Johnson C. Smith University (JCSU) will soon get a huge gift on behalf of Bank of America.

According to a press release, the banking institution has pledged $10 million to what is considered one of the leading private liberal arts Historically Black Colleges and Universities (HBCUs) in the South. The funds are a part of Bank of America’s Mayor’s Racial Equity Initiative in the Charlotte, NC region. It includes the company’s larger, $1.25 billion, five-year commitment to create more economic opportunities and push the advancement of racial equality within local communities.

“Education is a gateway to a better life,” said Kieth Cockrell, President of Bank of America Charlotte in an official statement. “Our long-term relationship with JCSU has set the foundation for this critical moment – a collective partnership among the public and private sectors working to eliminate existing barriers by providing unique opportunities to JCSU students. Together, we will grow a strong pipeline of the next generation of leaders in our area and beyond.”

For decades, JCSU has created an inclusive environment where students walk away with the skills and resources necessary to take on the world as effective leaders.

“We are grateful for this very generous gift from Bank of America, which has been a long-term partner of Johnson C. Smith University,” said JCSU President Clarence D. Armbrister. “Because of strong financial services institutions like Bank of America, Charlotte is now the nation’s second-largest financial services hub. Therefore, it is imperative for JCSU to have strong academic programs to supply talent to Bank of America and others in the region in areas such as banking, finance, fintech, and entrepreneurship.”

He continued: “This gift will allow us to strengthen and expand our business department programs and develop graduates who are prepared for the jobs of the future. The funds will also be used to drive innovation in the development of entrepreneurs in their quests to create generational wealth and break through the limits that have been placed on their move up the ladder of economic mobility.”

Click here for more on Bank of America’s Mayor’s Racial Equity Initiative.