Bank of America Awards $1.5 Million to New Jersey Nonprofits

Grants to twenty-eight organizations throughout the state give attention to investing in fundamental wants, workforce growth and training in weak communities

TRENTON, N.J., July 20, 2022 /PRNewswire/ — Financial institution of America immediately introduced greater than $1.5 million in grants to twenty-eight New Jersey nonprofits to assist drive financial alternative for people and households. These grants give attention to workforce growth and training to assist people chart a path to employment and higher financial futures, in addition to fundamental wants elementary to constructing life-long stability, resembling entry to meals.

Whereas New Jersey’s financial system is recovering from the peak of the COVID-19 pandemic, the state nonetheless trails the nation by way of employment and job creation. In accordance with the U.S. Bureau of Labor Statistics, New Jersey’s unemployment price is 4.1%, in comparison with the nationwide common of three.6%.

Employment is a key driver of financial mobility in New Jersey. That’s the reason the financial institution is targeted on constructing pathways to employment by supporting a spread of workforce growth and academic alternatives that may assist weak people and households stabilize and advance.

“We have chosen to associate with nonprofits that handle essentially the most important points going through New Jersey, together with workforce growth, meals insecurity, and financial and social progress,” mentioned Alberto Garofalo, President, Financial institution of America New Jersey. “Our philanthropic funding in these organizations helps us deploy capital domestically, the place it should have essentially the most influence and construct sustainable communities.”

One Financial institution of America grant recipient is Newark-based La Casa de Don Pedro. Based in 1972, La Casa de Don Pedro’s values have been pushed by a mission to foster self-sufficiency, empowerment, and neighborhood revitalization. With this help from Financial institution of America, La Casa de Don Pedro will handle underlying points and root causes hindering the financial mobility of Better Newark’s minority communities, particularly Hispanic ladies.

“Our purpose is to reverse the trajectory of social, racial, political, and financial dislocations and the marginalization of youngsters and households,” mentioned Peter Rosario, President & CEO, La Casa de Don Pedro. “With this help, we will likely be outfitted with the instruments we have to help applications that enhance the standard of life for Newark residents.”

Financial institution of America has offered $30 million to organizations in New Jersey since 2017. These grants are a part of the corporate’s dedication to accountable progress as it really works to enhance the monetary lives of people, households, and communities throughout the state. The corporate’s 11,000 New Jersey teammates have contributed over 350,000 volunteer hours since 2017.

Past native grant funding, Financial institution of America introduced an expanded $1.25 billion, five-year dedication to assist advance racial equality and financial alternative throughout the nation final yr. The dedication, which additional accelerates work already underway, helps investments that create alternative for folks and communities of shade within the areas of well being and healthcare, jobs and reskilling, help for small companies, and reasonably priced housing.

Extra background about Financial institution of America’s Charitable Basis giving might be discovered right here.

The total record of organizations receiving grants are:

America’s Develop-a-Row
Neighborhood FoodBank of NJ
CUMAC Echo
Elijah’s Promise
Eva’s Village
Fulfill
Homefront
La Casa de Don Pedro
Norwescap
Nourish
Oasis – A Haven for Girls and Youngsters
Parker Household Well being Middle
Paterson Process Pressure for Neighborhood Motion
St. Paul’s Neighborhood Improvement Company
Desk to Desk
Trenton Space Soup Kitchen
United Means of Bergen County
York Road Mission
Fairleigh Dickinson College Veterans Launching Ventures
Better Newark Conservancy
Interfaith Neighbors
Isles
Junior Achievement of New Jersey
New Metropolis Children
The Father Middle
Trinitas Basis
we make
WomenRising

Financial institution of America

At Financial institution of America (NYSE: BAC), we’re guided by a standard objective to assist make monetary lives higher, via the ability of each connection. We’re delivering on this via accountable progress with a give attention to our environmental, social and governance (ESG) management. ESG is embedded throughout our eight traces of enterprise and displays how we assist gasoline the worldwide financial system, construct belief and credibility, and characterize an organization that folks need to work for, put money into and do enterprise with. It is demonstrated within the inclusive and supportive office we create for our staff, the accountable services we provide our shoppers, and the influence we make around the globe in serving to native economies thrive. An necessary a part of this work is forming sturdy partnerships with nonprofits and advocacy teams, resembling neighborhood, shopper and environmental organizations, to carry collectively our collective networks and experience to attain higher influence. Study extra at about.bankofamerica.com, and join with us on Twitter (@BofA_News).

For extra Financial institution of America information, together with dividend bulletins and different necessary info, go to Financial institution of America newsroom and register for e-mail information alerts.

Reporters Could Contact:

AnnMarie McDonald, Financial institution of America
Telephone: 1.332.234.8635
[email protected]

SOURCE Financial institution of America Company