Bank of America Directs Over $22 Million in Grants to National and Local Nonprofits Supporting People and Communities of Color
March 01 2021 - 9:30AM
Business Wire
Funding Builds on Ongoing Support of Workforce Development,
Entrepreneurship, Health and Emergency Needs
Bank of America announced today that it has directed more than
$22 million in philanthropic funding to support education, jobs,
entrepreneurship, health and housing and for people and communities
of color as the company continues to deliver on its $1 billion,
four-year commitment to advance racial equality and economic
opportunity. These grants build on the $250 million in
philanthropic funding the company allocates annually to nonprofit
partners that address critical needs in the communities they
serve.
“Workforce development, job creation and access to health and
housing services are some of the most pressing needs facing Black,
Hispanic-Latino and Native American individuals,” said Ebony
Thomas, Bank of America’s Racial Equality and Economic Opportunity
Executive. “By providing this support alongside our national and
local partners, we are further addressing many of the challenges
facing under-resourced and underserved communities across the
U.S.”
Grants include:
- $18.35 million for higher education and workforce
development
Bank of America is focused on developing
stronger hiring pipelines and empowering students to advance their
academic and career opportunities. Grants are directed toward:
- Providing workforce solutions through GRID Alternatives’
SolarCorps Fellowship Program, which enables individuals from
diverse backgrounds to gain training and launch renewable energy
careers;
- Fueling Black innovation through a $10 million grant to Spelman
and Morehouse colleges to establish the Center for Black
Entrepreneurship in collaboration with the Black Economic Alliance
Foundation;
- Supporting the advancement of student and institutional success
at five historically Black colleges and universities (HBCUs)
through the Way Forward initiative, a collaboration with education
company EAB;
- Joining a coalition of business leaders to upskill, hire and
promote 1 million Black Americans over the next 10 years through
the creation of OneTen;
- Providing funding for the Hispanic Scholarship Fund's Support
Services, which empowers and enables students, parents, scholars,
and alumni to set a course for academic and career success;
- Supporting the UnidosUS Latinos in Finance program to assist
Hispanic-Latino individuals in navigating career pathways.
Additional organizations receiving grants
include: Thurgood Marshall College Fund, UNCF (United Negro College
Fund), Posse Foundation, American Indian Institute at Mesa
Community College, Navajo Technical College, United National Indian
Tribal Youth Inc. and the American Indian College Fund.
- $1.3 million supporting minority-owned small businesses and
minority and indigenous entrepreneurs
Grants support the resiliency of small
businesses, assisting Black, Hispanic-Latino and Indigenous
entrepreneurs through the U.S. Hispanic Chamber of Commerce, Latino
Business Action Network, the California Lutheran University Center
for Economic Research & Forecasting with the UCLA Center for
the Study of Latino Health and Culture, Echoing Green and Our
Native American Business Entrepreneurship Network (ONABEN).
- $2.55 million toward health and emergency needs
Funds continue to support health care and
emergency services, including hunger relief and shelter, to help
communities recover from the disproportionate impact of the
coronavirus. Philanthropic funding is directed to:
- Hispanic-Latino community-based health organizations that are
part of the UnidosUS community health affiliate network in nine
markets across the U.S.;
- Local nonprofits serving Native American communities’
coronavirus response including hunger relief and health care as
Bank of America recently announced;
- Providing vital services for people experiencing homelessness
through Native American Connections and ensuring that operating
support continues for the National American Indian Housing
Council;
- Support of the Hispanic Federation’s coronavirus response
focused on family stabilization and crisis prevention.
Recent Bank of America announcements
focused on racial equality, diversity and inclusion and economic
opportunity include:
- Supported GRID Alternatives' SolarCorps Fellowship Program and
clean energy workforce development With a $300,000 Grant
- Fueled Black Innovation with Launch of the Center for Black
Entrepreneurship
- Announced Investments in 40 Private Funds Focused on Minority
Entrepreneurs for Approximately $150 Million
- Directed More Than $13 Million to Native American Communities
Hardest Hit by the Coronavirus in 2020
- Launched OneTen in Partnership With Top Business Leaders, Will
Create 1 Million Jobs for Black Americans Over 10 Years
- Joined CVS Health to Fund and Deliver Free Flu Vaccine
Vouchers
- 21 Higher Education Institutions receive $1 Million Each as
Part of $25 Million Jobs Initiative
- Expanded the Bank of America Institute for Women’s
Entrepreneurship at Cornell
- Ten Completed Equity Investments in Minority Depository
Institutions and Community Development Financial Institution
Banks
- $2 billion Equality Progress Sustainability Bond
- Universal ESG Reporting; International Business Council of
World Economic Forum
- Top Global Bank on Fortune "Change the World" List
- Directs $300 Million of Its $1 Billion, four-year
Commitment
- Increasing representation of diverse asset managers across the
industry
- Expanding support of Boys & Girls Clubs of America with $1
million grant to support educational programs
- Committing $100,000 to Athena Alliance to 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, Bank of America commits $25 million
- $1 Billion, four-year commitment to support economic
opportunity initiatives
- Committing $250 million in capital and $10 million in
philanthropic grants to CDFIs
Bank of America At Bank of America, we’re guided by a
common purpose to help make financial lives better, through the
power of every connection. We’re delivering on this through
responsible growth with a focus on our environmental, social and
governance (ESG) leadership. ESG is embedded across our eight lines
of business and reflects how we help fuel the global economy, build
trust and credibility, and represent a company that people want to
work for, invest in and do business with. It’s demonstrated in the
inclusive and supportive workplace we create for our employees, the
responsible products and services we offer our clients, and the
impact we make around the world in helping local economies thrive.
An important part of this work is forming strong partnerships with
nonprofits and advocacy groups, such as community, consumer and
environmental organizations, to bring together our collective
networks and expertise to achieve greater impact. Learn more at
about.bankofamerica.com, and connect with us on Twitter
(@BofA_News).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
www.bankofamerica.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210301005584/en/
Reporters May Contact: Vanessa Cook, Bank of America Phone:
1.980.683.2247 vanessa.a.cook@bofa.com
Bank of America (NYSE:BAC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bank of America (NYSE:BAC)
Historical Stock Chart
From Apr 2023 to Apr 2024