Increases Investments in Economic Mobility by $15 Million Annually; Expands Student Leaders® Program to 35 New Cities
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, including the bank’s Student Leaders®, Anchor Grants, and employee giving and volunteering programs.
“Investing in partnerships and programs that address issues fundamental to economic mobility is central to our role in society and a tangible example of how we live our company purpose to make financial lives better, through the power of every connection,” said Andrew Plepler, global head of Environmental, Social and Governance at Bank of America. “By increasing our commitment to advance economic mobility issues, we continue to deploy our resources to make a difference for individuals and families in the communities we serve.”
The programs expanding as part of the ESG commitment include:
Bank of America is expanding Neighborhood Builders, supporting nonprofits focused on workforce development and education, community development, and basic needs to mark the 15th year of the program. This includes increasing Neighborhood Builders grants from 66 to 98 annually. Each Neighborhood Builders awardee receives $200,000 in flexible funding, in-person leadership development for an executive director and an emerging leader at the organization, and the opportunity to connect to a network of peer organizations.
Neighborhood Champions will scale the program to an additional 42 smaller communities served by the bank. Each Neighborhood Champion awardee will receive $50,000 in flexible funding and virtual leadership development for the organization.
Bank of America is also expanding its Student Leaders program to 35 new cities, connecting nearly 300 community-minded high school juniors and seniors to employment, skill development and service. The students have paid summer internships with local nonprofits, such as Boys and Girls Clubs of America, and participate in a national leadership summit in Washington, D.C., which focuses on the intersection of government, business and nonprofits in creating social change. Nominations for the 2019 program will be open from November 11, 2018 through February 1, 2019.
Additionally, the Bank of America Charitable Foundation will strengthen funding for its Anchor Grants program over the next three years. This will enable more support for institutions and initiatives that anchor local communities and are important to the local economy, such as hospitals, universities, and major civic projects supporting issues from economic mobility to affordable housing.
Bank of America is also expanding its Employee Giving program to give its employees more flexibility and choice in the ways they give to the causes they care about most. Employees will have the ability to donate at any time, with the option to match more donations, up to $5,000 each year.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with more than 36 million active users, including nearly 26 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
# # #