Bank of America Awards $5 Million to Nonprofits Focused on Economic Mobility and COVID-related Assistance in Metro Detroit

DETROIT— The Bank of America Charitable Foundation celebrated its annual “Detroit Day of Giving” on November 12, an annual day in the Bank’s schedule that focuses on connecting Bank of America’s teammates with its partner organizations that deliver resources and relief that advance pathways to economic mobility and social justice.

The Foundation distributed an excess of $5 million in grants to local organizations that create pathways to employment, provide job training, support food access and distribution, advance home ownership, provide for shelter services and to strengthen small business and its ecosystem, all to support thriving neighborhoods and a diverse and dynamic residency in southeast Michigan. Grants and virtual volunteerism are a part of the Bank’s philanthropic investments that are aimed at improving the lives of individuals and families and advancing social justice in the communities in which they live.

As a health and safety precaution, this year’s Day of Giving was held virtually – connecting Bank of America employees with organizations and their leadership teams to listen and learn about how the nonprofit’s work delivers in the community and how the Bank’s grants help to advance that mission.

Metro Detroit families and individuals face difficult financial decisions every day and the nonprofit community plays a critical role in providing some of these essential services that help people find their way to economic stability by connecting them to programs and resources.

“We are aware that the pandemic has challenged many in our community both in terms of their health and safety as well as economically,” said Matt Elliott, Michigan market president, Bank of America. “It has also financially impacted nonprofits which provide needed essential and economic services. We are dedicated to supporting pathways to economic stability and we are proud to support people and programs that are devoted to building strong communities and neighborhoods. This year we have intensified our contributions, both in volunteerism and donations, to organizations helping those impacted by not only the coronavirus pandemic, but the injustices of racial inequality.”

Elliott added, “Over the past decade we have contributed more than $30 million to support initiatives that focus on job creation, employment opportunities, entrepreneurship as well as essential services that serve to create economic stability. Besides financial support, we have also dedicated our human resources with more than 200,000 volunteer hours logged by our teammates across the state.”

Organizations that received grants include: Abayomi CDC; Central Detroit Christian CDC; National Faith Homebuyers; Neighborhood Service Organization; Develop Detroit; Ruth Ellis Center; Global Detroit; Catholic Charities of SE MI; Detroit Rescue Mission Ministries; Gleaners; United Way for SE MI; Forgotten Harvest; Greening of Detroit; Lighthouse of Oakland County; HAVEN; Salvation Army; Chaldean American Ladies of Charity; SAY Detroit; Focus: HOPE; Big Brothers Big Sisters; Teach for America; Alternatives for Girls; YMCA; Jefferson East, Inc.; Southwest Detroit Business Association; Detroit Economic Growth Association; TechTown; Boys & Girls Clubs SE MI; Racquet Up; Detroit PAL.

A very special component of Bank of America’s Day of Giving is GIVE, the event that culminates the day’s activities where the Bank awards its Neighborhood Builders, celebrates its partners and acknowledges its Student Leaders. These partnerships and two leadership programs are demonstrations of the Bank’s commitment to build community with cross-sector partnerships that deliver economic mobility and social progress, while educating a new group of motivated, dedicated and active young leaders.

Detroit Future City and SER Metro-Detroit are Detroit’s 2020 Neighborhood Builders. The two nonprofits will receive $200,000 each in unrestricted funds to increase their impact in the community through program expansion coupled with leadership training for their executive and rising leader.

Detroit Future City, an independent think tank and policy advocate focuses on Detroit’s future and the implementation of strategy recommendations laid out in its Strategic Framework, a 50-year, long-term guide for decision-making by all Detroit stakeholders. This vision of economic equity emphasizes full and fair participation of all Detroiters in a prosperous and thriving economy.

SER Metro-Detroit, founded in 1971, provides skills training and employment placement. Its mission is to provide the private sector with a diverse, qualified employees while cultivating a qualified, adaptable and skilled workforce for metro Detroit.

Since 2004, Bank of America has invested $260 million in 50 communities through Neighborhood Builders, partnering with more than 1,300 nonprofits and helping more than 2,600 nonprofit leaders strengthen their leadership skills. In addition, we’ve introduced Neighborhood Champions, a program in more than 40 smaller communities, which supports the role of strong nonprofit leaders to advance economic mobility.

Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our Environmental, Social and Governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at www.bankofamerica.com, and connect with us on Twitter at @BofA News.

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