Bank of America is donating $1 million each to 21 state universities across the U.S. with large numbers of Black and Latino students.
The $21 million donation is part of Bank of America’s recent $1 billion, four-year commitment to advance racial equality and economic opportunity. The funds will go to schools including Historically Black Colleges and Universities (HBCUs), Hispanic-serving institutions.
“Career opportunities are a critical pillar in addressing the racial wealth gap in our country,” Bank of America Vice Chairman Anne Finucane said in a statement. “A meaningful job opportunity goes beyond the paycheck –it is a pathway to reduce student debt, obtain health care and retirement benefits, and ultimately, build net worth. The collaborative training approach we are taking with this initiative will not only impact the lives of Black and Hispanic-Latino students, but will enable them to make a real and meaningful impact in their communities now and in the years ahead.”
The institutions will use the money to develop or expand programs that help students complete their education and job training in their communities. Bank of America will also work with employers in local areas to match training to prospective jobs.
Bank of America is also partnering with the Aspen Institute, which will work with the National Center for Inquiry and Improvement to bring the partnering colleges technical and programmatic assistance.
“We’re thrilled to work with Bank of America on this initiative to expand employment pathways for Black and Hispanic-Latino students,” Dan Porterfield, president and CEO of the Aspen Institute, said in the release. “Building a learning hub for these colleges will create valuable opportunities to enhance career guidance, employer relationships, financial stability, and peer learning for students—all with the goal of helping connect young people to high-wage jobs and reduce racial income and wealth gaps.”
Community college students of color do not always get the chance to finish their education due to a variety of reasons. Just 28.8% of Black students and 37.1% of Hispanic students finish earning a certificate or degree within six years of enrollment, according to the Bank of America release.
The universities and colleges the bank will give funding are:
- Arizona State University, Downtown Phoenix Campus
- Atlanta Technical College
- Baruch College, The City University of New York–New York City.
- Central Piedmont Community College–Charlotte
- Dallas College, El Centro CampusDallas
- Delaware State University–Dover, DE.
- Florida A&M University–Tallahassee, FL.
- Florida International University–Miami.
- Florida State College at Jacksonville (FL)
- Harold Washington College, City Colleges of Chicago
- Los Angeles Trade Technical College
- Miami (FL) Dade College
- Morgan State University–Baltimore
- North Carolina A&T State University–Greensboro, NC
- Northern Virginia Community College–Greater Washington, D.C.
- Pima Community College–Tucson, AZ
- Prairie View A&M University–Greater Houston, TX
- Riverside (CA) City College
- St. Louis Community College–Greater St. Louis
- Tennessee State University–Nashville.
- University of Puerto Rico, Río Piedras Campus–San Juan, Puerto Rico