CHARLOTTE, N.C., Nov. 1, 2021 /PRNewswire/ -- Today, Bank of
America announced a multi-year, $10
million commitment to Charlotte-based Johnson
C. Smith University (JCSU), one of the leading private
liberal arts Historically Black Colleges and Universities in the
South. Bank of America's pledge to JCSU is part of its $1.25 billion, five-year commitment announced
last year to help advance racial equality and economic opportunity
in local communities.
This commitment to JCSU is the latest in more than $25 million worth of recent contributions
announced by Bank of America to support the Mayor's Racial Equity
Initiative in the Charlotte area,
of which there are four workstreams: investing in JCSU; creating
Corridors of Opportunity, promoting development within the city's
highest areas of poverty and unemployment and the surrounding
communities; closing the digital divide; and increasing
employer commitment to hiring from a racially diverse pool of
candidates.
"Education is a gateway to a better life," said Kieth Cockrell, President of Bank of America
Charlotte. "Our long-term relationship with JCSU has set the
foundation for this critical moment – a collective partnership
among the public and private sectors working to eliminate existing
barriers by providing unique opportunities to JCSU students.
Together, we will grow a strong pipeline of the next generation of
leaders in our area and beyond."
Established in 1867, Johnson C. Smith
University endeavors to provide a multicultural and
transformative experience, which educates, prepares and graduates a
diverse group of talented and highly motivated students who can
communicate effectively, think critically and learn independently
as well as collaboratively. Further, JCSU cultivates an inclusive
environment in which students are equipped to be global citizens
who develop a compelling sense of social and civic responsibility
for leadership and service.
"We are grateful for this very generous gift from Bank of
America, which has been a long-term partner of Johnson C. Smith University," said JCSU President
Clarence D. Armbrister. "Because of strong financial services
institutions like Bank of America, Charlotte is now the nation's second largest
financial services hub. Therefore, it is imperative for JCSU to
have strong academic programs to supply talent to Bank of America
and others in the region in areas such as banking, finance, fintech
and entrepreneurship. This gift will allow us to strengthen and
expand our business department programs and develop graduates who
are prepared for the jobs of the future. The funds will also be
used to drive innovation in the development of entrepreneurs in
their quests to create generational wealth and break through the
limits that have been placed on their move up the ladder of
economic mobility. Thank you, Bank of America, for such a
transformative commitment to the students of JCSU!"
North Carolina is home to 149
colleges and universities and nearly 200,000 Black-owned
businesses, making it a hub for Black students and entrepreneurs.
Despite Charlotte being the
23rd largest metro area in the country, there is still a
need to connect venture capital firms, which are traditionally West
Coast-based, and emerging Black student entrepreneurs, who are
disproportionately located on the East Coast and in the South.
Along with today's announcement, Bank of America's investments
in support of the Mayor's Racial Equity Initiative include:
- Helping to close the digital divide by donating 10,000
Chromebooks for Charlotte-Mecklenburg students to use in their
homes. The Chromebooks are supporting students with their education
and helping their families by providing critical connectivity to
educational tools, job opportunities, online training and other
resources. More than 90% of the households who received devices are
racially and ethnically diverse.
- In addition to 10,000 devices, Bank of America pledged 10,000
volunteer hours to support local students during the current school
year through tutoring, mentoring, and in other ways.
- Supporting a recently created investment firm, Bright Hope
Capital LLC, which is providing dollars and leveraging decades of
executive experience with an eye toward creating wealth and
opportunities for Black- and Hispanic-owned businesses in the
Charlotte region.
- Committing multiple Leaders on Loan to the Charlotte community, a program for bank
executives to help accelerate work at local
organizations. This includes the dedication of one executive
to help in implementing a part of the Mayor's Racial Equity
Initiative.
- Providing $6.5 million in
below-market financing for economic development in the city's
corridors of opportunity.
Other recent Bank of America announcements focused on racial
equality, diversity and inclusion and economic opportunity
include:
- Announced that Bank of America's community development
financial institution (CDFI) loan portfolio surpasses $2 Billion
- Supported local organizations through a $22.1 million investment in 2021 Neighborhood
Builders® and Neighborhood Champions
- Announced the launch of the Bank of America Access to Capital
Directory, a first-of-its-kind platform to educate women
entrepreneurs on funding opportunities, including equity, debt and
grant capital
- Exceeded its five-year goal to hire 10,000 individuals from
low- and moderate-income communities and committed to 10,000
additional LMI hires by 2025
- Committed $1.35 million in
support of mental health initiatives in communities of color
through partnerships with One Mind, RADical Hope and NAMI to mental
health support to youth and young adults with culturally relevant
programs and services
- Committed $4.2 million to expand
tech career opportunities for students of color through an
innovative partnership with Urban
Alliance and NPower
- Surpassed our equity investment goal of $200 million and increased our target to
$350 million to support minority
entrepreneurs
- Helped launch "Financial Literacy for All," a national
initiative to support embedding financial literacy into American
culture as part of our Better Money Habits work
- Committed to Increase US Minimum Hourly Wage to $25 by 2025 and required all U.S. Vendors to pay
$15 per hour or more
- Worked with NACA to expand mortgage program to $15 billion to help low-to-moderate-income
homebuyers in achieving affordable homeownership
- Bank of America Community Development Banking, in partnership
with Enterprise Community Partners, is investing $60 million to support Enterprise's Equitable
Path Forward
- Directed over $22 million to
national and local nonprofits serving people and communities of
color
- In Partnership with Morehouse
College, Spelman College and the
Black Economic Alliance Foundation, the bank announced the Center
for Black Entrepreneurship
- We provided a record $5.87
billion in loans, tax credit equity investments, and other
real estate development solutions through our Community Development
Banking (CDB)
- Tripled our affordable homeownership initiative to $15 billion through 2025, aiming to help more
than 60,000 individuals and families to purchase homes
- Announced Investments in 40 private funds focused on minority
entrepreneurs for approximately $150
Million
Bank of America
At Bank of America (NYSE: BAC), we're
guided by a common purpose to help make financial lives better,
through the power of every connection. We're delivering on this
through responsible growth with a focus on our environmental,
social and governance (ESG) leadership. ESG is embedded across our
eight lines of business and reflects how we help fuel the global
economy, build trust and credibility, and represent a company that
people want to work for, invest in and do business with. It's
demonstrated in the inclusive and supportive workplace we create
for our employees, the responsible products and services we offer
our clients, and the impact we make around the world in helping
local economies thrive. An important part of this work is forming
strong partnerships with nonprofits and advocacy groups, such as
community, consumer and environmental organizations, to bring
together our collective networks and expertise to achieve greater
impact. Connect with us on Twitter (@BofA_News).
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Reporters May Contact:
Mark T. Pipitone, Bank of
America
Phone: 1.980.387.4907
mark.pipitone@bofa.com
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SOURCE Bank of America Corporation