Citizens Financial Group Inc., parent company of Citizens Bank, is making a $10 million commitment it says will promote social equity and drive economic advancement in underserved communities.

“We believe it is important to step forward to promote social and economic equity, to help eradicate racism and discrimination, and to work towards a world where all people and communities thrive,” said Bruce Van Saun, chair and CEO of Citizens Financial.

The company said the investment will include $10 million in grants and charitable support for immediate and longer-term initiatives aimed at supporting minority-owned small businesses, increasing awareness of racial disparities and supporting underserved communities through technology, education and digital literacy initiatives.

It also includes more than $500 million in incremental financing and capital for small businesses, housing and other developments in predominately minority communities, the company said.

Citizens also is committing to establish new programs to further increase leadership and workforce diversity while expanding awareness of social equity issues and providing additional opportunities for colleagues to make an impact within its communities.

“Through a multifaceted effort around enhancing awareness, creating access to capital, and improving capabilities and opportunities, this commitment represents a further step toward achieving necessary and long-lasting change across our communities and within our bank in a way that aligns strongly with our values,” Van Saun said.