Charlotte Is Your Home. It’s Ours, Too.
By Kathy Cummings, Senior Vice President, Homeownership Solutions & Affordable Housing Programs
At Bank of America, our investment in communities extends beyond the locations of our financial centers. We’re committed to strengthening our communities because they’re our communities too. Whether it’s supporting local non-profits that help to make an impact or responsibly lending to small businesses that keep our economy running, we’re committed and take pride in keeping our community healthy, stronger and connected.
We aim to help increase financial resilience and economic mobility, working to meet our clients’ and neighbors’ unique needs by connecting them to jobs and access to core banking products, services, loans, technology and capital to help our communities thrive. We call it the power of every connection.
In Charlotte, we’re dedicating resources to revitalize our communities and to address the issues that employees and clients alike say matter most:
Investing in affordable housing solutions
Low housing supply has squeezed many would-be homebuyers out of the market – a concerning trend because homeownership provides owners and their families with assets that can build generational wealth. The cost of housing is a challenge around the U.S., including Charlotte, and we’ve been on the forefront of finding sustainable solutions. We’re connected locally to public and private partnerships in areas across the country. For example, together with Ally Financial and Barings, we’re investing over $70 million to fund affordable housing for families around Charlotte.
Accelerating access to capital for minority and women-led businesses
Investments help Black/African American, Hispanic-Latino, Asian, Native American, women and other historically disadvantaged entrepreneurs start and grow their businesses. As such, the private sector has a responsibility to provide the expertise, resources and capital necessary for entrepreneurs in the community to achieve their financial goals. In Charlotte, our new Small Business Down Payment Grant Program will extend credit to historically disadvantaged small business borrowers and provide support to make purchasing commercial real estate more affordable.
Meeting the next generation of change-makers
Through paid internships with local non-profits, including DreamKey Partners in Charlotte, our Student Leaders® program provides community-minded young students with the opportunity to serve, inspire and hopefully change the world. We’re helping prepare students of diverse backgrounds to be successful in the workforce as they gain practical work and life experience.
Boosting the fight against hunger in Charlotte
We’re committed to supporting our employees’ health and safety and to addressing our local communities’ most critical needs. For every Bank of America employee that received a Covid-19 booster shot, we donated $100 to local hunger-relief organizations. Through this effort, our team in Charlotte presented Second Harvest Food Bank of Metrolina and Loaves & Fishes with checks totaling more than $1.2 million.
Bank of America has long been committed to supporting individuals and businesses in historically disadvantaged communities, and our commitment continues today. Through loans, philanthropic contributions and more, we take pride in investing in the institutions, individuals and programs that help make our headquarter city of Charlotte stronger.