Bank of America Commits $13M to Chicago-Area Nonprofits Working to Improve Economic Opportunity

Bank of America (NYSE: BAC) announced it has committed $13 million in funding to more than 100 Chicago-area nonprofit organizations working “to drive economic opportunity for individuals and families in underserved Chicagoland communities.”

In 2022, Bank of America partnered with nonprofits that are “addressing key factors that contribute to economic inequality across the Chicagoland area, with targeted support to organizations supporting health, jobs, small business, and community development.”

Key nonprofit partners “include the Obama Foundation, Harold Washington College, Chicago Community Loan Fund, and Chicago Community Trust, all of whom share a deep and unwavering commitment to improving the lives of Chicagoans and paving the way for the next generation.”

Rita Sola Cook, president of Bank of America Chicago, stated:

“It is both inspiring and humbling to see the impact these organizations have had in our communities this year. We are profoundly grateful for our nonprofit partners who help bring to life Bank of America’s vision for a stronger, more equitable Chicago. On behalf of our Chicago-area team, we are honored to help support their efforts to enhance economic mobility and improve the lives of our neighbors.”

This year’s grant recipients “include the 2022 Bank of America Neighborhood Builders awardees for the Chicago market: Allies for Community Business and Skills for Chicagoland’s Future. Allies for Community Business provides capital, coaching, and connections to help individuals grow impactful businesses and build wealth.”

Skills for Chicagoland’s Future “closes the workforce opportunity gap for Black and Brown Chicagoans by partnering with corporations to place individuals in good-paying jobs that provide a pathway toward economic security and mobility.”

As Neighborhood Builders, each organization “receives $200,000 in flexible funding and one year of comprehensive leadership training for their executive director and an emerging leader.”

Skills for Chicagoland’s Future, a longtime partner of Bank of America and 2022 Neighborhood Builder, “helps individuals develop their skills while placing them in good-paying jobs and providing a pathway toward economic security and mobility.”

Skills for Chicagoland’s Future, a longtime partner of Bank of America and 2022 Neighborhood Builder, “helps individuals develop their skills while placing them in good-paying jobs and providing a pathway toward economic security and mobility.”

Pamela Tully, Chief Program Officer at Skills for Chicagoland’s Future, said:

“Over the past 10 years, Skills has helped more than 10,000 Chicagoans find a pathway to economic security, in large part due to the support from our longtime partners like Bank of America. Partnerships like this are instrumental to expanding our efforts and deepening our impact in the communities we serve.”

Additional 2022 Bank of America grant recipients “include Chicago Community Loan Fund, whose president Calvin Holmes was recognized with the Bank of America Neighborhood Builders Racial Equality Award in honor of his contributions to breaking racial barriers and creating opportunities for people of color; St. Leonard’s Ministries, who directed the bank’s grant funding toward the hiring of a full-time case manager for its Michael Barlow Center, which helps prepare formerly incarcerated individuals for reentry into the labor force; and My Block My Hood My City, which provides local youth with mentorship and engagement opportunities so they become active participants in shaping Chicago’s future.”

Bank of America’s support for Chicagoland’s philanthropic network and volunteer investments play “a key role in its effort to help build and sustain thriving communities.”

Since 2017, the Bank of America Charitable Foundation has “provided $42 million in grants and matching gifts in the Chicago market, and the bank’s local teammates have recorded more than 216,000 volunteer hours.”

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