As part of a four-year, $1 billion commitment to advance racial equality and economic opportunity in the United States, Bank of America has announced additional details and recipients of a $25 million effort to enhance up-skilling and reskilling for Black and Latinx students.
To that end, the bank will award grants of $1 million to seventeen historically black colleges and universities (HBCUs) and Hispanic-serving institutions (HSIs). Recipients include Baruch College of the City University of New York, Central Piedmont Community College, Delaware State University, Florida A&M University, Florida International University, Florida State College at Jacksonville, Harold Washington College of the City Colleges of Chicago, Los Angeles Trade Technical College, Miami Dade College, Morgan State University, Northern Virginia Community College, Pima Community College, Prairie View A&M University, Riverside City College, St. Louis Community College, Tennessee State University, and the University of Puerto Rico, Río Piedras Campus.
To create higher-paying, family-sustaining jobs, each partner institution will develop or enhance programs to address specific skill gaps in their communities, while Bank of America will work with employers to ensure that those programs target specific hiring needs and help create sustainable career pathways. In addition, BofA will partner with the Aspen Institute and the National Center for Inquiry and Improvement to provide technical and programmatic assistance to participating HBCUs and help them share best practices.
"Career opportunities are a critical pillar in addressing the racial wealth gap in our country," said Bank of America vice chair Anne Finucane. "A meaningful job opportunity goes beyond the paycheck — it is a pathway to reduce student debt, obtain health care and retirement benefits, and, ultimately, build net worth. The collaborative training approach we are taking with this initiative will not only impact the lives of Black and Hispanic-Latino students but will enable them to make real and meaningful impact in their communities now and in the years ahead."