Community Development

3/28/19 5:00 pm EDT

The Bank of America Charitable Foundation today announced it will make the $1 million capstone grant to Museum Lab at Children’s Museum of Pittsburgh, completing the organization’s $18 million capital campaign. This funding enables Children’s Museum to renovate and transform the former more...

3/8/19 8:10 am EST

Bank of America is doubling its investment in the Tory Burch Foundation Capital Program, committing $100 million in capital to connect women small business owners to affordable loans. Since the Tory Burch Foundation Capital Program launched five years ago, more than 2,500 women entrepreneurs have received $46 million in loans through community development financial institutions (CDFIs) to help them grow and refine their businesses.

“We recognize that women entrepreneurs help fuel economic growth in communities across more...

2/6/19 2:30 pm EST

Bank of America Merrill Lynch Community Development Banking (CDB) provided a record $4.7 billion in loans, tax credit equity investments and other real estate development solutions, surpassing last year’s record financing of $4.53 billion. It deployed $3 billion in debt commitments and $1.7 billion in new equity investments to help build strong communities by financing affordable housing, charter schools and economic development across the United States. These efforts are part of the company’s commitment to deploying capital to more...

1/25/19 10:00 am EST

Bank of America, N.A. has issued its first social bond, highlighting the company’s commitment to deploying capital to address global issues outlined in the United Nations Sustainable Development Goals (SDGs). The bond’s proceeds will refinance the company’s investments in affordable housing and community development financial institutions (CDFIs).

With this offering, Bank of America becomes the first U.S bank to issue a social bond. The net proceeds will be used to help address pressing more...

1/15/19 9:35 am EST

Ally Financial, Bank of America and Barings, three of the leading financial services companies in Charlotte, announced a combined investment of $70.75 million for affordable housing in the city and surrounding area. This private investment marks the largest private-public initiative of its kind in Charlotte.

Ally CEO Jeff Brown, Bank of America CEO Brian Moynihan and Barings Chairman and CEO Tom Finke agreed to explore how each of their companies can help address some of the city’s biggest challenges that relate to economic mobility. Together, the companies are making a combined more...

1/2/19 10:00 am EST

Bank of America today announced that Raju Patel has been appointed market president, serving as the company’s enterprise leader in Denver.

As market president for Denver, Patel will work throughout the region to connect businesses, families and individuals to Bank of America’s banking, lending and investment teams. He will also lead the effort to direct the bank’s more...

11/8/18 12:00 pm EST

Today, Bank of America announced it is expanding its Neighborhood Builders® program and introducing a complementary program, Neighborhood Champions, to new cities in 2019 to support nonprofit leadership development across the U.S. The expansion marks the program’s 15th anniversary and coincides with additional investment in other environmental, social and governance (ESG) programs that address issues fundamental to economic mobility in the communities the bank serves, more...

10/5/18 4:00 am EDT

Vital Voices Global Partnership and Bank of America will bring together women leaders in the private sector and social enterprise to Dublin, Ireland October 8-12 for the Global Ambassadors Program (GAP), a weeklong initiative to help women entrepreneurs succeed. The program highlights the role of women as drivers of economic growth and addresses the ongoing needs and challenges that women leaders face around the world.

The Dublin Global Ambassadors Program will pair a diverse group of women leaders of small more...

7/9/18 9:00 am EDT

This summer, Bank of America has recognized 230 high school juniors and seniors from 48 communities across the U.S. as Student Leaders (#BofAStudentLeaders) based on their commitment to advance social progress in their communities. This signature philanthropic program offers young people an opportunity to develop workforce skills through a paid summer internship at a local nonprofit and a chance to enhance their leadership and advocacy skills through a national summit in Washington, D.C.

At this week’s Student Leadership Summit (July 8-13), students join their peers from a wide more...

6/11/18 2:00 pm EDT

Bank of America anunció hoy que su división de Consumidores y Pequeñas Empresas está considerando contratar durante los próximos cinco años a 10,000 personas provenientes de vecindarios de ingresos bajos y moderados. A través de su programa Pathways, la compañía está trabajando con socios sin fines de lucro para ofrecer entrenamiento de habilidades profesionales y trayectoria profesional a los miembros de las comunidades que el banco atiende. El programa se enfoca en preparar candidatos para oportunidades profesionales regulares en el more...

6/8/18 9:00 am EDT

Bank of America announced today its Consumer and Small Business division is targeting hiring 10,000 individuals from low- and moderate-income neighborhoods over the next five years. Through its Pathways program, the company is working with nonprofit partners to provide professional skills training and career pathways for members of the communities the bank serves. The program’s focus is on preparing candidates for ongoing career opportunities with the bank. 

“Our business is based on client relationships, and we continuously seek great people in our financial centers and contact more...

6/8/18 8:30 am EDT

Bank of America today announced a $20 million Veteran Entrepreneur Lending Program to connect U.S. military veteran business owners with affordable capital to help kick-start and grow their businesses.

“Helping our veterans translate their skills and become entrepreneurs driving the U.S. economy is one of the ways Bank of America is thanking them for their service,” said Chief Executive Officer Brian Moynihan.

Loans will be administered through participating community development financial institutions (CDFIs) – more...

5/15/18 4:00 am EDT

Today, Bank of America Merrill Lynch (BofAML) and Code First: Girls (CF: G) announced a partnership to help 20,000 women in the UK and Ireland to code by 2020, as part of the Code First: Girls 20:20 Campaign.

Through their involvement in the campaign, BofAML will provide financial support, and their technologists will help train CF: G students. Training will also be rolled out to the bank’s own female employees who are interested in learning to code. This will open up other more...

4/6/18 1:00 pm EDT

U.S. Army Staff Sergeant Marco Garcia and his family will receive keys to a newly renovated, mortgage-free home in St. Louis, Mo., today, becoming the latest recipient of a home donated by Bank of America through a partnership with USA Homeownership Foundation, Inc. DBA Veterans Association of Real Estate Professionals (VAREP).

The ceremony represents the 6,000th home that Bank of America has donated since the inception of its home donation program in 2012, including more than 2,200 to military personnel. more...

2/16/18 4:00 am EST

Bank of America Merrill Lynch (BofAML) is proud to report on the success of its ongoing partnership with the Mother Child Education Foundation (AÇEV).

Recognising the significant role that women play in advancing economic growth within their communities and in the global economy, BofAML’s Istanbul-based team is connecting local women to the resources, networks and mentoring needed to help them gain employment and economic stability.

AÇEV focuses on strengthening the position of women in society by giving young women the skills that will help more...

2/15/18 9:00 am EST

Bank of America Merrill Lynch Community Development Banking (CDB) had a record-setting year in 2017, providing $4.53 billion in loans, tax credit equity investments and other real estate development solutions. It deployed $3.04 billion in debt commitments and $1.49 billion in new equity investments to help build strong and healthy communities by financing affordable housing, charter schools, health care and economic development across the United States.

As the need for affordable housing and services continues to grow, CDB more...

11/9/17 9:00 am EST

Bank of America today announced an additional $20 million in funding available through the Tory Burch Foundation Capital Program to connect more women entrepreneurs to affordable loans, administered by community development financial institutions (CDFIs). Since launching in January 2014, more than $30 million in capital has been deployed to more than 1,400 women entrepreneurs, bringing the total capital program commitment to $50 million.

“Our work with the Tory Burch Foundation Capital Program represents one way more...

6/7/17 9:00 am EDT

What do you wish you had known before you chose your career? That question is at the heart of a collaboration between Bank of America and Khan Academy to help young adults gain knowledge about careers and personal finance as they’re looking for jobs or just starting out in the workforce.

As the class of 2017 sets out on their own, it’s worth noting that:

  • Roughly eight in ten recent college students will graduate without a job lined up, according to an Accenture study.

  • Most young adults say personal interest (60 percent) is more important than more...

6/6/17 9:00 am EDT

Bank of America announced today progress that was made in 2016 to fulfill its commitments across environmental, social and governance (ESG) factors as part of the company’s focus to deliver responsible growth.

“Our ESG focus reflects our values, presents tremendous business opportunity and allows us to create shared success with our clients and communities,” said Anne Finucane, vice chairman at Bank of America. “It’s committing to our own employees, behaving responsibly and finding innovative ways to deploy capital and activate partnerships to fuel social and economic progress around more...

4/3/17 3:00 am EDT

Bank of America Merrill Lynch continues to make its mark as one of the world’s leading corporate supporters of the arts, and announces that grant applications are now open for the 2017 Bank of America Merrill Lynch Art Conservation Project. The company welcomes and encourages applications from not-for-profit cultural institutions with art requiring conservation. The deadline for submissions is Friday, 21 April and applicants can learn how to apply online at http://museums.bankofamerica.com/arts/Conservation/Apply more...