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Bank of America Charitable Foundation Issues Request for Proposals From Nonprofits Addressing Local Workforce Development and Education Needs

$15 Million Philanthropic Investment in Nonprofits Builds on Longstanding Commitment to Strengthen Local Communities

Company Invests in Teens Through New Summer Youth Employment Initiative and Student Leaders® Program

Monday, June 4, 2012 9:30 am EDT

Dateline:

CHARLOTTE, N.C.

Public Company Information:

NYSE:
BAC
"Our investments in education and workforce development will help thousands of people get access to the skills they need to obtain high quality jobs that will fuel economic recovery both nationally and in the communities we serve."

The Bank of America Charitable Foundation announced today that it is inviting U.S. nonprofit organizations to submit funding proposals for local programs that address the nation’s high unemployment rate. The company will invest $15 million in workforce development and educational programs connecting individuals to employment success. This funding is part of the company’s three-year $50 million goal announced at the White House last summer to support workforce development and education initiatives leading to economic self-sufficiency through employment.

Bank of America is also announcing funding for two additional programs helping to connect young people to employment that will give them valuable skills and experience.

  • Bank of America’s Summer Youth Employment Initiative is a partnership with city summer youth programs in coordination with the U.S. Conference of Mayors to provide 800 at-risk teens with summer jobs at local nonprofits and businesses in 18 communities across the country.
  • Bank of America’s Student Leaders program, now in its 9th year, provides 225 community-minded high school juniors and seniors across the U.S. with a paid eight-week internship at local nonprofit organizations this summer. Student Leaders also attend a weeklong Bank of America Student Leadership Summit in Washington, D.C. in July.

“Ensuring Americans have the right skills to get back to work and, in turn, support the economic recovery is a critical focus for us right now,” said Kerry Sullivan, president, Bank of America Charitable Foundation. “Our investments in education and workforce development will help thousands of people get access to the skills they need to obtain high quality jobs that will fuel economic recovery both nationally and in the communities we serve.”

Bank of America’s funding is aimed at creating impact by helping the unemployed and underserved, including young people, gain the training and education opportunities that translate into employment and post-secondary success. Funding will support job training programs, such as community college access programs for middle and high school students, technical assistance and training for small businesses as well as nonprofit organization programs that connect unemployed workers with available job opportunities.

This request for proposals is an important component in Bank of America’s intensifying focus on housing, jobs and hunger: three areas that are critical to helping strengthen local economies and stimulate the national economic recovery. The company will issue an additional request for proposals related to hunger later this year.

For more information on nonprofit programs and services that may qualify, or to submit an application for grant funding, please visit www.bankofamerica.com/foundation. Grant applications will be accepted June 4 through July 2, 2012.

Bank of America Corporate Social Responsibility

Bank of America’s commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. Our CSR efforts guide how we operate in a socially, economically, financially and environmentally responsible way across more than 100 markets around the world, to deliver for shareholders, customers, clients and employees. Our goal is to help create economically vibrant regions and communities through lending, investing and giving. By partnering with our stakeholders, we create shared value that empowers individuals and communities to thrive and contributes to the long-term success of our business. We have several core areas of focus for our CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on housing, hunger and jobs; investing in global leadership development; and engaging through arts and culture. Learn more at www.bankofamerica.com/opportunity and follow us on Twitter at @BofA_Community.

For more Bank of America news, visit the Bank of America newsroom.

www.bankofamerica.com

Contact:

Reporters May Contact:
Nicole Nastacie, Bank of America, 1.980.388.7252
nicole.nastacie@bankofamerica.com