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Bank of American Charitable Foundation: Economic Mobility

  • February 21, 2020

At Bank of America, we’re guided by a common purpose to help make financial lives better. We’re delivering on this through our responsible growth strategy with a focus on environmental, social and governance (ESG) leadership. As part of this work, we develop strong partnerships with nonprofit organizations addressing issues fundamental to economic mobility and social progress in low- and moderate-income communities. In response to poverty and issues affecting social justice and racial and gender inequality, we focus on stabilizing individuals and families by ensuring their basic needs are met; addressing challenges, such as food and housing insecurity; and connecting individuals to pathways to succeed by building skills for 21st century jobs through education and workforce training. Central to this effort, we partner with nonprofits that are removing barriers for economic opportunity for vulnerable populations, including families struggling to make ends meet, opportunity youth, individuals living with disabilities, veterans, and those with significant barriers to employment, including those impacted by the criminal justice system. Our goal is to help transform communities in crisis into thriving neighborhoods that fuel economic growth and prosperity for all.

Economic mobility focused on the needs of individuals and families

Close to 40 million Americans live in poverty, and many more working families struggling to make ends meet are forced to make tough decisions in order to prioritize everyday necessities. Compounding the challenges of living paycheck to paycheck is the reality that the majority of Americans do not have enough saved for unexpected, emergency expenses. That’s why we partner with nonprofits focused on alleviating poverty and creating on ramps to economic success via access to basic needs, family stabilization, and meaningful employment.

Funding priorities and examples:

Meeting basic needs
We support nonprofit organizations that meet low-to-moderate income individuals and families at their point of need and help them remove barriers to economic opportunities. We recognize that vulnerable communities face a variety of challenges– from putting food on the table to trauma caused by domestic violence and living with drug addiction– resulting in diverse needs that can be addressed only by a variety of critical programs and services.

Examples:

  • Hunger relief - local food banks, soup kitchens, school- and after-school-based child feeding and nutrition programs that provide free or subsidized food
  • Services for the homeless - programs and services that prevent or end homelessness, such as rental assistance, emergency shelter, rapid-rehousing, and permanent supportive housing, including Housing First
  • Family Stabilization and Crisis Prevention - affordable or subsidized care, transportation, mental health counseling, drug addiction rehabilitation, financial health education and coaching.

Creating a more diverse and inclusive workforce
Employment and education are powerful levers that connect individuals to economic success. We’re connecting the most vulnerable individuals to the training, education and support they need to obtain a meaningful job and build their careers. We focus on three strategies to connect people to the workforce: youth employment, alternative employment pathways, supportive services and life-skills programs that help individuals overcome and remove barriers to employment and set them on a path to improve their financial lives and create a better future.

Examples:

  • Youth employment - high-school completion programs, skills-training (hard and soft skills), first-time employment, internship, apprenticeship, and mentoring, especially for opportunity youth (those out of school and work).
  • Alternative pathways for meaningful employment for adults - job preparedness, training, skill building, college or vocational certification, career counseling, placement, job retention, and entrepreneurship opportunities for low- and moderate- income adults, especially those that need to up-skill or reskill toward livable wage careers.
  • Removing extraordinary barriers to employment - comprehensive support services and life skills programs that help individuals overcome extraordinary barriers to employment. This includes workforce social enterprise and other transitional or sheltered workplace environments for individuals such as persons with disabilities, formerly incarcerated or court involved.


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