As part of its commitment to strengthening communities by addressing critical needs that help advance racial equality and economic opportunity, Bank of America has awarded more than $18 million to 75 local nonprofits across Atlanta this year.
With a particular focus on closing the equity and wealth gaps in communities of color and other disadvantaged populations disproportionately impacted by the prolonged pandemic, Bank of America’s local giving this year was directed to alleviate the impacts of health care, workforce development and affordable housing that were exacerbated by the pandemic.
In 2021 Bank of America contributed $19.2 million to 109 organizations across the state of Georgia to provide resources to vulnerable and underserved communities and support small business owners. The company’s philanthropic capital, which is more than double the bank’s giving in 2020, provided a Leader on Loan for Grove Park Foundation, worked with Sweet Auburn Works Retail Accelerator Fund to help Atlanta entrepreneurs of color and partnered with Morehouse College and Spelman College on theCenter for Black Entrepreneurship. Additionally, the company worked with Urban Health and Wellnessfunding free flu shots to address health disparities in Atlanta.
“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,” said Al McRae, president, Bank of America Atlanta. “The private sector has a responsibility to provide support that can serve as a catalyst to help advance equity and economic opportunity for everyone.”
Bank of America also invested in its 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.