Bank of America Awards $1.5 Million to New Jersey Nonprofits

Rhea-AI Summary

Bank of America has announced grants totaling $1.5 million to 28 nonprofits in New Jersey, focusing on workforce development and education. This initiative aims to help vulnerable communities address basic needs, including food access, as the state recovers from the COVID-19 pandemic. With an unemployment rate of 4.1%, higher than the national average, the bank emphasizes job creation and economic mobility. Since 2017, Bank of America has contributed $30 million to local organizations, reflecting its commitment to improving economic opportunities.

Positive

• Grant of $1.5 million to 28 New Jersey nonprofits.
• Focus on workforce development and education, aiding vulnerable communities.
• Total contributions of $30 million since 2017 to New Jersey organizations.

Negative

• New Jersey's unemployment rate remains at 4.1%, higher than the national average of 3.6%.

Grants to 28 organizations across the state focus on investing in basic needs, workforce development and education in vulnerable communities

TRENTON, N.J., July 20, 2022 /PRNewswire/ -- Bank of America today announced more than $1.5 million in grants to 28 New Jersey nonprofits to help drive economic opportunity for individuals and families. These grants focus on workforce development and education to help individuals chart a path to employment and better economic futures, as well as basic needs fundamental to building life-long stability, such as access to food.

While New Jersey's economy is recovering from the height of the COVID-19 pandemic, the state still trails the nation in terms of employment and job creation. According to the U.S. Bureau of Labor Statistics, New Jersey's unemployment rate is 4.1%, compared to the national average of 3.6%.

Employment is a key driver of economic mobility in New Jersey. That is why the bank is focused on building pathways to employment by supporting a range of workforce development and educational opportunities that will help vulnerable individuals and families stabilize and advance.

"We've chosen to partner with nonprofits that address the most critical issues facing New Jersey, including workforce development, food insecurity, and economic and social progress," said Alberto Garofalo, President, Bank of America New Jersey. "Our philanthropic investment in these organizations helps us deploy capital locally, where it will have the most impact and build sustainable communities."

One Bank of America grant recipient is Newark-based La Casa de Don Pedro. Founded in 1972, La Casa de Don Pedro's values have been driven by a mission to foster self-sufficiency, empowerment, and neighborhood revitalization. With this support from Bank of America, La Casa de Don Pedro will address underlying issues and root causes hindering the economic mobility of Greater Newark's minority communities, especially Hispanic women.

"Our goal is to reverse the trajectory of social, racial, political, and economic dislocations and the marginalization of children and families," said Peter Rosario, President & CEO, La Casa de Don Pedro. "With this support, we will be equipped with the tools we need to support programs that improve the quality of life for Newark residents."

Bank of America has provided $30 million to organizations in New Jersey since 2017. These grants are part of the company's commitment to responsible growth as it works to improve the financial lives of individuals, families, and communities across the state. The company's 11,000 New Jersey teammates have contributed over 350,000 volunteer hours since 2017.

Beyond local grant funding, Bank of America announced an expanded $1.25 billion, five-year commitment to help advance racial equality and economic opportunity across the country last year. The commitment, which further accelerates work already underway, supports investments that create opportunity for people and communities of color in the areas of health and healthcare, jobs and reskilling, support for small businesses, and affordable housing.

Additional background about Bank of America's Charitable Foundation giving can be found here.

The full list of organizations receiving grants are:

America's Grow-a-Row
Community FoodBank of NJ
CUMAC Echo
Elijah's Promise
Eva's Village
Fulfill
Homefront
La Casa de Don Pedro
Norwescap
Nourish
Oasis - A Haven for Women and Children
Parker Family Health Center
Paterson Task Force for Community Action
St. Paul's Community Development Corporation
Table to Table
Trenton Area Soup Kitchen
United Way of Bergen County
York Street Project
Fairleigh Dickinson University Veterans Launching Ventures
Greater Newark Conservancy
Interfaith Neighbors
Isles
Junior Achievement of New Jersey
New City Kids
The Father Center
Trinitas Foundation
we make
WomenRising

Bank of America

At Bank of America (NYSE: BAC), 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 Bank of America newsroom and register for email news alerts.

Reporters May Contact:

AnnMarie McDonald, Bank of America
Phone: 1.332.234.8635
annmarie.mcdonald@bofa.com

 

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SOURCE Bank of America Corporation

FAQ

What is the purpose of the $1.5 million grant by Bank of America?

The grant aims to support workforce development and education for vulnerable communities in New Jersey.

How many nonprofits in New Jersey received grants from Bank of America?

A total of 28 nonprofits received grants.

What issues does the grant from Bank of America address?

It addresses workforce development, food insecurity, and economic stability.

What is Bank of America's total contribution to New Jersey nonprofits since 2017?

Bank of America has contributed a total of $30 million since 2017.

What is the unemployment rate in New Jersey according to Bank of America's press release?

The unemployment rate in New Jersey is reported at 4.1%.