Bank of America Committing Another $40 Million To Expand Primary Health Care In Communities of Color

Bank of America is committing $40 million to boost health care in underserved communities, including those with a large number of Black people, who for decades have little access to wellness support.

The bank reports an increase of just one primary care physician for every 10,000 people means fewer hospital and emergency department visits, fewer surgeries, and longer life expectancy. The problem is worse in communities of color, especially in rural areas with less access to care.

The giant bank announced its new pledge in low-cost, long-term capital will finance the creation and expansion of community health care centers and other primary care facilities nationwide. The bank is partnering with non-profit community development financial institutions (CDFIs) to disperse the funds. The nation’s second-largest bank will also provide $100,000 in philanthropic grants to help with CDFI operational costs and potentially trigger the development of new health centers.

The commitment is the bank’s second major healthcare investment in the last month, following a $25 million collaboration with top national health organizations. Its latest initiative will provide low-cost capital to several CDFI partners, including Primary Care Development Corporation (PCDC).

It was revealed PCDC to date has financed over $1.34 billion in primary care projects through direct investment and leverage. The investments back facility acquisition and renovation, program and practice transformation, operating support, service line growth, and technology acquisition.

Ebony Thomas, Bank of America Charitable Foundation president, said, “Increased investment in primary care improves health outcomes by making primary care more accessible and affordable, and by expanding the healthcare workforce to provide the services people need in the communities where they live and work.”

Louise Cohen, PCDC’s chief executive officer, reflected how her CDFI will benefit.

“The capital provided by Bank of America will enable PCDC to better serve healthcare providers nationwide, especially in communities of color and rural and low-income communities, which all too often struggle to access primary care, ” Cohen said. “These dollars will have meaningful impact on primary care access and health equity. One of our first anticipated projects is to fund a much-needed Federally Qualified Health Center (FQHC) in a Florida community that is almost entirely low income and where more than half of residents live in public housing.”

See more details on the CDFI partners receiving capital as part of the initiative here.