Bank of America has upped the ante.
We previously told you that the mega-bank set up a $300 million investment fund for Black businesses and banks in an effort to increase racial equality efforts.
Then, the bank announced that they made a four-year, $1 billion commitment to racial equality efforts.
Now, according to Business Wire, Bank of America has increased that commitment to $1.25 billion.
“The urgency we feel to address long-standing issues of inclusion and racial inequality has only increased following the attacks and hate speech directed at Asian people over the last year,” said Bank of America Chairman and CEO Brian Moynihan in the press release announcement. “Across the public and private sectors, it is clear that we must do more – to take action, help others convene, and serve as a catalyst for a broad-based, collective response to the critical issues affecting our nation.”
The additional funds that were announced today will be used for racial justice and equality efforts. To date, the $350 million that the bank has spent has gone toward health, jobs/reskilling, affordable housing, and small business. Notably, too, Bank of America has partnerships with 21 higher education institutions and major employers to enhance up-skilling and re-skilling for Black and Hispanic-Latino students.