Bank of America pledges $1 billion for economic opportunity programs

Bank of America pledges $1 billion for economic opportunity programs

In response to the COVID-19 pandemic and the protests against racial injustice that have erupted across the country, Bank of America has announced a four-year, $1 billion commitment in support of economic opportunity initiatives.

With the goal of helping local communities address economic and racial inequalities exacerbated by the coronavirus, efforts will be targeted to people and communities of color disproportionately impacted by the crisis, with a focus on health; job training, reskilling, and upskilling; support for small businesses; and housing.

To that end, the investments will support virus testing, telemedicine, flu vaccination clinics, and other health services; partnerships with historically black colleges and universities (HBCUs) and Latinx-serving institutions; minority-owned small businesses, including clients and vendors; career reskilling and upskilling through partnerships with high schools and community colleges; affordable housing and neighborhood revitalization; and recruitment and retention of employees in disadvantaged and low- to moderate-income communities. 

"Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic," said Bank of America CEO Brian Moynihan. "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."