![]() $1 Billion, four-year commitment to support economic opportunity initiatives.Smithsonian announces “Race, Community and Our Shared Future” initiative, Bank of America commits $25 million.Partnership with iHeartMedia to bring first-of-its-kind national audio news service to the Black community.Committing $100,000 to Athena Alliance to support underrepresented women.Expanding support of Boys & Girls Clubs of America with $1 million grant to support educational programs.Increasing representation of diverse asset managers across the industry.Top Global Bank on Fortune "Change the World" List.Universal ESG Reporting International Business Council of World Economic Forum.$2 billion Equality Progress Sustainability Bond.Ten Completed Equity Investments in Minority Depository Institutions and Community Development Financial Institution Banks.21 Higher Education Institutions receive $1 Million Each as Part of $25 Million Jobs Initiative.Joined CVS Health to Fund and Deliver Free Flu Vaccine Vouchers.Directed More Than $13 Million to Native American Communities Hardest Hit by the Coronavirus in 2020.Recent Bank of America announcements focused on racial equality, diversity and inclusion and economic opportunity include: The company also operates a $1.6 billion CDFI portfolio with 255 partner CDFIs across all 50 states, providing access to capital to thousands of individuals and small businesses who do not qualify through traditional lenders. These equity investments are in addition to approximately $100 million in deposits from Bank of America in MDIs. (parent company of Citizens Savings Bank and Trust) Today the company also announced investments in two additional MDIs, bringing the total to 12: As part of these equity investments Bank of America will acquire up to 4.9% of common equity in MDIs and CDFI Banks facilitating benefits in the communities that these institutions serve through lending, housing, neighborhood revitalization, and other banking services. Investing in Minority Depository InstitutionsĪs part of its $1 billion commitment, Bank of America dedicated $50 million to support minority depository institutions (MDIs) and community development financial institution (CDFI) banks. This commitment is focused on addressing and advancing social issues in minority populations, such as health, jobs, education, housing and capital inequality, and will facilitate benefits across multiple states and communities. These investments are one component of Bank of America’s $1 billion commitment to racial equality and economic opportunity. The completion of these investments is subject to execution of documentation. Zeal Capital Partners – Washington, D.C.Serena Ventures - San Francisco, Calif.New Community Transformation Fund – Grand Rapids, Mich.Representative funds include but are not limited to: In addition to their focus on investing in minority-led businesses, these funds are predominately led by diverse fund managers. and will drive innovation and economic opportunities, creating more jobs and wealth in communities.” “These funds support diverse entrepreneurs across the U.S. “By accelerating the flow of capital into funds focused on investing in Black, Hispanic-Latino, other under-represented minority and women-led businesses, we can help level the playing field,” said Brian Moynihan, CEO of Bank of America. These investments will underscore Bank of America’s ongoing efforts to address the persistent gap in access to growth capital for minority-led businesses. Today, Bank of America announced it will invest approximately $150 million in 40 funds, based in 21 markets across the U.S. On June 2, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity, of which $200 million was allocated to support Black, Hispanic-Latino, other under-represented minority and women entrepreneurs.
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