Bank Of America Commits $100 Million To Help Communities Impacted By COVID-19

By Amit Chowdhry ● March 19, 2020
  • Bank of America recently announced it is committing $100 million to support local communities affected by COVID-19 (coronavirus). These are the details.

Bank of America recently announced it is committing $100 million to support local communities affected by COVID-19 (coronavirus). And the funds will help increase medical response capacity, address food insecurity, increase access to learning as a result of school closures, and provide support to the world’s most vulnerable populations.

The majority of Bank of America’s funds will be distributed on the ground in local markets. And the funds will be focused on both immediate needs facing local communities and providing ongoing support in the months ahead. Plus the company will also increase funding to several national and global organizations that are on the front lines, tackling the most pressing issues in local communities.

Since 2009, Bank of America has delivered over $2 billion in philanthropic investments with approximately $250 million in 2019 alone. In April 2019, Bank of America announced a $5 billion Bank of America Community Homeownership Commitment to benefit low- and moderate-income homebuyers and communities across the U.S. over the next five years. 

Last year, Bank of America Community Development Banking provided a record $4.88 billion in loans, tax credit equity investments, and other real estate development solutions. And between 2005 and 2019, Bank of America financed 202,800 affordable housing units. 

In order to meet the unique needs of its 12 million small business owners, the company provides advice, solutions and dedicated support. And Bank of America maintained its position as the nation’s top small business lender at the end of 2019 with $38.9 billion in total outstanding small business loan balances (defined as business loans in original amounts of $1 million and under), up 7% year over year.

“We must all work together as one global community – public and private sectors, as well as individuals – to address this healthcare and humanitarian crisis. As the needs in our local communities continue to rapidly escalate, we must take swift action to provide resources where there are gaps, and help local communities protect their most vulnerable populations,” said Brian Moynihan, chairman and CEO of Bank of America “Building on the efforts of local, state and international governments, we are focusing our resources on the number one priority – looking after people.”