Bank of America Invests Nearly $5 Million in 100+ Chicago-Area Nonprofits to Help Economically Disadvantaged Populations Achieve Long-Term Financial Stability
Bank of America today announced it is investing nearly $5 million in more than 100 Chicago-area nonprofit organizations to drive economic opportunity and upward mobility for individuals and families, putting them on a path toward stability and success.
The Chicago-area nonprofits receiving grants will help address two key factors in improving economic mobility: basic needs fundamental to building life-long stability, including access to food, shelter, health services and education; and workforce development services that build pathways to employment and provide resources to rebuild careers that may have been impacted by the pandemic.
While the Chicago market is on the rebound, the state's unemployment rate remains over seven percent, with nearly 19,000 new unemployment claims filed the week ending of July 24. The services offered by the bank's nonprofit partners across the city are vital to ensuring all residents have equitable access to food, shelter, healthcare and job opportunities.
"Our nonprofit partners play a vital role in closing the systemic opportunity gaps that have led to injustice and inequality," said Paul Lambert, President of Bank of America Chicago. "We are humbled by the work they do each and every day on behalf of all Chicagoans, and we remain committed to supporting their efforts to build a stronger, more equitable Chicago."
The funding is aligned with Bank of America's five-year, $1.25 billion commitment to advancing racial equality and economic opportunity for people and communities of color.
Among the grant recipients is After School Matters, which directed funding to its summer 2021 internship program & food distribution efforts, providing Chicago public high school students in predominantly Black and Hispanic-Latino neighborhoods with paid opportunities to explore and develop their talents while gaining critical skills for work, college and beyond. The Bank of America grant will also support food distribution efforts for teens and instructors experiencing food insecurity and hunger in response to the COVID-19 pandemic.
"Over the past three decades, After School Matters has served more than 350,000 Chicago teens, made possible by philanthropic support from civically-minded corporations like Bank of America," said Dr. Mary Ellen Caron, CEO of After School Matters. "As the pandemic widened the 'opportunity gap' for low-income youth of color, and increased food insecurity for many of our teens, families, and instructors, Bank of America's generous investment in After School Matters will help ensure Chicago teens continue to have equitable access to programs and essential resources to pursue their passions."
Other partners include La Casa Norte, whose grant will support the organization's Youth Continuum of Care programs, helping extremely low-income Black and Hispanic-Latino youth who confront homelessness and hunger through food, housing, basic necessities, case management and supportive services so they can maintain stable, secure, permanent housing and achieve self-sufficiency. Also supported by the funding is the University of Chicago Medical Center Liaisons in Care (LinC), part of UChicago Medicine's Urban Health Initiative. The LinC program is building a system of care providers who help members of the community access services needed to promote health and wellness. Under the program, community health workers are deployed to homes and organizations and become the central resource to help individuals access care, provide health information and mitigate disparities by addressing long-term social determinants of health, empowering individuals to be well.
"The South Side of Chicago suffers high rates of chronic health conditions, including asthma, diabetes, obesity, maternal morbidity and infant mortality, breast cancer, sexually transmitted diseases, and HIV infections - with outcomes that are among the worst in the United States," said Brenda Battle, SVP, Community Transformation, UChicago Medicine. "Bank of America's generous investment in the LinC program will increase the number of community health workers needed to help reduce the burden of disease and lessen the impact of adverse health outcomes on the South Side and in the south suburbs."
In addition, support for Chicago's nonprofit network, local philanthropic and volunteer investments play a key role in the bank's effort to help build and sustain thriving communities. Highlights of these efforts include:
- Bank of America Charitable Foundation grants and matching gifts on behalf of employees exceed $40 million in Chicago since 2016
- Since 2004, through its Neighborhood Builders program, Bank of America has partnered with 34 nonprofits in Chicago, investing $6.8 million to enhance their impact and develop the next generation of nonprofit leaders
- Last year, over just three weeks beginning in March, Bank of America gave more than $4 million to 100+ Chicago-area nonprofit organizations supporting healthcare, food insecurity, education and support for vulnerable populations
- Since 2016, Bank of America's 5,500 Chicago-area employees have reported more than 215,000 volunteer hours
Additional background about Bank of America's Charitable Foundation giving can be found here. A second round of philanthropic giving will take place in the fall with an emphasis on supporting small businesses and affordable housing initiatives.