SANTA CLARA, Calif., May 12, 2021 /PRNewswire/ -- SVB Financial Group (SVB), parent company of Silicon Valley Bank, the bank of the world's most innovative companies and their investors, today announced a new University Scholarship Program, which will fund approximately 25 full-ride scholarships. SVB is providing $5 million in funding for four-year scholarships beginning this fall at Arizona State University, Florida A&M University, Tulane University and Xavier University of Louisiana as part of the company's university relations initiative to expand the pool of talent for its growing business.
"We're continuously expanding our efforts to provide educational and career development opportunities for the next generation of talent at SVB, and as part of that effort we wanted to add direct financial support for students who need it most," said Chris Edmonds-Waters, Chief Human Resources Officer of SVB. "Partnerships with these well-regarded schools will fund educational opportunities that otherwise might have been out of reach for students receiving these scholarships. Whether or not the recipients consider working at SVB someday − and we hope they do − we are thrilled to be in a position to create opportunities to support their future success."
SVB's scholarship program is being funded by a portion of the fees SVB collected from participating in the Small Business Administration's Paycheck Protection Program. The universities will allocate the funds for four-year undergraduate scholarships based on applicants' financial needs and academic performance. Scholarship recipients are selected by the universities. Each scholarship will also include a paid summer internship, including housing costs, at one of SVB's US locations for each recipient while they are attending university.
"We are deeply grateful and humbled by this gift from SVB," said Reynold Verret, President of Xavier University of Louisiana. "Many of our students struggle financially, and this fund allows them the opportunity to realize their dreams with less worry. Our students are future leaders, and the support from SVB as they continue their academic journey will only lead to a brighter tomorrow for the nation."
The university scholarship partners were selected based on direct and measurable impact to students, the majors and programs that align with SVB's future employment needs and their geographic distribution. Students interested in applying for SVB scholarships may contact the universities' financial aid offices directly for more information.
"This donation from SVB advances Tulane's priority of increasing scholarships for underserved students," said Tulane President Michael Fitts. "Economic circumstances should never impede anyone from pursuing an education at Tulane. We greatly appreciate and value SVB's investment in the educational, professional and social development of today's students, who will become the next generation of leaders."
"I am honored that Florida A&M University (FAMU) is among the fine institutions in this partnership with SVB Financial Group. The scholarships provided will be transformational in the lives of our students," said FAMU President Larry Robinson, Ph.D.
About SVB Financial Group For nearly 40 years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Group's businesses, including Silicon Valley Bank, offer commercial, investment and private banking, asset management, private wealth management, brokerage and investment services and funds management services to companies in the technology, life science and healthcare, private equity and venture capital, and premium wine industries. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world. Learn more at svb.com.