Bank of America today announced a new $1 million jobs initiative with Arizona State University (ASU) to help students from underrepresented populations successfully complete the education and training necessary to enter the workforce and embark on a path to success in Arizona.
In addition to ASU, the bank is also investing $1 million into Pima Community College as part of this initiative, which builds on Bank of America’s ongoing work to address the underlying issues facing individuals and communities of color who have been disproportionately impacted by the current health crisis.
”We remain committed to helping address the barriers to sustainable employment that exist for many communities of color,” said Bank of America Arizona market president Benito Almanza. “This program with ASU will help support Black and Hispanic-Latino students initially at its Downtown Phoenix campus by creating a collaborative approach to job training that will enable them to make a real and meaningful impact in their communities now and over the years ahead.”
ASU has a proven track record on student success through its commitment to inclusivity, affordability, and accessibility. The university’s student population continues to grow more diverse year after year. More than 40% of those enrolled this fall at ASU are students from underrepresented populations, and of all undergraduates, 35% are the first in their family to attend college.
“Arizona State University puts student success at the center of everything we do and when partners like Bank of America stand with us in that commitment and put their own resources on the line to make things happen, the impact is one that changes people’s lives,” said ASU President Michael M. Crow. “There is an enormous amount of work to be done to reach all of the learners who have the drive and desire to attend college and this contribution by BofA helps more of them achieve their dreams.”
This year, the bank also provided $875,000 in grants to Phoenix nonprofits that are connecting individuals to skills and employment in Phoenix. The initiative is part of the bank’s recent $1 billion, four-year commitment to advance racial equality and economic opportunity, which includes a $25 million commitment to enhance up-skilling and reskilling for Black and Hispanic-Latino individuals.
In addition to ASU, the $25 million, nationwide initiative includes partnerships with Pima Community College and nearly two dozen community colleges that serve predominately Black and Hispanic-Latino students, public Historically Black Colleges and Universities (HBCUs) and public Hispanic Serving Institutions (HSIs). Bank of America is also partnering with and providing funding to the Aspen Institute to convene the participating higher education institutions for technical and programmatic assistance and to share best practices.
With the support from Bank of America, ASU will bolster its current efforts surrounding the recruitment of students from marginalized communities, as well as expand college pathway programs. Additionally, the university will enhance its collaboration efforts between corporate and community stakeholders who contribute to the educational and professional attainment goals of ASU students, increasing career placement opportunities for students.
“Bank of America’s investment in Arizona State University to advance educational achievement and workforce development programs for Latino students is the foundation in which we can build a stronger and more equitable economy,” said Chris Camacho, president and CEO of the Greater Phoenix Economic Council. “We see the exponential economic power unleashed when the private sector, higher education and municipalities work hand-in-hand to advance prosperity. Availability of a skilled and highly-educated workforce makes a market increasingly attractive and this partnership helps ensure Greater Phoenix remains an optimal location for businesses to operate and scale.”
Focused on advancing economic mobility, Bank of America also recently announced:
• Seven Completed Equity Investments in Minority Depository Institutions and Community Development Financial Institution Banks
• $2 Billion Equality Progress Sustainability Bond
• Universal ESG Reporting; International Business Council of World Economic Forum
• Recognition as Top Global Bank on Fortune’s “Change the World” List
• $300 Million of Its $1 Billion, Four-Year Commitment to Advance Racial Equality and Economic Opportunity
• Support of Boys & Girls Clubs of America With $1 Million Grant to Support Educational Programs
• $1 Billion/4-Year Commitment to Support Economic Opportunity Initiatives
• $250 Million in Capital and $10 Million in Philanthropic Grants to Community Development Financial Institutions (CDFIs)