As part of its commitment to supporting economic opportunity and local communities, Bank of America says it has invested $7 million across 65 Atlanta area nonprofits this year through philanthropic grants, loans and sponsorships.
The support is helping Atlanta thrive with a focus on health, workforce development, affordable housing and small business, the bank said in a news release.
The bank provided a grant to The Russell Innovation Center for Entrepreneurs (RICE) that will support RICE programming designed to support Black entrepreneurs.
Big IDEAS is RICE’s signature learning platform, serving entrepreneurs from start-up through scale-up.
The learning platform guides entrepreneurs as they develop their action plan for creating a sustainable business.
Along the way, they are supported by a team of subject matter experts and a faculty “focused on making mastery and excellence the default”.
This year, the bank also provided a grant to Grove Park Foundation to create the Grove Park Performing and Cultural Arts Center by renovating the historic Grove Theatre on Donald Lee Hollowell Parkway.
The new center will create an accessible marketplace for small businesses and house community and cultural programming.
The 10,000-sq.-ft. facility will feature performance and studio space for arts and culture partners, office space, and a cafe/vending space.
In addition to philanthropic capital, the bank said Bank of America employees have volunteered more than 55,000 hours with more than 50% of employees participating.
Bank of America also named The Literacy Lab and The YWCA of Greater Atlanta as the 2023 Neighborhood Builders awardees to each receive a $200,000 grant for their work advancing economic mobility and building up underserved neighborhoods in Atlanta.
“Nonprofit organizations understand the needs and obstacles Atlanta faces, uniquely positioning them to develop the solutions and services needed promote economic opportunity,” said Al McRae, president, Bank of America Atlanta.
“Bank of America will continue to deploy capital and resources to tackle the barriers embedded within our community and create real impact in the lives of the Atlanta individuals and families we serve.”