The University of Massachusetts Boston and Associated Industries of Massachusetts, Inc. (AIM) have signed a memorandum of understanding establishing a new scholarship to assist the university in educating the next century of business leaders in the commonwealth.

AIM will contribute $25,000 to UMass Boston annually for the AIM Scholarship Endowment. AIM President Richard C. Lord and Chancellor J. Keith Motley signed the memorandum at AIM headquarters.

The AIM Next Century Scholarship will cover up to 75 percent of the cost of tuition, fees, and books for up to two full-time undergraduate students in the College of Management during their junior and senior years of study.

“We thank Associated Industries of Massachusetts for their investment in University of Massachusetts Boston students, and for sharing our vision of developing a vibrant, diverse workforce in the commonwealth,” Motley said.

“Our students are the future of the Massachusetts economy. They will go on to serve as future leaders in their community, our state, our nation, and our world.”

Lord said UMass Boston plays a unique role in providing educational and economic opportunity to the next generation of the Massachusetts work force.

“The single most pressing challenge facing Massachusetts employers in 2016 is finding the skilled, well-educated employees who will help their companies succeed in a global economy. These scholarships represent a down payment on women and men who will forge the future success of commonwealth,” Lord said.

He also paid tribute to Gina Cappello, Vice Chancellor for University Advancement, who played a central role in establishing the scholarship before her tragic death in a motor-vehicle accident earlier this month.

“Gina was an extraordinary partner in this process and her work will benefit students for years to come,” Lord said.

The University of Massachusetts Boston is deeply rooted in the city’s history, yet poised to address the challenges of the future. Recognized for innovative research addressing complex issues, metropolitan Boston’s public university offers its diverse student population both an intimate learning environment and the rich experience of a great American city. UMass Boston’s 11 colleges and graduate schools serve nearly 17,000 students while engaging local and global constituents through academic programs, research centers, and public service. To learn more, visit www.umb.edu.

Associated Industries of Massachusetts (AIM), founded in 1915, represents the interests of thousands of Massachusetts employers on public-policy issues that affect jobs and the growth of the state economy. AIM also provides human-resource, management and insurance services to employers ranging from manufacturers to professional services firms to technology startups.