New Partnership With Black Future Co-op Fund, UW Foster, and Bank of America Invests in Washington Black-Led Businesses and Nonprofits - Seite 2

In response to the Black community’s feedback, this partnership is working to build the kind of support that will bolster Black prosperity over generations.

As part of this initiative, CBDC is expanding its board fellows program. Black graduate students at the UW will be matched with Black-led nonprofits for a 9-month board placement, bringing new skills and building the next generation of Black nonprofit board leaders.

Artists in Activism in Snohomish County and Takeall Foundation in Spokane are two of the Black-led organizations recently paired with graduate students. Both organizations are also working with the CBDC to strengthen their financial management and operations through the newly-formed partnership.

“Pervasive economic and social disparities only intensified during the global health crisis, and we see a clear and urgent need for intentional investment in and resources directed to Black businesses and nonprofit organizations,” said Jeremey Williams, market executive, Bank of America Seattle. “This investment is a further demonstration of Bank of America’s commitment to build local partnerships that help foster job creation, economic growth, and stability for Black-led Washington businesses that contribute so much to our community and economy.”

Bank of America’s contribution is aligned to the company’s $1.25-billion, five-year commitment to advance racial equality and economic opportunity. This commitment builds on steps the company has already taken, including program support for nonprofit community partners and lending assistance for small and minority-owned businesses through community development financial and minority depository institutions. Bank of America also recently increased its goal for equity investments in minority-focused funds to $350 million, including an equity investment in Portland-based Elevate Capital, which will put capital to work supporting minority and women entrepreneurs with early-stage funding across the Pacific Northwest and beyond.

ABOUT THE BLACK FUTURE CO-OP FUND
Created by and for Black Washingtonians, the Black Future Co-op Fund is a new paradigm for philanthropy to ignite Black wealth, health, and well-being over generations. Through intentional investment, the Fund works to connect Black communities for collective power, promote a truthful Black narrative, and uplift Black-led solutions that foster Black generational prosperity. For more, visit: blackfuturewa.org.