As part of its commitment to giving back to the communities it serves, Bank of America has directed more than $2.3 million in philanthropic capital to nonprofits and charities across Inland Empire communities. The support is helping to remove barriers to economic mobility and social progress, with a particular focus on nonprofits providing affordable housing solutions, supporting small businesses, and economic development.
According to a recent study by UC Riverside, only 31% of local households can afford to purchase a median-priced home in the Inland Empire, a decrease from a relatively low 39% in the first quarter of 2021. The bank’s support includes efforts for affordable and innovative homeownership programs and housing rights with the Fair Housing Council of Riverside County, Habitat of Humanity Riverside, and Neighborhood Partnership Housing Services (NPHS).
Support also went to minority small business development efforts, a business segment disproportionately impacted by the pandemic, including those offered by the National Latina Business Women Association Inland Empire, CSUSB’s Inland Empire Small Business Development Center, and Women’s Business Center, Inland Empire Center for Entrepreneurship and MicroEnterprise Collaborative of Inland Southern California. In addition to philanthropic capital, the company’s local employees contributed more than 16,600 volunteer hours in 2022, ranging from home builds and renovations in collaboration with Habitat for Humanity to free financial education workshops in English and Spanish as part of the bank’s Better Money Habits program.
“Nonprofits are on the front lines of addressing complex societal challenges – understanding the needs and obstacles the Inland Empire faces. Bank of America partners with those nonprofits to support solutions and services that promote economic advancement,” said Bansree Parikh, president, of Bank of America Inland Empire. “In 2023 and beyond, Bank of America will continue to deploy capital and resources to help remove barriers to economic success and build a more sustainable community.”
For more information on Bank of America’s grants and sponsorships and how to apply, go to BankofAmerica.com/Foundation.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking, and trading across a broad range of asset classes, serving corporations, governments, institutions, and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories, and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.