Bank of America has announced the local impact of a commitment it made in 2021 to advance racial equality and economic opportunity over five years.
The company reports that it invested more than $6.7 million in nonprofits across North Texas in 2021 – representing a nearly double increase in giving over the previous year.
Bank of America is placing a particular focus on closing the equity and wealth gaps in communities of color and other disadvantaged populations disproportionately impacted by the prolonged pandemic. The bank’s local giving in 2021 was directed to alleviate challenges related to homelessness, food insecurity, access to healthcare, small business, jobs training and education, which were exacerbated by Covid-19.
Investments included:
- Funding support for the construction of Parkland Health & Hospital System’s RedBird Health Center to provide South Dallas residents with access to vital health services.
- Helping to build thriving communities through the Metro Dallas Homeless Alliance’s Dallas R.E.A.L. Time Rapid Rehousing initiative to house more than 2,700 people and families experiencing homelessness over the next two years.
- Supporting the continuation of the B.U.I.L.D. Collaborative’s Small Business Grant Program, shepherded by The DEC Network, to provide economic relief to small businesses navigating the pandemic.
In addition to philanthropic capital, the company also provided thousands of PPE supplies, and Bank of America employees across the metroplex have contributed more than 95,000 volunteer hours in 2021.
“While the pandemic has taken a toll on us all, there’s no doubt it has had a disproportionate impact on the communities already grappling with the effects of economic and social inequality. The private sector has a responsibility to provide support that can serve as a catalyst to help advance equity and economic opportunity for everyone,” said Jennifer Chandler, president, Bank of America Dallas.
As an essential business, Bank of America also invested in the health and economic stability of its own teammates this year by raising its minimum hourly pay to $21 as a next step in the company’s plans to increase hourly pay to $25 by 2025.
