Words by Smiley Team
Helping to tackle racial inequalities embedded in American society, the Bank of America is channelling approximately $150 million into 40 funds that serve ethnic minorities across the US. Led by managers of diverse backgrounds, these organisations offer a range of opportunities for investors to improve equality in the country by boosting the business success of initiatives led by entrepreneurs facing discrimination.
The bank is offering financial support to initiatives working towards racial diversity, gender equality and inclusivity for the LGBT+ community. Beneficiaries include the Fearless Fund, helping businesswomen of colour; and Serena Ventures, an organisation founded by tennis champion Serena Williams; as well as a wide range of other funds aimed at breaking down barriers for minority entrepreneurs.
“By accelerating the flow of capital into funds focused on investing in Black, Hispanic-Latino, other under-represented minority and women-led businesses, we can help level the playing field,” said Brian Moynihan, the bank’s CEO. “These funds support diverse entrepreneurs across the US and will drive innovation and economic opportunities, creating more jobs and wealth in communities.”
Listed among the top companies for social responsibility by business monitor Comparably, the Bank of America is leading by example.
Their most recent investment into minority business funds builds on a commitment they made back in June 2020 to dedicate $1 billion over four years, to improving racial equality and economic opportunities for minorities. This included $200 million that they gave to Black, Hispanic-Latino, minority and women-led businesses.
The move also adds to a list of other efforts to support communities in need. The announcement of the $150 million investment comes after the bank recently channelled more than $13 million to Native American communities hardest hit by Covid-19 in 2020.
Ranked as one of the most unequal developed countries in the world, the USA has a long way to go before it spreads financial opportunities more evenly across its population. Therefore, endeavours by the Bank of America and the funds they support are vital if the country is ever to truly live up to its founding principle of equality.
