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“Equity investments in minority-focused funds, MDIs, and CDFI banks help address a persistent gap in access to growth capital,” Brian Moynihan, CEO of Bank of America, stated in a news release. “By providing this capital, we’re helping to level the playing field and open more doors for minority-led businesses, entrepreneurs, and innovation.”
The investments are part of Bank of America’s $1.25 billion racial equality and economic opportunity commitment. The pledge focuses on addressing and advancing social issues in minority populations, such as health, jobs, education, housing, and capital inequality, and will facilitate benefits across multiple states and communities.
Bank of America joins other large U.S. banks who last year made major financial commitments to battle racism after the police shooting of George Floyd and Black Lives Matter protests.