NEW YORK — Boeing will give away $15 million to help support the charitable foundation of a New Jersey company.
The foundation, called Bella, will be launched in New York City on Thursday with a $1.5 million donation from Boeing.
Bella is the only nonprofit that provides scholarships for low-income students to pursue college, and it has been giving scholarships since 2008.
The foundation will be able to focus on its programs and research with the help of a $10 million loan from Boeing, Boeing spokeswoman Megan Johnson said in an email.
The Boeing donation is part of a broader initiative to support the Bella Foundation and is part, in part, of a deal struck in November with the foundation’s president and CEO, Michael Njus, to get the $1 million loan.
The donation is expected to pay for the cost of the foundation to start a new nonprofit called Bellas Business Solutions, which will focus on providing financial aid for business owners and entrepreneurs in the region.
Boeing donated a total of $7.5 billion to charities during its fiscal year that ended on March 31.