Bank of America Surpasses $ 200 Million Equity Investment Target, Raises $ 350 Million Target to Support Minority Entrepreneurs | national
CHARLOTTE, North Carolina – (BUSINESS WIRE) – May 20, 2021 –
Bank of America announced today that it has increased its equity investment target in minority funds by $ 200 million to $ 350 million. In less than a year, the company has committed more than $ 250 million to 90 investment funds across the U.S. These funds provide capital to Black, Hispanic-Latin American, Asian, Native American, and Indian entrepreneurs. other underrepresented minorities and women entrepreneurs to help them establish and grow their businesses. Today’s announcement expresses the need for more capital in funds led by various managers as well as the need for more growth equity financing for the minority entrepreneurs they support.
Bank of America has also made a total of 17 direct equity investments in Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs) as part of its $ 50 million commitment made last year.
“Equity investments in minority-targeted funds, MDIs and CDFI banks help close a persistent gap in access to growth capital,” said Brian Moynihan, CEO of Bank of America. “By providing this capital, we are helping to level the playing field and open more doors for minority-led businesses, entrepreneurs and innovation.”
These investments are part of the Bank of America program $ 1.25 billion commitment to racial equality and economic opportunity, which focuses on solving and promoting social issues in minority populations, such as health, employment, education, housing and capital inequality, and will facilitate benefits across multiple states and communities.
Closed investments include, but are not limited to:
- Avenue Growth Partners – District of Columbia
- Cleveland Avenue – Chicago, Illinois
- Cleo Capital – San Francisco, CA
- e2JDJ – New Orleans, La.
- Elevate Capital – Portland, Ore.
- Greenwood, Inc. – Atlanta, Georgia.
- Jumpstart Nova – Nashville, Tennessee
- Attitude Ventures – San Diego, California.
- MaC Ventures – Los Angeles, California
- Noemis Ventures – New York, New York
- Ulu Ventures – Palo Alto, California.
- Hands Visible – Boston, Mass.
- Zane Ventures – Atlanta, Georgia
The realization of these investments is subject to the execution of the documentation. Display a list of previously announced closed funds.
MDI and CDFI banks
Apart from taking a stake in minority-focused funds, the company has also dedicated $ 50 million to support MDIs and CDFI banks. As part of this commitment, the company will acquire up to 4.9% of the common stock in IDMs and CDFI banks, facilitating benefits in the communities these institutions serve through loans, housing, revitalization neighborhood and other banking services. Today, Bank of America announced investments in additional MDIs. This brings the total investments made in IDMs and CDFI banks to 17. New investments were made in the following organizations:
- Central Financial Holdings, Inc. – Tampa, Florida
- Greater Pacific Bancshares (parent company of Bank of Whittier) – Whittier, California.
- The Native American Bancorporation Co. – Denver, Colorado.
- PDL Community Bancorp (parent company of Ponce Bank) – Bronx, NY
Display a list of previously announced MDI and CDFI banking investments.
These equity investments are in addition to approximately $ 100 million of Bank of America deposits in MDIs. The company also operates a $ 1.8 billion CDFI portfolio with 256 CDFI partners in all 50 states, providing access to capital to thousands of individuals and small businesses who are not eligible through traditional lenders. .
Invest and support minority communities
As of June 2020, Bank of America has already deployed $ 350 million in equity investments and philanthropic grants in the four areas described in his $ 1.25 billion for racial equality and economic opportunity commitment. Additional announcements from Bank of America focused on racial equality, diversity and inclusion, and economic opportunity include:
To discover recent highlights of the bank’s ESG efforts, consult the Bank of America Annual Report 2020.
Bank of America
At Bank of America, we’re guided by a common goal: to help improve financial lives, through the power of every connection. We achieve this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is integrated into our eight lines of business and reflects how we help power the global economy, build trust and credibility, and represent a company people want to work for, invest in and make money for. business. This is demonstrated in the inclusive and supportive work environment that we create for our employees, the responsible products and services we provide to our customers, and the impact we have around the world to help local economies thrive. An important part of this work is forming strong partnerships with nonprofit organizations and advocacy groups, such as community, consumer and environmental organizations, in order to bring together our collective networks and expertise to gain insight. greater impact. Learn more about about.bankofamerica.com, and connect with us on Twitter ( @ BofA – News ).
View source version on businesswire.com:https://www.businesswire.com/news/home/20210520005614/en/
CONTACT: Journalists can contact:
Kelly Sapp, Bank of America
KEYWORD: NORTH CAROLINA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES CONSUMER SMALL BUSINESS FINANCE BANQUE HISPANIQUE
SOURCE: Bank of America
Copyright Business Wire 2021.
PUB: 05/20/2021 09:00 / DISC: 05/20/2021 09:02
Copyright Business Wire 2021.