Grant Funding to Power Programs That Increase
Diversity and Representation in the Construction of the Obama
Presidential Center
CHICAGO, May 17, 2023
/PRNewswire/ -- Bank of America today announced it has awarded a
$3 million grant to the Obama
Foundation to support its workforce development and community
support initiatives, both of which are tied closely to the
forthcoming Obama Presidential Center on Chicago's South Side.
Funding from Bank of America, to be delivered over three years,
is already at work supporting the Foundation's ambitious workforce
development goals, which include eliminating barriers to entry and
creating opportunities for diverse individuals and firms to
participate in the construction of the iconic Obama Presidential
Center. To support these objectives, the Foundation convened a
group of industry-leading firms—the We Can Build It Consortium—to
guide its efforts to recruit, engage, train, and retain talented
individuals while proactively addressing the barriers that
historically have prevented women and minorities from entering the
building trades.
With funding from BofA, the Consortium has surpassed many of the
placement and community engagement goals it set forth at its launch
two years ago, including ensuring that 50 percent of the Center's
construction workforce hours are performed by Chicago residents. The group actively trains
women and minorities to apply for and get sponsored into
construction trades positions such as plumbers, carpenters, and
laborers. These career tracks have substantial growth and earning
potential while also providing the means of creating
multi-generational wealth. Each partner brings its own unique core
competency to the Consortium, from providing supportive resources
to targeted outreach and case management, to ensuring the Center's
workforce is reflective of the diversity of Chicago's South and West Side communities.
Ultimately, the candidates trained through this program will have
the opportunity to work on building projects across Chicago, creating meaningful career
opportunities for generations to come.
"For the past two years, the Obama Foundation's workforce
initiative has opened doors for Chicago residents to long-term career
opportunities in the construction trades that previously were
inaccessible, particularly for individuals in our most vulnerable
communities," said Rita Cook,
President, Bank of America Chicago. "The Obama Foundation set out
on an ambitious mission to ensure the Obama Presidential Center was
a community treasure that worked with and for the community at
every stage, and the results speak for themselves. Bank of America
is honored to support this important collaboration that will become
part of the fabric of Chicago."
In addition to the workforce development programs already making
an impact across Chicago, Bank of
America's grant will support the expansion of the Obama
Foundation's My Brother's Keeper Alliance, which works to increase
opportunity and improve outcomes for boys and young men of color in
communities throughout the country, including Chicago.
"It gives me a great sense of pride to see the Obama
Presidential Center start to rise from the ground knowing that our
workforce initiative has made it possible for our neighbors across
Chicago's South and West Sides to
leave their mark on this historic monument. Our partnership with
Bank of America, an institution with deep ties and commitments to
like-minded non-profits across the city, makes it possible for us
to expand on our current workforce goals and to continue to
challenge the status quo — creating opportunity for generations to
come," said Obama Foundation CEO Valerie
Jarrett.
For more information about Bank of America's support for
Chicago-area nonprofit
organizations, please visit us at
https://about.bankofamerica.com/en/local/chicago.
Bank of America
Bank of America is one of the
world's leading financial institutions, serving individual
consumers, small and middle-market businesses and large
corporations with a full range of banking, investing, asset
management and other financial and risk management products and
services. The company provides unmatched convenience in
the United States, serving
approximately 68 million consumer and small business clients with
approximately 3,900 retail financial centers, approximately 15,000
ATMs and award-winning digital banking with approximately 56
million verified digital users. Bank of America is a global leader
in wealth management, corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million
small business households through a suite of innovative,
easy-to-use online products and services. The company serves
clients through operations across the
United States, its territories and more than 35 countries.
Bank of America Corporation stock (NYSE: BAC) is listed on the New
York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
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About The Obama Foundation
The Obama Foundation
is a non-profit 501(c)(3) organization with a mission to inspire,
empower, and connect people to change their world. That mission
begins on the South Side of Chicago, where the Foundation is
building the Obama Presidential Center. The Obama Presidential
Center represents a historic opportunity for Chicago: a chance to
build a world-class museum and public gathering space that
celebrates our nation's first African American President and First
Lady, steps away from where he began his career, where she was
raised, and where—together—they made their home. Not only will the
Center generate billions of dollars of economic opportunity and
help reconnect and revitalize Jackson Park, it will also serve as a
reminder to young visitors—from around the city and from around the
world—that their potential is limitless.
Reporters May Contact:
Diane Wagner, Bank of America
Phone: 1.312.992.2370
diane.wagner@bofa.com
Courtney Williams, Obama
Foundation
press@obama.org
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SOURCE Bank of America Corporation