PROVIDENCE – Bank of America Corp. recently announced $250 million more in funding for racial equity and economic opportunity over the next four years, including a $1 million immediate investment to support the Asian American community, according to a news release.
The additional funding expands upon the previous announcement last summer dedicating $1 billion to efforts to address racial equality and opportunity, investing in workforce development, health care, social justice and housing. As of March 30, the company has spent $350 million of that, the release stated.
The added $250 million will include efforts to address racial justice and equity for people of Asian descent based on recent attacks and increasing hate speech and discrimination against this group over the last year.
The bank has immediately committed $1 million of its additional investment to “increased advocacy, dialogue and engagement” with the Asian American community, including a grant to the Asian Americans Advancing Justice group and matching employee donations to three national nonprofits that support the Asian American community.
The bank also named Connie Chung Joe, CEO of Asian Americans Advancing Justice, to its National Community Advisory Council.
The $350 million invested in racial equity initiatives since July includes:
- Equity capital investments for 12 minority depository institutions and community-development financial institutions.
- Total investment of $188 million in 61 private equity funds focused on supporting minority and women entrepreneurs.
- More than $22 million in grants to nonprofits that support workforce development, entrepreneurship, health and emergency needs.
- More than $13 million committed to Native American communities.
- Partnerships with 21 higher education institutions and major employers to enhance job skills training for Black and Latino students.
- Distribution of 24 million masks to underserved communities across the country.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
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