Advertisement

Bank of America Announces $1 Billion/4-Year Commitment to Support Economic Opportunity Initiatives

MBE Magazine Staff
Bank of America Logo

Bank of America announced that it is making a $1 billion, four-year commitment of additional support to help local communities address economic and racial inequality accelerated by a global pandemic. The programs will be focused on assisting people and communities of color that have experienced a greater impact from the health crisis.

“Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic,” said CEO Brian Moynihan. “The events of the past week have created a sense of true urgency that has arisen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live. We all need to do more.”

The work builds on economic mobility and workforce development programs Bank of America already supports in local markets, but will sharpen the focus of that work, accelerate the resources, and add a particular emphasis on health services during the pandemic. The announcement is aligned with the company’s commitment to responsible growth for clients, shareholders, employees and communities.

Areas of focus will be:

Health
Jobs
Training/Reskilling/Upskilling
Support to Small Businesses
Housing

The programs will be executed through the company’s 90 local U.S. market presidents and non-U.S. country executives to help develop the opportunities to execute on these commitments in areas that include:

  • Virus testing, telemedicine, flu vaccination clinics, and other health services, with a special focus on communities of color.
  • Partnerships with historically black colleges and universities and Hispanic-serving institutions in the United States for hiring, research programs, and other areas of mutual opportunity.
  • Support to minority-owned small businesses, including clients and vendors.
  • Career reskilling/upskilling through partnerships with high schools and community colleges.
  • Operating support and investment for affordable housing/neighborhood revitalization, leveraging our nearly $5 billion in Community Development Banking.
  • Further recruitment and retention of teammates in low-to-moderate-income and disadvantaged communities to build on work the company has already done to serve clients locally.

This work builds on steps the company has already taken, including an additional $100 million to support its nonprofit partners across its communities, and $250 million to assist with lending to the smallest and minority-owned businesses through its support to community development financial and minority depository institutions.

Advertisement

Advertisement

Advertisement

Latest Stories...

Strategies Views

The Power of Radical Self-Reliance

Dr. Robert L. Wallace — April 23, 2025

BCH AMEN Corner Funding & Finance

Rising Costs and Tariffs: Strategies for Minority-Owned Businesses

Sidney T. Curry and Saundra Curry — April 23, 2025

Brooke Foley Receives NAWBO Chicago’s 2025 Visionary Award

MBE Magazine Staff — April 23, 2025

Upcoming: Pathways to Franchising in the DFW Metroplex

MBE Magazine Staff — April 22, 2025

Plate with fish, chicken cornbread and sides of macaroni and cheese, greens and sweet potatoes

More Than a Menu

Tanya Isley — April 20, 2025

Wrecking ball crashing into a brick wall

Small Business Under Pressure

Tanya Isley — April 13, 2025

Striking The Right Content Balance on Social Media

Meagan D. Saxton — April 9, 2025

Views

Schadenfreude or Epicaricacy: Avoid Them Both

Dr. Robert L. Wallace — April 4, 2025

Advertisement