Stepping up when it matters most
Last year , we committed $ 1.25 billion over five years to build on our long-standing work in support of driving racial equality and economic opportunity . To date , we ’ ve directly funded or invested nearly $ 400 million of this commitment , in addition to other ways we continue to make an impact in our communities .
Our actions include :
• $ 36 million to 21 Minority Deposit Institutions ( MDIs ) and Community Development Financial Institution ( CDFI ) banks that support minority-owned businesses . This is in addition to our approximately $ 100 million in deposits to MDIs and our existing $ 1.8 billion CDFI portfolio .
• $ 300 million to 100 equity funds to provide capital to diverse entrepreneurs and small business owners
• $ 10 million grant to fund the Center for Black Entrepreneurship ( CBE ), in partnership with Spelman and Morehouse colleges
• $ 25 million to 21 Historically Black Colleges and Universities ( HBCUs ), Hispanic-serving institutions ( HSIs ) and community colleges in support of job skilling and placement
• Establishing new partnerships and coalitions focused on building skills and creating job opportunities for people of color
• $ 60 million to increase access to capital and career opportunities for Black , Indigenous and People of Color ( BIPOC ) affordable housing developers
• 33 million + masks , more than 272,000 bottles of hand sanitizer and 8 million gloves to communities in need
• $ 1.35 million in grants to support mental health initiatives for young people of color
• $ 25 million founding partnership in the Smithsonian ’ s new initiative on race , Our Shared Future : Reckoning with Our Racial Past
These are just some examples of how we ’ re working with community partners , business leaders , experts and academics across the public and private sectors to continue to drive progress .
At Bank of America , we call this a nice start .
Alberto Garofalo President , Bank of America New Jersey
What would you like the power to do ? ® Go to bankofamerica . com / newjersey to learn more .
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