Bank of America Makes $1 Billion Commitment to Support Racial and Economic Inequality

Bank of America has announced that it is introducing a $1 billion four-year commitment of additional support to help local communities address economic and racial inequality that has been caused by the coronavirus global pandemic. The programs will be focused on assisting people and communities of color that have been gravely affected by the health crisis.

Today we are announcing a $1 billion / 4-year commitment to support economic opportunity initiatives to combat racial inequality accelerated by the global pandemic. Read more: https://t.co/Xrl4W8KRsM pic.twitter.com/N33u01fnNk

— Bank of America News (@BofA_News) June 2, 2020

“Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic,” said CEO Brian Moynihan said in a written statement. “The events of the past week have created a sense of true urgency that has arisen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live. We all need to do more.”

According to the press release, the areas of focus will be health, jobs and training, support to small businesses, and housing.

“The programs will be executed through the company’s 90 local U.S. market presidents and non-U.S. country executives to help develop the opportunities to execute on these commitments in areas that include:

• Virus testing, telemedicine, flu vaccination clinics, and other health services, with a special focus on communities of color.
• Partnerships with historically black colleges and universities and Hispanic-serving institutions in the United States for hiring, research programs, and other areas of mutual opportunity.
• Support to minority-owned small businesses, including clients and vendors.
• Career reskilling/upskilling through partnerships with high schools and community colleges.
• Operating support and investment for affordable housing/neighborhood revitalization, leveraging our nearly $5 billion in Community Development Banking.
• Further recruitment and retention of teammates in low-to-moderate-income and disadvantaged communities to build on work the company has already done to serve clients locally.”

The work from Bank of America builds on steps the company has already taken, which includes an additional $100 million to support its nonprofit partners across its communities. Reports state that $250 million will assist with lending to the small and minority-owned businesses through its support of community development financial and minority depository institutions.