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Bank of America Increases Investment Commitment To Minority Focused Funds To $350 Million

The fund itself is part of its broader $1.25 billion racial equality and economic opportunity effort.

Companies take on the challenge of increasing diversity, aiding Black-owned businesses

Companies take on the challenge of increasing diversity, aiding Black-owned businesses Shirley Leung © Pat Greenhouse/Globe Staff From left, Daniel Acheampong, Tia Thomson and Yasmin Cruz, Co-founders of Visible Hands VC, are photographed at the Bank of America branch in Nubian Square. The bank has made equity investments in minority-owned venture capital firms like theirs. Not shown is Justin Kang. Turns out, that was the easy part. How companies have deployed the money is proving to be as crucial as how much they’ve promised, or even how much they’ve given out so far. Take, for example, Bank of America, which pledged $1.25 billion over five years toward promoting racial justice and creating economic opportunities for all. The centerpiece of its efforts and where the bulk of the first year’s disbursements have gone is a novel program to fund minority-owned venture capital firms that back under-represented entrepreneurs.

Finance – Bankless Times

The Brief: Restorative-justice capital, collaborative lending in Miami, Brazilian resilience, tech + culture, living kindly, first-time fund managers

Jews can help Black economic development after pandemic – The Forward

The killing of George Floyd and the economic devastation of COVID-19 have sparked a resurgence of Jewish engagement with the Black community. There is an opportunity to build on a century of civil rights work and philanthropy. In the early 20th century, Julius Rosenwald contributed to building more than 5,300 schools for Black children and over 30 YMCAs, supported Tuskegee Institute and other historically Black colleges and universities, built housing developments for Blacks, and helped support individual Black educational opportunities funding a long list of Blacks such as James Weldon Johnson, W.E.B. Du Bois, Langston Hughes, Maya Angelo, Rita Dove, Ralph Ellison, Dr. Charles Drew, and Marian Anderson.