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GE Foundation, a part of General Electric Company (GE - Analyst Report), along with GE Corporate Diversity Council recently announced $500,000 in grants to two community health care centers in Minneapolis, Minn.

The fund is part of Developing Health plan, which is a partnership between GE Corporate Citizenship and the GE Corporate Diversity Council. Its main focus is to upgrade the medical infrastructure and provide better patient care to underserved communities across the globe. Each center will receive grants totaling to $250,000 over a period of two years.

GE’s Developing Health program continues to support primary care with investment reaching $38.9 million for 108 health centers since its inception in Oct 2009. This program is in sync with GE’s Developing Health Globally initiative to reduce costs, improve quality and increase access to health care on a global scale.

The two health centers, Neighborhood HealthSource – Fremont Clinic and Southside Community Health Services, Inc. – Southside Medical Clinic, aims to use the grant to improve the health care facilities in the respective regions and enhance their resources. The funding will be used to access primary care for the unprivileged patients in the region.

GE Foundation focuses on areas such as health, education, the environment and disaster relief and is primarily responsible for the corporate social responsibility initiatives of its parent company General Electric. Serving over 100 million customers worldwide, General Electric is one of the most diversified technologies and financial service corporations in the world. Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital.

General Electric currently has a Zacks Rank #3 (Hold). Other stocks that look promising in the industry and are worth a look now include Honeywell International Inc (HON - Analyst Report), ITT Corporation (ITT - Analyst Report) and Compass Diversified Holdings (CODI - Snapshot Report), each carrying a Zacks Rank #2 (Buy).

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