Bank of America Allocates $300 Million Towards Racial Equality Effort, Black Businesses and Black Banks
A Bank of America branch in Las Vegas (Image: iStock.com/LPETTET) Black businesses and Black banks will get a hefty share of funds tied to Bank of America’s massive pledge to advance racial equality and economic opportunity.
The nation’s second-largest bank just announced its initial progress by directing $300 million to four key areas: $200 million to minority entrepreneurs, businesses, and funds; $50 million to minority depository institutions ; $25 million in support of jobs initiative; and $25 million in support of community outreach and Initiatives. The first outlay is linked to the Charlotte, N.C.-based banking powerhouse’s June promise to commit $1 billion over four years to support racial equality.
“These initial investments will address access to jobs and support for small businesses by creating more pathways to employment in communities of color and more support for minority entrepreneurs,” Brian Moynihan, CEO of Bank of America, said in a news release.
Some $200 million will be allocated to direct equity investments in minority entrepreneurs, businesses, and funds over four years. That consists of direct equity investments in Black- and Hispanic-owned businesses to help supply growth capital and invest heavily in programs to create future entrepreneurs. The bank expects to make more announcements in […]
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