At Bank of America, we’re guided by a common purpose to help make financial lives better. Through our focus on Responsible Growth, we deliver for our teammates, clients and shareholders, while addressing economic mobility and social progress focused on the needs of the community. We drive meaningful and sustainable progress to help address society’s biggest challenges by aligning all our resources – including our financing, our client products and services, our philanthropy and how we manage our own activities.
As part of this work, we develop strong partnerships with nonprofit organizations focused on issues fundamental to economic mobility in low- and moderate-income communities. We focus on improving the lives of individuals and families by investing in health, jobs, and strengthening broader community vitality by addressing needs related to small business resiliency, and community development.
Through our partnerships, we support vulnerable populations, including working families, youth, seniors, individuals living with disabilities, veterans, and those impacted by the criminal justice system – enabling them to move forward in their goals.
In 2024, the Bank of America Charitable Foundation will issue two requests for proposals (RFPs):
- Economic Mobility focused on needs of community
(affordable housing, small business, neighborhood revitalization)
Applications accepted: 5/27/2024 – 6/21/2024
Economic mobility focused on the needs of the community
Affordable Housing
The current environment has underscored the importance of safe, decent housing for an individual’s overall well-being, including health, educational success and future employment opportunities. Yet for many, access to affordable housing has become further out of reach while others struggle with the possibility of eviction, foreclosure and homelessness. That’s why we support the efforts of organizations working to preserve and increase access to a mix of affordable housing options as well as other essential assistance.
Examples:
- Housing development for vulnerable populations through the construction or preservation of affordable single, multi-family, transitional and supportive housing
- Minority homeownership programs
- Pathways to stable housing or homeownership through financial habits and stability efforts such as homebuyer education, budgeting, savings, and credit counseling including eviction and foreclosure prevention.
- Sustainable development efforts creating healthy living environments through energy efficiency upgrades, retrofits, solar and other green building efforts.
Neighborhood Revitalization
Vibrant communities are places where individuals can thrive and succeed and have the opportunity to live and work with safe, decent housing, transportation to jobs, strong business corridors and thriving arts and culture districts. We support local and regional revitalization efforts, taking a holistic approach to building inclusive communities, creating economic opportunity and livable neighborhoods.
Examples:
- Revitalization, preservation, and stabilization initiatives that engage community stakeholders in building livable communities.
- Transit-oriented development efforts that connect individuals to jobs, services, schools, and economic opportunity.
- Community arts and cultural institutions that provide economic opportunity and contribute to the vitality and livability of communities.
- Assist economic development efforts that help promote healthy commercial corridors (Mainstreet)
- Resiliency of communities supporting short- and long-term plans to prepare, withstand and recover from extreme weather events and the long-term impacts of climate change.
- Environmental efforts through the preservation, creation or restoration of open space, parks and community gardens.
- Supporting organizations/initiatives that bring energy efficiency and renewable energy advances to diverse communities.
Small Business Resiliency
Small Businesses help drive economic mobility and generational wealth and play an important role in the overall health of our nation’s economy. In response to the challenges small business owners face, we’re supporting nonprofits assisting under-resourced entrepreneurs, including women and minority business owners, as they address their short-term needs and help them grow and scale.
Examples:
- Technical assistance: Support to organizations delivering training to help entrepreneurs start, grow or expand their business.
- Access to capital: Funding nonprofits that connect entrepreneurs with access to essential growth capital.
- Supporting incubators and accelerators that provide mentors, resources, and networks entrepreneurs need to launch, fund and grow their businesses
- Build operational capacity of CDFIs delivering essential growth capital to entrepreneurs