Silicon Valley Bank Launching ASU Scholarship Program

TEMPE, AZ — California-based Silicon Valley Bank Financial Group is launching a nationwide scholarship fund that includes Arizona State University this fall.

The bank's University Scholarship Program provides $5 million to ASU, as well as Florida A&M University, Tulane University and Xavier University of Louisiana, beginning this fall.

The program will fund 25 four-year, full-ride scholarships in total, across the four universities, in addition to creating paid summer internships for students that include housing costs at one of the bank's locations while they attend college, the company said.

“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, in a statement. “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.”

The scholarship program is funded through fees that the bank collected from participants in the U.S. Small Business Administration's Paycheck Protection Program, the company said.

The individual universities will allocate scholarship funds based on applicants' financial situation and academic performance.

Each of the four universities selected for the scholarship program were chosen based on the bank's future employment needs and the university's geographic location, the company said.