$500 million in equity investments in minority- and women-led funds. This is more than double the original commitment of $200 million.
Over 60% of fund managers who can withdraw money from stock pools are headed by women
The bank said it plans to invest in more than 150 funds that invest in more than 1,000 companies statewide. “As a company, we’ve been thinking about how we can support women and diverse entrepreneurs,” Tram Nguyen, global head of strategy and sustainable investing at Bank of America, told Reuters. Typically, these fund managers have previous experience in starting companies or investing as part of larger funds. The company said in a statement that it was an early investor in Esusu, one of the few black-owned unicorns.
Continuous expansion of the capital and resources for entrepreneurs and small business owners in their communities
The company offers unparalleled convenience with approximately 3,900 retail financial centers, approximately 15,000 ATMs, and award-winning digital banking with approximately 56 million authenticated digital users providing approximately 68 million We serve individual and small business customers. The fund caters to founders with unique backgrounds starting businesses in often-overlooked markets, such as Papaya, a bilingual STEM tutoring organization aimed at bridging the educational gap for underprivileged students.