Bank of America Directs $300 Million of Its $1 Billion, Four-Year Commitment to Advance Racial Equality and Economic Opportunity
“These initial investments will address access to jobs and support for small businesses by creating more pathways to employment in communities of color and more support for minority entrepreneurs,” said
Investment details include:
These funds will enhance up-skilling and reskilling for Black and Hispanic/Latino individuals through partnerships with the following schools.
- 11 community colleges that serve predominantly Black and Hispanic/Latino students.
Historically Black Colleges and Universities(HBCU), and Hispanic-Serving Institutions (HSI).
Bank of Americawill work with major employers in each select market to ensure these programs target specific hiring needs.
Some current colleges involved include
North Carolina A&T State University, Atlanta Technical College, Dallas College-El Centro Campus, and Arizona State University-Downtown Phoenix.
- This effort builds on many of the bank’s jobs initiatives including the Pathways program and participating in the state of Rhode Island’s “Back to Work Rhode Island” workforce development initiative.
- Additional philanthropic support to underserved and minority communities that were adversely impacted by the global health and humanitarian crisis.
- Personal protection equipment: 10 million masks, with 5 million provided in the last 60 days to communities in need.
- Investments in MDIs will facilitate benefits to the communities they serve through lending, housing, neighborhood revitalization and other banking services.
Three MDI investments (below) have been completed for approximately 5% of the common equity in each bank holding company.
First Independence Corporationin Detroit, Michigan; Liberty Financial Services, Inc.in New Orleans, Louisiana; and SCCB Financial Corp.(parent company of Optus Bank) in Columbia, South Carolina.
These equity investments are in addition to approximately
$100 millionin deposits from Bank of Americain MDIs.
- Discussions are in progress with several other Black and Hispanic MDIs serving low-and moderate-income communities.
Bank of Americaplans to make direct equity investments in Black- and Hispanic-owned businesses to help supply growth capital as well as to invest substantially in programs to create future entrepreneurs.
These investments will total
$200 millionover the next four years.
- The company expects to make further announcements related to this shortly.
“Jobs are a critical pillar to address the racial wealth gap in our country, and we’re focused on building a stronger hiring pipeline for Black and Hispanic/Latino students in local communities,” said Finucane. “This initiative leverages the firm’s resources, has dedicated teams focused on it, and expands into local networks and partnerships.”
- Increasing representation of diverse asset managers across the industry.
Expanding support of
Boys & Girls Clubs of Americawith $1 milliongrant to support educational programs.
$100,000to Athena Allianceto support underrepresented women.
- Partnership with iHeartMedia to bring first-of-its-kind national audio news service to the Black community.
Smithsonian announces “Race, Community and Our Shared Future” initiative,
BofAcommits $25 million.
$1 Billion, four-year commitment to support economic opportunity initiatives.
$250 millionin capital and $10 millionin philanthropic grants to CDFIs.
Reporters May Contact:
Reporters May Contact:
Jessica Oppenheim, Bank of America, 1.646.855.1600