Accelerating our investment in minority-owned businesses

To move forward together as a country, we must do more to address the persistent gap in access to capital for minority-led businesses — a disparity that has been amplified by the health crisis.

As part of our $1.25 billion, five-year commitment to advance racial equality and economic opportunity, Bank of America has increased our investments to benefit minority-led businesses. These essential resources will help ensure the economic futures of our communities.

We’ve exceeded our original $200 million allocation and increased our target for equity investment to $350 million to support Black, Hispanic- Latino, Asian, Native American and other under-represented minority and women entrepreneurs. Our increased commitment will accelerate the flow of capital to help establish and grow their businesses and ultimately spur job growth and more economic opportunity.

In addition, our $50 million commitment to support Minority Depository Institutions (MDIs) and Community Development Financial Institution (CDFI) banks benefits communities through lending, housing, neighborhood revitalization and other banking services. MDIs and CDFI banks are closely connected to local needs and work hard to expand access to funding in neighborhoods that are often economically distressed. These investments supplement our ongoing philanthropic support to partners focused on small businesses and helping to drive sustainable progress locally.

We’re committed to supporting diverse entrepreneurs so they can continue to create positive, inclusive change in our communities.

What would you like the power to do? ®

Heather Albright President, Bank of America Arkansas