Bank of America announced on Tuesday (2) additional financial assistance in the amount of US $ 1 billion, in a four-year commitment, with the objective of helping local communities to deal with the acceleration of racial and economic inequalities caused by the pandemic.
The programs are aimed at providing assistance to communities that experience the greatest impact of the health crisis – such as blacks and Latinos – and take place amid demonstrations around the country after the death of George Floyd, a black man asphyxiated by a police officer in Minneapolis, state from Minnesota.
“The events of the past week have created a sense of real urgency that has arisen across our country, particularly in view of the racial injustices that we have seen in the communities where we work and live. We all need to do more,” said the bank’s CEO, Brian Moynihan .
The work will be done through programs that focus on economic mobility and workforce development, which are already supported by Bank of America, according to a bank note. However, the contribution should strengthen the focus and accelerate resources, adding particular emphasis on health services.
According to the bank note, the areas supported will be health, professional training, small business aid and housing. The programs will be run by the 91 local presidents of Bank of America in the United States, as well as bank executives in other countries.
Bank of America’s action includes an additional $ 100 million to assist nonprofit partners in their communities.
In the meantime, $ 250 million will be made available for lending to smaller, minority-owned companies through support for the financial development of minority communities and depositary institutions.
The program is also responsible for testing against viruses, telemedicine, flu vaccination clinics and other health services with a focus on black communities, partnerships with historically black universities and Hispanic institutions for hiring, research programs and other areas of mutual opportunity.