Today, one third of our financial centers are in LMI areas where we continue to connect our clients and communities to the tailored resources, jobs, capital and partners they need to succeed. Their success contributes our neighborhoods growing stronger as a whole.
Connecting communities to improve financial lives and strengthen neighborhoods
We’ve been serving individuals and families in low- and moderate-income (LMI) communities since we were founded.
Every day, our work begins with a question, to our clients, neighbors, co-workers and partners: what would you like the power to do? Whether that’s own a home, start a business, build savings and credit, secure a job or make a difference in the community, we’re helping connect our communities with what they need to achieve their goals.
Creating a Place to Call Home
Like many cities across the country, Jersey City is experiencing a rapid revitalization but, at the same time, not all residents have safe and affordable places to live.
Through the construction of affordable housing options like the Dr. Lena Frances Edwards Apartments, local residents – like Taylor Allen and her daughter – have found both security and opportunity in a new home.
At Bank of America, we know that affordable housing provides more than just four walls for its residents – it offers safety, stability and ongoing support to foster the long-term success of a community. We finance and support projects like the Dr. Lena Frances Edwards Apartments in Jersey City and nationwide – through capital, support services and other resources. Whether it’s providing lending or equity investment, Better Money Habits® workshops or one-on-one financial guidance for residents, we help our community and partners access the resources, tools and opportunities they need to grow in an inclusive way.
A Home Run for Financial Education
Since 2015, Bank of America has partnered with the Los Angeles Dodgers Foundation™ (LADF) around a shared goal to foster financial know-how for underserved residents in the greater Los Angeles area.
Together, we host workshops that connect families to our free Better Money Habits® financial education resources on topics that matter most to them. Families come to learn more about topics like budgeting, credit, and saving for college– while enjoying time spent with fellow Dodgers fans. The foundation and our Better Money Habits Volunteer Champions gathered, for example, in East LA near the Bank of America Community financial center in Boyle Heights to share financial tips and lessons with residents in both English and Spanish.
The sessions are high-energy, and it’s having an impact: more than ninety percent of participants say they leave with greater confidence about their financial futures.
Read about the other ways we’re helping L.A. residents feel more confident about their financial futures.
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Realizing an American Dream
Johnson Bam moved to the United States with his wife and children from Ghana six years ago, and the family soon outgrew their Chicago rental apartment. With three kids, he wondered if he could become a homeowner in their new country. Johnson set out to learn everything he could about the home-buying process. Using Better Money Habits® financial educational resources – which are offered online and through nonprofit partners like Neighborhood Housing Services of Chicago – Johnson was able to budget and save up for a down payment and, once a homeowner, manage his new expenses. Through the additional support of his loan officer, who guided him through the process, the Bam family now has a place to call their own. Read about the other ways we're helping make financial lives better in Chicago.
Bank of the Future in Boston
From the art on the walls, to the staﬀ at the centers, our Community ﬁnancial centers are reﬂective of the local communities we serve. Inside the Dudley Square Community ﬁnancial center in Roxbury, you’ll ﬁnd artwork by a local artist, as well as framed drawings from students at the Dudley Street Neighborhood Charter School. Both in Dudley Square and at our Codman Square Community ﬁnancial center in Dorchester, we have bilingual staﬀ who receive tailored training on products and services to best address the speciﬁc needs of our neighbors.
These Community ﬁnancial centers are also technology hubs for clients. During the summer months in our Boston ﬁnancial centers, you may be greeted by a teenage “Digital Ambassador” intern from our partnership with Boston Public Schools & the Private Industry Council – just one way that we’re helping local youth gain work experience and mentoring.
We also share free Better Money Habits® ﬁnancial education resources both in workshops at our centers and out in the community through local nonproﬁt organizations, including Boston-based partners Sociedad Latina and Inquilinos Boricuas en Acción.
Through this approach, our ﬁnancial centers reﬂect and support our local communities and connect people to the resources they need to improve their financial lives.
Read about additional ways we are supporting the Boston community.