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Advancing racial equality and economic opportunity
Now as always, our commitment to help strengthen the communities we serve is unwavering. We’re partnering with local leaders and organizations to advance racial equality and economic opportunity, support diverse and women entrepreneurs, build job skills and create opportunities to help people succeed in today’s and tomorrow’s economy. We’re investing in benefits and resources for our employees who serve our clients in their communities. And we’re doing our part to protect our planet.
Our presence in more than 90 local markets helps us make a difference across the country.
local spotlight
We're committed to supporting our employees' health and safety and to addressing our local communities' most critical needs. That's why we've donated to local hunger-relief organizations on behalf of each employee who received a COVID-19 vaccine or booster and/or a flu shot.* In addition, employees are doubling the impact of their personal donations to fight hunger with our matching gifts program.
Nationally, the bank has committed more than $8 million to food banks and hunger relief organizations through this effort. We're proud to be able to help our community as we work together to move forward.
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Advancing racial equality and economic opportunity
Learn more about our commitment to strengthen communities.
We know we must do more to address the very real consequences of racism that exist in society today. The impact on communities across the country is clear.
To drive progress, we’ve committed to invest $1.25 billion over five years to advance racial equality and economic opportunity, building on work we’ve had underway for many years. Our actions will help address critical issues and long-term gaps, including skills and job readiness, medical capacity and access, small business support, and affordable housing.
We’re continuing to invest in our local communities to help create jobs and fuel economic opportunity. That’s why we’re partnering with local organizations and other companies to help people get the skills they need and build a growing pipeline of talent for jobs of the future.
Our efforts include our recent $25 million investment in 21 higher education institutions including community colleges, historically Black colleges and universities and Hispanic-serving institutions. Combined with an increased commitment to hiring by major employers, that means more opportunities for more members of our community.
More than 99% of the businesses in the United States employ fewer than 500 people, and historically, these small firms have created two-thirds of America’s net new jobs.
As of May 2021, we’ve provided more than $34 billion in support by funding small business client loans through the Paycheck Protection Program. We’re also providing up to $250 million in capital to Community Development Financial Institution (CDFI) loan funds and CDFI- and minority-owned banks to extend assistance to more small businesses.
Throughout our communities, we see families, neighbors, businesses and teammates working together more than ever. To help, we’ve added $100 million to our ongoing support to organizations addressing critical needs. The funds will help increase medical response capacity, focus on vulnerable populations and help address food insecurity.
*Donations in each market reflect $50 per employee who recorded their booster, $50 per employee who received their flu shot, and an additional company contribution. Vaccination boosters and vaccination reporting are voluntary.