Bank of America (NYSE:BAC)
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1 Month : From Jan 2020 to Feb 2020
By Stephen Nakrosis
Bank of America Corp. (BAC) and the Consumers Energy Foundation are each providing $200,000 in initial startup capital for an investment fund aimed at increasing racial and ethnic diversity in business ownership in West Michigan.
The two groups are working with non-profit The Right Place Inc., to develop the fund, which will be based in Grand Rapids, Michigan. The fund is expected to support diverse business owners and to "focus on businesses that intend to provide multi-generational wealth creation within historically disadvantaged groups," the groups said.
The fund's focus will be on early and mid-stage businesses in fields including advanced manufacturing, life sciences and information technology. The fund will invest in current and prospective companies which are based in and operate in West Michigan.
"The goal of this fund is to increase ethnic and racial diversity in Grand Rapids' business ownership," said Renee Tabben, Grand Rapids Market President, Bank of America, who sits on the Board of The Right Place. "Bank of America strives to help local economies prosper and one way we do that is by supporting business ownership to create sustainable, financially healthy and diverse communities."
The Right Place, is a regional nonprofit working to improve current and long-term economic prosperity in West Michigan.
The Consumers Energy Foundation is the charitable arm of Consumers Energy, a public utility providing gas and electricity in Michigan.
--Write to Stephen Nakrosis at firstname.lastname@example.org
(END) Dow Jones Newswires
January 23, 2020 12:08 ET (17:08 GMT)
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