Bank of America announced today that 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.
The programs will focus on assisting people and communities of color that have experienced a more significant impact from the health crisis.
“Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic,” said CEO Brian Moynihan. “The events of the past week have created a sense of true urgency that has arisen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live. We all need to do more.”
Dallas Market President Jennifer Chandler said today’s announcement builds on the work Bank of America does to assist communities of color in North Texas, such as partnerships with Jubilee Park, the African American Museum of Dallas, and the Concilio.
The billion-dollar pledge is in addition to the $100 million the financial institution has given to support its nonprofit partners across its communities and the $250 million given to assist with lending to the smallest and minority-owned businesses through its support to community development finance and minority depository institutions.
The North Carolina-based company is sharpening its focus to accelerate resources with an emphasis on health services during the pandemic.
Areas of focus will be health, employment training, small business support, and housing.
“Like many of you, we have struggled with a sense of helplessness over the pain and frustration erupting across our country, and how to best contribute to the healing in the North Texas communities where we work and live,” said Mike Pavell, Fort Worth market president for Bank of America.
“The additional funds that Bank of America is committing is an important step in addressing the economic and racial inequality in our area so that one day hopefully soon we all may come back together as Texans and as a nation.”