Bank of America has pledged to donate $1 billion over four years to address economic and racial inequality that’s been accelerated by the COVID-19 pandemic.
The financial giant wants to help people and businesses across the country recover from the coronavirus-induced impact. The support is aimed at economic opportunity initiatives that focus on assisting people and communities of color that have experienced a greater impact from the health crisis, the bank said in an announcement today.
Funding will be directed towards programs for health, jobs, small businesses, and housing. That may include virus testing, telemedicine, and other health services, as well as affordable housing and neighborhood revitalization. In addition, partnerships with Historically Black Colleges and Universities (HBCUs) and Hispanic-serving institutions for hiring, research programs, or other areas of mutual opportunity are an area of focus.
“Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic,” Bank of America CEO Brian Moynihan said in a statement. “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.”
The pledge aligns with the company’s commitment to responsible growth for clients, shareholders, employees, and communities, the bank said.
In Dallas-Fort Worth, Bank of America’s local market presidents share the increased commitment to communities of color in North Texas.
Dallas Market President Jennifer Chandler says the announcement builds on the work the bank has been doing to assist communities of color in North Texas. Chandler notes partnerships with Jubilee Park, the African-American Museum of Dallas, the Concilio, and many others.
Chandler says the bank contributed more than $1 million in the last two years to address community and economic challenges in South Dallas. “But, it’s clear that more must be done,” she said in an email. “I look forward to working with our community partners to tackle these needs in our area, and I also pray for healing for our nation during this difficult time.”
In Fort Worth, Market President Mike Pavell says the additional funds are an important step in addressing the economic and racial inequality in the region, “so that, one day, hopefully soon, we all may come back together as Texans and as a nation.”
Pavell adds, “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.”
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