Bank of America is committed to improving financial lives and addressing economic mobility and social progress within the community. Through their Responsible Growth initiative, they align their resources to drive meaningful and sustainable progress. This includes financing, client products and services, philanthropy, and the management of their own activities.
Partnerships with nonprofit organizations are a key component of Bank of America’s work. These partnerships focus on issues that are fundamental to economic mobility in low- and moderate-income communities. The goal is to improve the lives of individuals and families by investing in health, jobs, and strengthening community vitality. This includes addressing needs related to small business resiliency and community development.
Bank of America’s efforts in economic mobility are centered around three main areas: affordable housing, neighborhood revitalization, and small business resiliency.
Access to safe and affordable housing is crucial for overall well-being, education, and future employment opportunities. Bank of America supports organizations that work to preserve and increase access to affordable housing options. They also provide essential assistance to those at risk of eviction, foreclosure, or homelessness. Examples of their support include housing development for vulnerable populations, minority homeownership programs, and financial education for stable housing or homeownership.
Neighborhood Revitalization:Vibrant communities are essential for individuals to thrive and succeed. Bank of America supports local and regional revitalization efforts that focus on building inclusive communities and creating economic opportunities. This includes initiatives such as transit-oriented development, community arts and cultural institutions, and efforts to promote healthy commercial corridors. They also support resiliency plans to prepare for extreme weather events and the long-term impacts of climate change.
Small Business Resiliency:Small businesses play a vital role in driving economic mobility and generational wealth. Bank of America supports nonprofits that assist under-resourced entrepreneurs, including women and minority business owners. They provide technical assistance, access to capital, and support for incubators and accelerators that help entrepreneurs launch, fund, and grow their businesses. They also focus on building the operational capacity of Community Development Financial Institutions (CDFIs) that provide essential growth capital to entrepreneurs.
Bank of America’s Charitable Foundation is currently accepting applications for funding in the areas of affordable housing, small business, and neighborhood revitalization. The application period is from May 27, 2024, to June 21, 2024.
To learn more about Bank of America’s charitable foundation and their impact, visit their website: https://about.bankofamerica.com/en/making-an-impact/charitable-foundation-funding