Bank of America Commits $100 Million in Support of Communities Around the World Impacted by Coronavirus Pandemic
March 17 2020 - 4:42PM
Business Wire
Bank of America today announced it is committing $100 million to
support local communities in need as the world faces unprecedented
challenges from the coronavirus. The funds will help increase
medical response capacity, address food insecurity, increase access
to learning as a result of school closures, and provide support to
the world’s most vulnerable populations.
“We must all work together as one global community – public and
private sectors, as well as individuals – to address this
healthcare and humanitarian crisis,” said Anne Finucane, vice
chairman of Bank of America. “As the needs in our local communities
continue to rapidly escalate, we must take swift action to provide
resources where there are gaps, and help local communities protect
their most vulnerable populations.”
The majority of Bank of America’s funds will be distributed on
the ground in local markets, focused on both immediate needs facing
local communities and providing ongoing support in the months
ahead. The company will also increase funding to several national
and global organizations that are on the front lines, tackling the
most pressing issues in local communities.
“Building on the efforts of local, state and international
governments, we are focusing our resources on the number one
priority – looking after people,” added Finucane.
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
(@BofA_News).
Bank of America has delivered more than $2 billion in
philanthropic investments since 2009, with approximately $250
million in 2019 alone. In April 2019, the company announced a new
$5 billion Bank of America Community Homeownership Commitment™ to
benefit low- and moderate-income homebuyers and communities across
the U.S. over the next five years. Also in 2019, Bank of America
Community Development Banking provided a record $4.88 billion in
loans, tax credit equity investments and other real estate
development solutions. Between 2005 and 2019 Bank of America
financed 202,800 affordable housing units. To meet the unique needs
of its 12 million small business owners, the company provides
advice, solutions and dedicated support. Bank of America maintained
its position as the nation’s top small business lender at the end
of 2019, with $38.9 billion in total outstanding small business
loan balances (defined as business loans in original amounts of $1
million and under), up 7% year over year.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
www.bankofamerica.com
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Reporters May Contact: Liz Wright, Bank of America,
1.646.855.3302 elizabeth.i.wright@bofa.com
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