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
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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.
José Tavarez
President, Bank of America New York City
What would you like the power to do?®
Go to bankofamerica.com/metroNY to learn more.
Bank of America, N.A. Member FDIC. Equal Housing Lender © 2021 Bank of America Corporation. All rights reserved.
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