Bank of America Directs Over $22 Million in Grants to National and Local Nonprofits Supporting People and Communities of Color

Rhea-AI Summary

Bank of America has allocated over $22 million in philanthropic funding to support education, jobs, health, and housing initiatives for communities of color, building on its $1 billion commitment. The funding focuses on workforce development, small businesses, and health needs, with major investments in education and minority entrepreneurship, aiming to address critical community challenges.

Positive

• $22 million in philanthropic funding directed towards education, jobs, and health for communities of color.
• $18.35 million allocated for higher education and workforce development initiatives.
• $10 million grant to create the Center for Black Entrepreneurship.
• $1.3 million supporting minority-owned businesses and entrepreneurs.

Negative

• None.

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

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FAQ

What is Bank of America's recent philanthropic commitment?

Bank of America has committed over $22 million to support education, jobs, health, and housing initiatives for communities of color.

How much has Bank of America allocated for workforce development?

Bank of America allocated $18.35 million for higher education and workforce development.

What organizations are receiving support from Bank of America's funding?

Organizations include GRID Alternatives, Spelman and Morehouse Colleges, and various health-related nonprofits.

What is the purpose of the $10 million grant by Bank of America?

The $10 million grant is aimed at establishing the Center for Black Entrepreneurship.

What specific needs is Bank of America's funding addressing?

The funding addresses workforce development, small business support, and health services for underserved communities.