One of our nation’s most enduring challenges is racial equality and economic opportunity. At Bank of America, we’re committed to addressing the root causes of inequality through a company-wide commitment to advancing racial equality and economic opportunity across diverse communities. It’s critical to how we drive Responsible Growth by delivering for our teammates, clients and shareholders and addressing society’s biggest challenges.
Advancing racial equality & economic opportunity
We have worked broadly in these areas for many years. Internally, this is core to being a great place to work, hiring and recruiting diverse talent to ensure strong representation in our workforce, and aligned policies and accountabilities. Externally, this is core to our client-driven approach, delivering products and services that meet the diverse needs of our clients, and investing our resources to support our communities and the issues affecting them.
Driving change for good
We know that as a bank, we can empower people in their personal and professional lives. We are focused on eliminating the drivers of inequality in diverse communities. We are doing this by building upon our existing efforts and leveraging our strengths: creating more affordable housing and expanding home ownership, increasing lending and support to minority-owned small businesses, championing job training and career readiness and addressing health disparities like access to care.
Jobs and career training
Access to a quality education and skills training are critical to competing for better jobs. As part of our commitment to advance racial equality and economic opportunity, we’ve invested $25 million to advance reskilling and upskilling of diverse students through partnerships with employers and 21 historically Black colleges and universities, Hispanic-serving institutions and community colleges. These partnerships ensure that coursework directly prepares students for speciﬁc hiring needs. By addressing skill gaps, these institutions will boost students of color toward higher-paying, family-sustaining jobs.
Expanding homeownership and affordable housing
Access to affordable housing and the ability to purchase a home are foundational to economic prosperity and the building of generational wealth. Our $15 billion Community Homeownership Commitment offers grants to help homebuyers make a down payment and pay closing costs on a home purchase. The program also provides low down payment, fixed-rate loans to new homebuyers. Through this work, we’ve helped over 30,000 individuals and families purchase a home through affordable loans. This is just a start, our goal is to enable 60,000 individuals and families to purchase a home by 2025.
We are also accelerating investments in affordable rental housing developments in communities of color, making early equity and debt investments of close to $5 billion per year to develop affordable housing units.
Decades of limited access to financial resources have left entrepreneurs across diverse communities with fewer opportunities to start a business. Addressing this gap requires significant change. That’s why we’re investing $350 million in funds that back minority- and women-led companies through capital investment by mission focused venture funds. These funds help owners establish and grow their businesses, create jobs and improve financial stability in local communities across the country. They also connect business owners to new groups of potential advisors and mentors, and new customers and investors, that ultimately help their businesses thrive. We expect our growing portfolio of funds to invest in 2,000+ minority- and women-led companies over the next five years.
Access to healthcare
When communities have greater access to healthcare, they also see lower unemployment rates and higher incomes. That’s why we’ve had a longstanding focus on basic needs addressing the economic and social conditions that influence an individual’s health. This includes local giving across 93 markets, a partnership with CVS Health to deliver free flu vaccine vouchers to underserved communities, work with Feeding America and local food banks, and supporting mental health initiatives for young people of color. Now, in collaboration with the American Heart Association, the American Diabetes Association, the American Cancer Society and the University of Michigan School of Public Health, we’ve launched a new signature initiative to advance health and wellness for under-resourced communities.
Our investments are helping to tackle the drivers of economic inequality in communities of color. We know these efforts are not enough to end the racial inequality that still impacts our communities today. But together, through partnerships that bring together leaders from business, government, and the nonprofit and academic worlds, we can continue to drive progress and create more opportunity for diverse people and communities.
of our $1.25 billion commitment to advance racial equality and economic mobility invested across health, jobs, affordable housing and small business focus areas.
committed to 100+ private equity firms to invest in minority and women entrepreneurs, with potential to reach more than 2000 minority-owned businesses.
committed to 22 minority deposit institutions (MDI) and community development financial institutions (CDFI) banks supporting minority-owned businesses.
across higher education institutions focused on skills training and employer upskilling for Black and Hispanic students.
of our formal Supplier Diversity & Responsible Sourcing Program, which supports diverse-owned suppliers — and we spend close to $2 billion with diverse suppliers each year.
women entrepreneurs (90% of whom identify as women of color) enrolled in Bank of America Institute for Women's Entrepreneurship at Cornell.
commitment to help more than 60,000 individuals and families purchase affordable homes.
to increase access and career opportunities for Black, Indigenous, and People of Color (BIPOC) affordable housing developers.
grant to support the Center for Black Entrepreneurship, in partnership with Spelman and Morehouse colleges and the Black Economic Alliance.
two Equality Progress Sustainability Bonds. The use of proceeds from these bond offerings are designed to advance racial and gender equality, economic opportunity and environmental sustainability.
Delivering for Clients and Employees
We provide access to a wide range of products and services that are designed to meet the different needs of our diverse client base, including low-to-moderate income communities and clients looking to invest in responsible companies. As an employer, we continue to foster a diverse and inclusive environment for our associates and their families, and work constantly to expand our talent pool and work with diverse suppliers.
Our ongoing commitment
We view this work as key to our role in society. It’s fundamental to how we run our company, support our teammates and deliver for clients. We firmly believe that as a financial institution it is our responsibility and part of our daily course of business to help to make financial lives better and improve the fabric of America.