Partnerships will help remove barriers to basic needs and career development to put people on a path to economic success
SAN FRANCISCO – Bank of America today announced $1.4 million in grants to 44 San Francisco-East Bay nonprofits that will advance economic mobility for individuals and families. The grants focus on increasing access to needs related to workforce development and education, as well as basic needs that are fundamental to establishing financial stability.
Earning a livable wage continues to be a challenge in the San Francisco metro area, where a $181,777 salary is needed to afford to purchase a median-priced home in the region, according to mortgage information resource HSH.com. For those with limited access to education or career-readiness resources, inability to earn enough to meet basic needs like putting a roof over their head or food on the table can make the cycle of poverty difficult to break.
The nonprofits receiving funding will put underserved San Francisco-East Bay residents on a path to economic mobility by connecting underserved youth to first-time jobs, providing alternative pathways to employment and helping people overcome past hardship in their careers. Funding will also help improve access to food, shelter and other fundamental needs, aligning with Bank of America’s commitment to building a diverse San Francisco-East Bay workforce and greater opportunity for financial independence.
“As part of our commitment to environmental, social and governance leadership, we continue to support organizations that contribute to the economic health of the communities in which we work and live by addressing immediate needs, ranging from rental assistance and hunger relief to sustainable workforce development,” said Thong Nguyen, president of Retail Banking and San Francisco-East Bay market president, Bank of America. “By partnering with nonprofits across the Bay Area like the East Oakland Youth Development Center and Juma San Francisco, we can create greater impact in advancing economic mobility for those most in need.”
One nonprofit receiving funding, Juma, is working to close the opportunity gap and create a more just and equitable society for youth of color and low-income youth in the Bay Area. With assistance from Bank of America, Juma will provide 145 youth in the Bay Area with a unique suite of services, including employment and job training, financial capability education and college preparedness. Ensuring equal access to workforce opportunity is part of Bank of America’s mission to promote economic diversity.
Other organizations receiving grants include: Aim High for High School, AnewAmerica Community Corporation, Bay Area Financial Education Foundation, Bayview Hunters Point Center for Arts and Technology, Boys & Girls Clubs of San Francisco, Center for Employment Opportunities Inc., Chinese Newcomers Service Center, College Track, Dress for Success San Francisco, Earn Inc., East Oakland Youth Development Center, First Place for Youth, Genesys Works, ICA San Francisco Work Study Inc., International Rescue Committee Inc., Jewish Vocational & Career Counseling Service, Junior Achievement of Northern California, Larkin Street Youth Services, Lavender Youth Recreation and Information Center Inc., Marine Mammal Center, New Door Ventures, Oakland Metropolitan Chamber of Commerce Foundation, Opportunity Fund Community Development, Pacific Community Ventures, Reading Partners, Renaissance Entrepreneurship Center, Rubicon Programs Inc., Salesian Boys Club Inc., San Francisco General Hospital Foundation, San Francisco Lesbian Gay Bisexual Transgender Community Center, Summer Search, Tax-Aid, Teach for America Inc., The Arc San Francisco, The Good Tidings Foundation, The Guardsmen, The Oakland Public Education Fund, Tipping Point Community, TMC Development Working Solutions, United Way of the Bay Area, University of California San Francisco Foundation, Year Up Inc., Young Men’s Christian Association of San Francisco.
These grants are part of the company’s commitment to responsible growth as it works to improve the financial lives of individuals and families. Philanthropic and volunteer investments play a key role in this effort to build thriving communities. In 2017, Bank of America volunteers logged nearly 37,000 volunteer hours in the San Francisco-East Bay market alone.
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 about.bankofamerica.com, and connect with us on Twitter at @BofA_News.