Bank of America Awarded $22 Million to Advance Racial Equity

Bank of America has announced grants totaling more than $22 million in support of advancing racial equality and economic opportunities.

A total of $18.35 million was awarded in support of higher education and workforce development, with a focus on efforts to strengthen hiring pipelines and empower students to advance their academic and career opportunities, including a previously announced $10 million grant to Spelman and Morehouse colleges to establish the Center for Black Entrepreneurship. Workforce development awards include $300,000 to GRID Alternatives in support of the SolarCorps Fellowship Program, which enables individuals from diverse backgrounds to be trained and launch careers in the renewable energy field, as well as grants to the Thurgood Marshall College Fund, Posse Foundation, Hispanic Scholarship Fund, and United National Indian Tribal Youth.

In addition, $1.3 million was awarded to assist minority and indigenous entrepreneurs and their small businesses through organizations such as the Latino Business Action Network, Echoing Green, and Our Native American Business Entrepreneurship Network (ONABEN), and $2.55 million was awarded in support of health and emergency needs, such as hunger relief and shelter focused on helping communities recover from the disproportionate impact of the coronavirus including Hispanic-Latino community-based health organizations that are part of the UnidosUS community health affiliate network and the Hispanic Federation.

"Workforce development, job creation, and access to health and housing services are some of the most pressing needs facing Black, Hispanic-Latino, and Native American individuals," said Ebony Thomas, Bank of America's racial equality and economic opportunity executive. "By providing this support alongside our national and local partners, we are further addressing many of the challenges facing under-resourced and underserved communities across the U.S."