BANK OF AMERICA

Bank of America has committed $1 billion to drive inclusive opportunities for communities of color

This week, Bank of America announced it will commit $1 billion to help drive economic opportunity, health care initiatives and racial equality, particularly focused on creating opportunity for people and communities of color.

In Oklahoma City, Bank of America has already deployed $325,000 to 12 local organizations as the community faces unprecedented challenges from the coronavirus.

“The global health and economic crisis has disproportionately impacted people of color ,” said Sandra Quince, Diversity and Inclusion executive with Bank of America. “We will continue to identify ways to meet the needs of our neighbors and help create lasting change. More must be done.”

The bank is now doubling down on its efforts in education, workforce development, affordable housing, access to healthcare and economic development, as it reaffirms its commitment to diversity and inclusion, and stresses it does not tolerate racism in any form. Portions of these funds will support continued partnerships with organizations dedicated to minority communities in Oklahoma

City, like the Urban League of Greater Oklahoma City and Better Conversations.

“Bank of America recognizes that the private sector can play a pivotal role in helping our communities, and we are committed to doing more to improving economic opportunity and racial equality within the Oklahoma City market. We will continue to focus on the ultimate goal of creating lasting change,” said Tony Shinn, Oklahoma City Market President for Bank of America.

The $1 billion commitment builds on economic mobility and workforce development programs Bank of America already supports in local markets, but will sharpen the focus of t hat work, accel e r - ate the resources and add a particular emphasis on health services during the pandemic.

Areas of focus will be health, jobs training, small business support and housing. The programs will be executed through the company's 91 local U.S. market presidents and non-U.S. country executives to help develop the opportunities to execute on these commitments i n areas t hat include:

•Virus testing, telemedicine, flu vaccination clinics, and other health services, with a special focus on communities of color.

• Partnerships with historically black colleges and universities and Hispanicserving institutions in the United States for hiring, research programs, and other areas of mutual opportunity.

• Support to minorityowned small businesses, including clients and vendors.

•Career res killing/ upskilling through partnerships with high schools and community colleges.

•Operating support and investment for affordable housing/ neighborhood revitalization, leveraging nearly $5 billion in Community

Development Banking.

• Further recruitment and retention of teammates in low-to-moderateincome and disadvantaged communities to build on work t he company has already done to serve clients locally.

This work build son steps the company has already taken, including an additional $100 million to support nonprofit partners across its communities, and $250 million to assist with lending to the smallest and minorityowned businesses through its support to community development financial and minority depository institutions.