors Association member mayors to tackle the seemingly never ending challenge of student debt. Our joint effort delves into the past, present, and future of student debt in these communities by: - Uncovering student loan forgiveness and deferral opportunities as part of the past - Providing digital access to scholarships and grants to address the present - Establishing and funding higher education savings accounts to reduce or eliminate the need for future student debt. A big thank you to the Bill & Melinda Gates Foundation and the African American Mayors Association for sponsoring this one of a kind grassroots outreach program. Special recognition goes to Phyllis Dickerson, Stacie Fujii, and Victoria Thompson of AAMA for bringing this vision to fruition. Together, we can create a meaningful impact! #economicmobility #studentdebt #educationforall