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The University of Toronto's undergraduate business program, Rotman Commerce, is launching a new needs-based bursary this fall for Black and Indigenous students.

The Francisco Bursary, which will see between $500 to $1,000 awarded annually to a student based on academic merit, was made possible by the support of marketing executives Mike and Quinn Samardzic.

“My parents immigrated to Canada from Guyana. Education was a huge priority for them and was what transformed the lives of myself and my sisters,” said Quinn, whose family name is Francisco. “To me, education has always been a vehicle that can change the trajectory of someone’s life.”

Mike added that the COVID-19 pandemic brought racial inequalities and the challenges facing marginalized groups into sharper focus. 

“There has been a lack of opportunity for these groups to acquire generational wealth or financial literacy, and we wanted to take a step in levelling the playing field,” he said.