Bank of America Gives 21 Higher Education Institutions $1 Million Each as Part of Recently Announced $25 Million Jobs Initiative - Seite 2

As part of this initiative, Bank of America is also partnering with and providing funding to the Aspen Institute, which will collaborate with the National Center for Inquiry and Improvement to convene the participating higher education institutions for technical and programmatic assistance and to share best practices.

“We’re thrilled to work with Bank of America on this initiative to expand employment pathways for Black and Hispanic-Latino students,” said Dan Porterfield, president and CEO of the Aspen Institute. “Building a learning hub for these colleges will create valuable opportunities to enhance career guidance, employer relationships, financial stability, and peer learning for students — all with the goal of helping connect young people to high-wage jobs and reduce racial income and wealth gaps.”

Today, less than 40% of community college students earn a certificate or degree within six years of enrollment.¹ For students of color, graduation and completion rates are particularly low – 28.8% for Black students and 37.1% for Hispanic students.² The ongoing challenges stemming from the coronavirus have exacerbated the financial struggle of HBCUs and HSIs, both public and private, as they seek to serve students from the most vulnerable communities.

Bank of America is investing in community colleges, HBCUs, and HSIs in order to increase job opportunities for people of color at a community-based level that will help close the wealth gap and enhance professional career tracks for mid-level candidates.

Recent Bank of America announcements focused on racial equality, diversity and inclusion, and economic opportunity include:

• Ten Completed Equity Investments in Minority Depository Institutions and Community Development Financial Institution Banks
• $2 Billion Equality Progress Sustainability Bond
• Universal ESG Reporting; International Business Council of World Economic Forum
• Recognition as Top Global Bank on Fortune’s “Change the World” List
• $300 Million of Its $1 Billion, Four-Year Commitment to Advance Racial Equality and Economic Opportunity
• Support of Boys & Girls Clubs of America With $1 Million Grant to Support Educational Programs
• $1 Billion/Four-Year Commitment to Support Economic Opportunity Initiatives
• $250 Million in Capital and $10 Million in Philanthropic Grants to Community Development Financial Institutions (CDFIs)

^[1] (Bailey et al. 2015) - Bailey, Thomas, Shanna Smith Jaggars, and Davis Jenkins. Redesigning America’s Community Colleges: A Clearer Path to Student Success. Cambridge, Mass.: Harvard University Press, 2015.