Bank of America has announced that it is increasing a four-year, $1 billion commitment to racial equality and economic opportunity to $1.25 billion over five years.
Since announcing the pledge last June, the bank has committed more than $350 million in the areas of health, jobs/reskilling, affordable housing, and small business assistance. The additional funds will further support investments focused on advancing racial justice, advocacy, and equality for people and communities of color, including those of Asian descent.
Asian Americans Advancing Justice – Los Angeles CEO Connie Chung Joe said, “Over the past year, we’ve witnessed increased racism and violence against Asian Americans, underlining the significant need for tools and resources to combat these, as well as a need for culturally specific mental health and victim support resources.”
In conjunction with the announcement, the global financial services company announced a round of grants totaling $1 million to Asian Americans Advancing Justice, the National Coalition for Asian Pacific American Community Development, and the Leadership Conference Education Fund in support of increased advocacy, dialogue, and engagement with the Asian-American community.
In addition, the bank will expand its matching gift program for the next ninety days to encourage employee donations to the three nonprofits and a handful of others.