Bank of America Awards $1 Million Grant to JobTrain for its East Palo Alto Center for Economic Mobility

Rhea-AI Summary

Bank of America awarded a $1 million grant to JobTrain to support the construction of its new Center for Economic Mobility in East Palo Alto. This initiative aims to enhance job training and placement services for low-income communities in San Mateo and Santa Clara Counties. The grant is part of Bank of America's $1.25 billion commitment to advance racial equality and economic opportunity. The pandemic significantly impacted the community's economic stability, with median income in East Palo Alto at $52,716 compared to the Bay Area's average of $140,000.

Positive

• Grant of $1 million will enhance JobTrain's capacity and services.
• The new Center aims to improve economic mobility and job placement in underserved communities.
• Part of a larger $1.25 billion commitment from Bank of America for racial and economic equality.

Negative

• The economic disparity highlighted by the median household income gap caused by the pandemic.

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

FAQ

What is the purpose of Bank of America's $1 million grant to JobTrain?

The grant aims to fund the construction of the Center for Economic Mobility in East Palo Alto, expanding job training and placement services.

How does the grant relate to Bank of America's commitment to racial equality?

This grant is part of Bank of America's $1.25 billion commitment to advance racial and ethnic equality, supporting economic opportunities for underserved communities.

What economic issues are affecting the East Palo Alto community?

The community faces significant economic challenges, with a median household income of $52,716 compared to the Bay Area average of $140,000, worsened by the pandemic.

How will the new Center for Economic Mobility impact the community?

The Center will provide expanded job skills training and career pathways, impacting thousands in the community for years to come.

When was the grant from Bank of America to JobTrain announced?

The grant was announced on January 21, 2022.