June 2, 2021
- Bank of America commits $25 million to support the launch of a new Smithsonian Institution Initiative. This initiative explores how Americans understand, experience, and confront race and its impact on communities.
- $300 million of Bank of America’s $1.25 billion commitment is directed towards job initiatives, community outreach, initiatives, Minority Depository Institutions (MDI’s) and minority entrepreneurs, businesses, and funds. Read more about this here.
- Bank of America has committed to virus testing, telemedicine, flu vaccination clinics, and other health services, with a special focus on communities of color.
- The company commits to supporting minority-owned small businesses, including clients and vendors.
- Bank of America plans to support career reskilling/upskilling through partnerships with high schools and community colleges.
- The company commits to operating support and investment for affordable housing/neighborhood revitalization, leveraging our nearly $5 billion in Community Development Banking.
- Bank of America plans to further the 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.
Learn more about Bank of America’s commitments to addressing economic and racial inequities here.
- Bank of America routinely discloses their workforce diversity metrics to hold their management team accountable and also to make sure they are delivering on their commitment to increase representation.
- Bank of America reinforces its commitment to diversity by partnering with the below organizations (located in the partnerships section) focused on advancing and driving inclusion in the workplace.
Premiere business, investing and wealth building resource for African-Americans committed to programs and initiatives to develop Black women.
Business In The Community
The largest U.K.-based business-led membership organization dedicated to responsible business, including supporting the creation of a skilled, inclusive workforce today and for the future
Hispanic Association on Corporate Responsibility
An advocacy and leadership development organization designed to advance the inclusion of Hispanics in corporate America.
Institute for Veterans and Military Families
Higher education’s first interdisciplinary academic institute focused on advancing the lives of the nation’s military veterans and their families.
Latino Corporate Director Association
Dedicated to developing, supporting and increasing the number of U.S. Latinos on corporate boards.
National Association of Black Accountants
Dedicated to bridging the opportunity gap for Black professionals in the accounting, finance and related business professions.
Out & Equal
National organization focused on creating a culture of belonging for all through LGBTQ workplace equality.
The Hispanic Promise
Launched in 2019 by the We Are All Human Foundation with the goal of creating a more inclusive work environment for Hispanics.
Women in Finance Charter in the U.K
Launched by the U.K. government in 2016, the Women in Finance Charter aims to improve gender diversity in U.K. financial services.
On May 24, 2021, Bank of America announced a grant to the Sweet Auburn Works (SAW) Retail Accelerator Fund that will provide grants of up to $25,000 per business to local entrepreneurs of color. The grant is part of Bank of America’s $1.25 billion, five-year commitment to advance racial equality and economic opportunity, which includes support to minority entrepreneurs.
SAW is a nonprofit dedicated to the revitalization of the Sweet Auburn Historic District, a two-mile corridor of Auburn Avenue known as “the cradle of civil rights.” The District was the commercial, cultural and spiritual center for Black communities in Atlanta prior to the Civil Rights Movement, housing the city’s first Black-owned office and first Black-owned daily newspaper, and is most commonly known as the birthplace of Dr. Martin Luther King Jr.
Specifically, the Retail Accelerator Fund will provide:
- Critical business improvements, including architectural and design buildouts
- Access to consulting and design professionals to implement forward-thinking retail concepts
- SAW staff to assist with selecting real estate, leveraging city resources, and providing programmatic support
- Networking, mentorships, technical assistance, and education to ensure their businesses remain sustainable throughout their entrepreneurship journey
- Diversification of retail offerings
- The creation of a more vibrant ecosystem throughout the district
Learn more about this partnership here.