Philanthropic grants and other contributions help address workforce development, affordable housing, and small businesses
As part of its longstanding commitment to supporting economic opportunity in local communities, Bank of America has invested $1.5 million across the Inland Empire this year to more than 45 organizations through philanthropic grants and sponsorships to the region’s nonprofits. The support helps nonprofits remove the barriers to economic mobility, with most bank funding directed for workforce development, small business support and affordable housing.
Investments focused on building pathways to employment through workforce development programs included Grid Alternatives to support its Clean Tech Training Center in Riverside to train clean energy workers in solar installation, and Think Together to expand its Workforce Readiness Education Program to Desert Hot Springs High School in the Palm Springs Unified School District. Grants also went to support access to in-demand career pathways with San Bernardino Valley College and College of the Desert.
In addition, the bank invested into small business organizations, such as Asociacion de Emprendedor@s to expand its in-language entrepreneur programs to the rural areas of Adelanto and Coachella Valley, and to organizations which help increase access to capital and resources for small business owners such as First Community Capital and Microenterprise Collaboration of Inland Southern California. As the nation’s number one small business and SBA lender, Bank of America currently also has nearly $490 million in credit extended to small businesses across the Inland Empire.
Bank of America also invested in affordable housing programs with organizations such as Neighborhood Partnership Housing Services (NPHS) who received a grant to support its Sustainable Housing Project to help create and preserve homeownership for low-to-moderate income families throughout Riverside and San Bernardino and with Habitat for Humanity across the region.
“Inland Empire’s nonprofits know firsthand the needs and obstacles our communities face. Bank of America proudly helps nonprofits to develop the solutions and services needed to promote economic opportunity,” said Bansree Parikh, president, Bank of America Inland Empire. “Bank of America will continue to deploy capital and resources to help create real impact in the lives of the people living in the Inland Empire.”
Finally, employee volunteerism continues to be an important and valuable contribution to local nonprofits, with Inland Empire employees logging nearly 22,000 volunteer hours in 2023 to local causes, ranging from assisting with food and clothing distribution, donating hygiene products to underserved communities, and providing free financial education workshops in English and Spanish as part of the bank’s Better Money Habits program.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
