On June 2, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity. Today, the company is announcing its initial progress by directing one-third, or $300 million, of its $1 billion commitment to four key areas across 91 U.S. markets and globally: $25 million in support of jobs initiatives in Black and Hispanic/Latino communities, $25 million in support of community outreach and initiatives, $50 million in direct equity investments to Minority Depository Institutions (MDIs), and $200 million of proprietary equity investments in minority entrepreneurs, businesses and funds. The $1 billion, four-year commitment is being overseen by Anne Finucane, vice chairman of Bank of America and head of Environmental, Social and Governance (ESG), Capital Deployment and Public Policy, in coordination with several business lines and business support areas across the company.
“These initial investments will address access to jobs and support for small businesses by creating more pathways to employment in communities of color and more support for minority entrepreneurs,” said Brian Moynihan, CEO of Bank of America.
Investment details include:
Bank of America also operates a $1.6 billion Community Development Financial Institution (CDFI) portfolio with 255 partner CDFIs across all 50 states, providing access to capital to thousands of individuals and small businesses who do not qualify through traditional lenders.
“Jobs are a critical pillar to address the racial wealth gap in our country, and we’re focused on building a stronger hiring pipeline for Black and Hispanic/Latino students in local communities,” said Finucane. “This initiative leverages the firm’s resources, has dedicated teams focused on it, and expands into local networks and partnerships.”
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. Connect with us on Twitter (@BofA_News).
Jessica Oppenheim, Bank of America