Bank of America : Directs $300 Million of $1 Billion Commitment to Advance Racial Equality and Economic Opportunity

By Michael Dabaie

Bank of America said it is directing $300 million of its $1 billion commitment to advance racial equality and economic opportunity to four key areas across 91 U.S. markets and globally.

The company in June said it is making a $1 billion, four-year commitment of additional support to help local communities address economic and racial inequality accelerated by a global pandemic.

Bank of America said Tuesday that it is directing $25 million in support of jobs initiatives in Black and Hispanic/Latino communities, $25 million in support of community outreach and initiatives, $50 million in direct equity investments to Minority Depository Institutions, and $200 million of proprietary equity investments in minority entrepreneurs, businesses and funds.

"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," Chief Executive Brian Moynihan said.

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