Bank of America awards $1 million grant to Detroit Employment Solutions Corporation

Rhea-AI Summary

Bank of America has awarded a $1 million grant to the Detroit Employment Solutions Corporation (DESC) for a three-year initiative called The People Plan. This program aims to enhance employment opportunities for Detroit residents, particularly Black and Brown individuals, with goals to increase job placement, alleviate poverty, and promote economic mobility. Key components include job training for residents with limited work histories, stipends for educational attainment, and support for those affected by gun violence. Over one third of working-age residents in Detroit are disconnected from the labor force, highlighting the need for such initiatives.

Positive

• Awarding a $1 million grant to DESC to enhance local employment initiatives.
• Focus on supporting underrepresented communities in Detroit to improve economic mobility.
• Implementation of targeted programs such as job training and educational stipends to aid residents.

Negative

• None.

Support will fund the DESC's People Plan, a focused Detroit at Work employment initiative to increase residential employment, reduce poverty and improve economic mobility

DETROIT, March 30, 2022 /PRNewswire/ -- Bank of America today announced that it has awarded a $1 million three-year grant to Detroit Employment Solutions Corporation (DESC) for its Detroit at Work employment initiative, The People Plan. The People Plan is a focused strategy to ensure all Detroiters — especially Black and Brown residents — have a clear pathway to economic sustainability and employers have access to the talent they need to grow and thrive. The goals of the People Plan are to increase residential employment, reduce poverty and improve economic mobility.

"Bank of America is committed to driving economic opportunity and upward mobility to help put individuals on a path toward success," said Matt Elliott, President, Bank of America Michigan. "The People Plan will work to improve employer access to the talent within the City of Detroit so both business and residents can thrive."

In Detroit, more than one third of working age residents have been persistently disconnected from the labor force, which is the highest rate in the nation. Additionally, more than 22,000 young adults are not in school or work, and less than 1 in 4 Detroiters age 25 and over have a post-secondary degree. While Black and white residents of Detroit are equally likely to be in the labor force, Black residents are more than twice as likely to be unemployed. Furthermore, just getting a job is often not enough to move out of poverty, especially since those who work in Detroit are less likely to work full-time, full-year jobs as compared to national averages.

The Bank's $1 million grant will support key initiatives in The People Plan, which include: Detroit at Work Job Training, which encompasses several evidence programs that are designed to help those with a limited work history such as residents functioning at a lower literacy level, returning citizens and individuals on public assistance and/or facing poverty; Learn to Earn, which includes weekly stipends to participants pursuing high school diploma or GED attainment for up to six months and provides intake and academic assessment, career exploration and coaching, essential skill building, supportive services and job placement; and The Friends and Family Choices Program that provides high-touch employment and wrap-around support for residents directly or indirectly involved in gun violence.

"The People Plan is essential to uplifting Detroit residents who might otherwise not know how to take part in all the programs available," said Nicole Sherard-Freeman, City of Detroit, Group Executive - Jobs, Economy & Detroit at Work. "When simply making it from day to day is a struggle, many people don't have the time or resources to investigate or access the help that is available. The People Plan brings resources to the table so those most at risk get immediate access to the help they need."

DESC is a nonprofit organization organized to carry out the Detroit workforce area's strategic plan, goals and objectives of the Mayor's Workforce Development Board as the fiscal and administrative agent for workforce. DESC is the lead agency for "Detroit at Work" which provides job placement, search, training, career advisement and other supportive services to tens of thousands of Detroiters every year.

Detroit Employment Solutions Corporation

Detroit Employment Solutions Corporation (DESC) is the administrative and fiscal agent for workforce solutions for the City of Detroit, which means it is responsible for assisting Detroit employers with finding employees and jobseekers with finding jobs. DESC was formed as a non-profit on July 1, 2012. It is a part of the Michigan Works! Association and is one of 25 Michigan Works! Agencies located around the state. Like other Michigan Works! agencies, DESC receives the majority of its funding from the federal government. These funds can only be spent on programs and initiatives for which they are intended, and that are consistent with Office of Management and Budget guidelines. DESC reports to the Detroit Workforce Development Board, which is established by the Mayor of Detroit. For more information, visit www.descmiworks.com.

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 the Bank of America newsroom and register for email alerts.

Reporter may contact:

Diane Wagner, Bank of America
Phone: 1.312.992.2370
diane.wagner@bofa.com

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SOURCE Bank of America Corporation

FAQ

What is Bank of America's recent grant amount for DESC's People Plan?

$1 million.

What is the purpose of the People Plan initiated by DESC?

To increase employment opportunities and improve economic mobility for Detroit residents.

When was the grant to DESC announced?

March 30, 2022.

Which demographic is primarily targeted by the People Plan?

Black and Brown residents of Detroit.

What challenges do Detroit residents face regarding employment?

Over one third are disconnected from the labor force, and many face barriers such as lack of education.

What is Bank of America's stock symbol?

BAC.