MENLO PARK, Calif.,
Jan. 21, 2022 /PRNewswire/
-- JobTrain, a Silicon Valley nonprofit that works to
transform lives through workforce development programs and career
placement services, received a $1,000,000 grant from Bank of America. The
grant will help fund the construction of their new Center for
Economic Mobility in East Palo
Alto, which will expand career training, job placement,
rapid employment services, and support services to low-income
communities within San Mateo
County and Santa Clara
Counties.
Bank of America has supported JobTrain for decades, and its
recent national $1.25 billion
commitment to advance racial and ethnic equality, and create
economic opportunity, has sent a strong message of how major
companies in the region can do more to support underserved
communities. This $1 million grant to
JobTrain is one of the largest the bank has awarded in Silicon
Valley.
Bank of America's increased commitment to support workforce
development could not come at a more critical time as the community
looks towards economic recovery. Prior to the pandemic, the average
annual income for the Bay Area region was $140,000, yet the median household income of
East Palo Alto, a community
JobTrain serves, was only $52,716.
The pandemic exacerbated this gap as communities of color were
disproportionately affected by the pandemic. A JobTrain survey
found that 75% of clients had either lost their jobs, had reduced
hours, or someone in their household had lost their job. Adding to
their challenges, 63% worried about housing and missed rent or
mortgage payments over the last 22 months. The New Center for
Economic Mobility will allow JobTrain to expand its capacity and
scope of services, as well as convene employers, community service
providers and access to public sector services to deliver
innovative programs and collaboration.
"Bank of America's grant of $1,000,000 and its partnership with
JobTrain to serve the community is a tremendous moment for
JobTrain," said Barrie
Hathaway, JobTrain President and
CEO. "The Center in East Palo Alto will provide more services to
the community than ever before, and JobTrain's vision of clients
reaching full economic mobility is at the forefront."
"Bank of America shares JobTrain's mission of making
financial lives better. As the region continues to make its way
through the impacts of Covid-19, we are committed to creating an
equitable recovery for those most impacted by the pandemic,"
said Raquel González, President, Bank of America Silicon
Valley. "JobTrain's new East
Palo Alto center will provide valuable job skills training
and career pathways for thousands of people in the community for
years to come."
Hathaway continued, "With expanded partners in the
building, increased services, and an innovation center, the new
Center will help the community thrive, and we are grateful to Bank
of America for this incredible support."
JobTrain
JobTrain is a 501(c)3 nonprofit educational and training
institution accredited by the Western Association of Schools and
Colleges. JobTrain's programs combine career training, academics,
and essential skills development, preparing students to turn their
lives around—from unemployment and poverty to success and
self-sufficiency. Partnerships with employers ensure that students
receive the training they need so that businesses can find
motivated workers who are well trained for their jobs. For over 55
years, JobTrain has been adapting to meet current employment needs.
Since its inception, more than 190,000 low-income individuals and
their families have benefited from JobTrain's programs.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 67 million consumer and small business clients with
approximately 4,200 retail financial centers, approximately 16,000
ATMs, and award-winning digital banking with approximately 41
million active users, including approximately 33 million mobile
users. Bank of America is a global leader in wealth management,
corporate and investment banking and trading across a broad range
of asset classes, serving corporations, governments, institutions
and individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
households through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United
States, its territories and approximately 35 countries. Bank
of America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
Reporters may contact:
Patty Rally, JobTrain
Phone: 1.650.330.6429
Colleen Haggerty, Bank of
America
Phone: 1.213.621.7414
colleen.haggerty@bofa.com
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SOURCE Bank of America Corporation