Bank of America Awards $1.5 million to New Jersey Nonprofits
Bank of America today announced more than $1.5 million in grants to 28 New Jersey nonprofits to help drive economic opportunity for individuals and families. These grants focus on workforce development and education to help individuals chart a path to employment and better economic futures, as well as basic needs fundamental to building life-long stability, such as access to food.
While New Jersey’s economy is recovering from the height of the COVID-19 pandemic, the state still trails the nation in terms of employment and job creation. According to the U.S. Bureau of Labor Statistics, New Jersey’s unemployment rate is 4.1%, compared to the national average of 3.6%.
Employment is a key driver of economic mobility in New Jersey. That is why the bank is focused on building pathways to employment by supporting a range of workforce development and educational opportunities that will help vulnerable individuals and families stabilize and advance.
“We’ve chosen to partner with nonprofits that address the most critical issues facing New Jersey, including workforce development, food insecurity, and economic and social progress,” said Alberto Garofalo, President, Bank of America New Jersey. “Our philanthropic investment in these organizations helps us deploy capital locally, where it will have the most impact and build sustainable communities.”
One Bank of America grant recipient is Newark-based La Casa de Don Pedro. Founded in 1972, La Casa de Don Pedro's values have been driven by a mission to foster self-sufficiency, empowerment, and neighborhood revitalization. With this support from Bank of America, La Casa de Don Pedro will address underlying issues and root causes hindering the economic mobility of Greater Newark’s minority communities, especially Hispanic women.
“Our goal is to reverse the trajectory of social, racial, political, and economic dislocations and the marginalization of children and families,” said Peter Rosario, President & CEO, La Casa de Don Pedro. “With this support, we will be equipped with the tools we need to support programs that improve the quality of life for Newark residents.”
Bank of America has provided $30 million to organizations in New Jersey since 2017. These grants are part of the company’s commitment to responsible growth as it works to improve the financial lives of individuals, families, and communities across the state. The company’s 11,000 New Jersey teammates have contributed over 350,000 volunteer hours since 2017.
Beyond local grant funding, Bank of America announced an expanded $1.25 billion, five-year commitment to help advance racial equality and economic opportunity across the country last year. The commitment, which further accelerates work already underway, supports investments that create opportunity for people and communities of color in the areas of health and healthcare, jobs and reskilling, support for small businesses, and affordable housing.
The full list of organizations receiving grants are:
At Bank of America (NYSE: BAC), 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).
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AnnMarie McDonald, Bank of America