Cadence Bank, formerly BancorpSouth Bank, announced an $800,000 contribution to Step Up For Students to support disadvantaged youth in Florida.
The contribution will be used to provide educational opportunities to more than 100 students through K-12 scholarships and underscores Cadence’s commitment to supporting programs and initiatives that help its communities thrive. Since 2019, the bank has funded 160 scholarships through contributions, totaling $1.2 million.
“We’re pleased to support Step Up For Students’ efforts to provide educational options for students who have financial needs,” said Frank Hall, president of Northwest Florida division for BancorpSouth, a division of Cadence Bank. “These scholarships are providing our future leaders with access to resources and opportunities that will help them tap into their full potential.”
Step Up For Students helps manage the Florida Tax Credit Scholarship Program, which provides lower-income families with financial assistance toward private school tuition and fees, or with transportation costs to attend an out-of-district public school. Through partnering with Step Up For Students, companies can fund scholarships and receive dollar-for-dollar tax credits for their contributions.
“We are grateful for the continued support of Cadence Bank,” said Doug Tuthill, Step Up For Students president. “Because of its generosity, we are able to continue to provide Florida’s students with the educational opportunities they deserve.”
In February 2019, the Urban Institute, a Washington, D.C.-based think tank, released results of a study on the effectiveness of the Florida Tax Credit Scholarship Program, the nation’s largest private K-12 scholarship program. The study found that students on scholarship for four or more years were up to 99% more likely to attend a four-year college than their peers in public school, and up to 45% more likely to earn bachelor’s degrees.
Since 2002, Step Up For Students has awarded more than one million Florida Tax Credit Scholarships. More than 1,800 private schools participate in the scholarship program statewide.
