BBJ: Bank of America providing $400K in grants to two Baltimore nonprofits

By Holden Wilen
December 11, 2020

Two Baltimore nonprofit organizations will receive a combined $400,000 in grants from Bank of America at a time when organizations need every dollar they can get.

The Charlotte-based financial giant selected NPower and Baltimore Community Lending as recipients of $200,000 grants through its Neighborhood Builders program. Bank of America selected the organizations for their work in the Baltimore community addressing issues related to economic mobility.

NPower is a New York-based nonprofit that helps military veterans and young adults in underserved communities launch digital careers. The organization has been working in Baltimore’s east and west sides. Baltimore Community Lending, a community development financial institution, provides loans to small real estate developers and small business owners to support revitalization of underserved Baltimore neighborhoods.

In addition to the grants, each organization will also receive a year of leadership training for the executive director and an emerging leader, access to a network of peer organizations across the U.S., and the opportunity to access capital to expand their impact.

Bank of America is the largest bank in Greater Baltimore with more than $28.6 billion in local deposits as of June 30, according to the Federal Deposit Insurance Corp. The company has invested more than $260 million in 50 communities through its Neighborhood Builders program since 2004, and partnered with more than 1,300 nonprofits.

In Baltimore, Bank of America has partnered with 27 nonprofits through its invitation-only program, providing $5.4 million in funding.

The latest grants from Bank of America come as the company makes a push to address systemic racism issues in the light of a larger movement sparked by George Floyd’s death earlier this year at the hands of Minneapolis police. Bank of America made a four-year, $1 billion commitment to advance racial equality and economic opportunity.

Last month Bank of America announced it will provide Morgan State University with $1 million as part of a joint effort to to help students of color successfully complete the education and training necessary to enter the workforce.

To read the complete article, visit the Baltimore Business Journal website.

Source: Baltimore Business Journal

Also see: Coverage of GBC Member companies’ philanthropic responses to COVID-19