Bank of America Invests More Than $7 Million in Atlanta in 2022
Philanthropic Grants and Other Investments Supported Efforts Related to Affordable Housing, Basic Needs & Workforce Development
Bank of America invested more than $7 million across 91 Atlanta area nonprofits this year through philanthropic grants helping to strengthen the local economy. The support is helping to drive economic mobility and social progress, with a particular focus on advancing racial and ethnic equality. Bank of America’s local giving this year was directed to support affordable housing, basic needs and workforce development.
Bank of America named Automotive Training Center a Neighborhood Builder to receive a $200,000 grant that will provide funding to move to a larger facility and bolster training to serve more non-traditional students. Atlanta Community Food Bank was another recipient of the bank’s investments during the year and received a $250,000 grant to supply approximately 1 million meals to address food insecurity in the region.
In addition to philanthropic grants, Bank of America’s Community Development Banking Group deployed approximately $350 million in lending commitments and over $80 million in equity investments since 2021. Through these commitments, the company has financed 15 projects that produced roughly 2,500 housing units, of which more than 2,000 were affordable.
“Nonprofits are on the front lines of addressing complex societal challenges. They understand the needs and obstacles Atlanta faces, while developing the solutions and services to promote economic advancement,” said Al McRae, president, Bank of America Atlanta. “As Atlanta individuals and families work toward a better future, Bank of America continues to deploy capital and resources to help remove barriers to economic success and build a more sustainable community.”
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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