ADVERTISEMENT
  • News
  • New York
  • Technology
  • Culture
  • Entertainment
  • Sport
  • More
    • Politics
    • Lifestyle
    • TV
    • Games
Monday, May 19, 2025
  • Login
No Result
View All Result
NEWSLETTER
FINCHANNEL
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
No Result
View All Result
FINCHANNEL
No Result
View All Result
Home Business BANKS

Bank of America Announces Investments in 40 Private Funds Focused on Minority Entrepreneurs for Approximately $150 Million

The FINANCIAL by The FINANCIAL
January 26, 2021
in BANKS
Reading Time: 2 mins read
7
A A
0
Bank of America Announces Investments in 40 Private Funds Focused on Minority Entrepreneurs for Approximately $150 Million
Share on FacebookShare on Twitter

The FINANCIAL — On June 2, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity, of which $200 million was allocated to support Black, Hispanic-Latino, other under-represented minority and women entrepreneurs. Today, Bank of America announced it will invest approximately $150 million in 40 funds, based in 21 markets across the U.S. These investments will underscore Bank of America’s ongoing efforts to address the persistent gap in access to growth capital for minority-led businesses.

“By accelerating the flow of capital into funds focused on investing in Black, Hispanic-Latino, other under-represented minority and women-led businesses, we can help level the playing field,” said Brian Moynihan, CEO of Bank of America. “These funds support diverse entrepreneurs across the U.S. and will drive innovation and economic opportunities, creating more jobs and wealth in communities.”

In addition to their focus on investing in minority-led businesses, these funds are predominately led by diverse fund managers. Representative funds include but are not limited to:

Fearless Fund – Atlanta, Ga.
Harlem Capital – New York, N.Y.
The Marathon Fund – Washington, D.C.
New Community Transformation Fund – Grand Rapids, Mich.
Reign Ventures – New York, N.Y.
Serena Ventures – San Francisco, Calif.
TMV – New York, N.Y.
VamosVentures – Los Angeles, Calif.
Zeal Capital Partners – Washington, D.C.
The completion of these investments is subject to execution of documentation.

These investments are one component of Bank of America’s $1 billion commitment to racial equality and economic opportunity. This commitment is focused on addressing and advancing social issues in minority populations, such as health, jobs, education, housing and capital inequality, and will facilitate benefits across multiple states and communities.

Investing in Minority Depository Institutions

As part of its $1 billion commitment, Bank of America dedicated $50 million to support minority depository institutions (MDIs) and community development financial institution (CDFI) banks. As part of these equity investments Bank of America will acquire up to 4.9% of common equity in MDIs and CDFI Banks facilitating benefits in the communities that these institutions serve through lending, housing, neighborhood revitalization, and other banking services.

Today the company also announced investments in two additional MDIs, bringing the total to 12:

Broadway Financial Corporation*
Carver Bancorp, Inc.
Carver Financial Corporation
CNB Bancorp, Inc. (parent of Commonwealth National Bank)
CSB&T Bancorp, Inc. (parent company of Citizens Savings Bank and Trust)
First Independence Corporation
Liberty Financial Services, Inc.
M&F Bancorp, Inc.
MNB Ventures, Inc.*
SCCB Financial Corp. (parent company of Optus Bank)
Southern Bancorp, Inc.
Unity National Bank of Houston, N.A.
*Denotes newly announced investment

These equity investments are in addition to approximately $100 million in deposits from Bank of America in MDIs. The company also operates a $1.6 billion CDFI portfolio with 255 partner CDFIs across all 50 states, providing access to capital to thousands of individuals and small businesses who do not qualify through traditional lenders.

RelatedPosts

Thomas Priore Discusses How Unified Commerce is Transforming Business Financial Operations

ZEG Storytelling Festival

The Security Service of Ukraine lost the appeal in court to Alona Shevtsova, Ibox Bank

SEC Policy Director Corey Klemmer to Step Down

The FINANCIAL — On June 2, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity, of which $200 million was allocated to support Black, Hispanic-Latino, other under-represented minority and women entrepreneurs. Today, Bank of America announced it will invest approximately $150 million in 40 funds, based in 21 markets across the U.S. These investments will underscore Bank of America’s ongoing efforts to address the persistent gap in access to growth capital for minority-led businesses.

See also  Thomas Priore Discusses How Unified Commerce is Transforming Business Financial Operations

“By accelerating the flow of capital into funds focused on investing in Black, Hispanic-Latino, other under-represented minority and women-led businesses, we can help level the playing field,” said Brian Moynihan, CEO of Bank of America. “These funds support diverse entrepreneurs across the U.S. and will drive innovation and economic opportunities, creating more jobs and wealth in communities.”

In addition to their focus on investing in minority-led businesses, these funds are predominately led by diverse fund managers. Representative funds include but are not limited to:

Fearless Fund – Atlanta, Ga.
Harlem Capital – New York, N.Y.
The Marathon Fund – Washington, D.C.
New Community Transformation Fund – Grand Rapids, Mich.
Reign Ventures – New York, N.Y.
Serena Ventures – San Francisco, Calif.
TMV – New York, N.Y.
VamosVentures – Los Angeles, Calif.
Zeal Capital Partners – Washington, D.C.
The completion of these investments is subject to execution of documentation.

These investments are one component of Bank of America’s $1 billion commitment to racial equality and economic opportunity. This commitment is focused on addressing and advancing social issues in minority populations, such as health, jobs, education, housing and capital inequality, and will facilitate benefits across multiple states and communities.

Investing in Minority Depository Institutions

As part of its $1 billion commitment, Bank of America dedicated $50 million to support minority depository institutions (MDIs) and community development financial institution (CDFI) banks. As part of these equity investments Bank of America will acquire up to 4.9% of common equity in MDIs and CDFI Banks facilitating benefits in the communities that these institutions serve through lending, housing, neighborhood revitalization, and other banking services.

Today the company also announced investments in two additional MDIs, bringing the total to 12:

Broadway Financial Corporation*
Carver Bancorp, Inc.
Carver Financial Corporation
CNB Bancorp, Inc. (parent of Commonwealth National Bank)
CSB&T Bancorp, Inc. (parent company of Citizens Savings Bank and Trust)
First Independence Corporation
Liberty Financial Services, Inc.
M&F Bancorp, Inc.
MNB Ventures, Inc.*
SCCB Financial Corp. (parent company of Optus Bank)
Southern Bancorp, Inc.
Unity National Bank of Houston, N.A.
*Denotes newly announced investment

These equity investments are in addition to approximately $100 million in deposits from Bank of America in MDIs. The company also operates a $1.6 billion CDFI portfolio with 255 partner CDFIs across all 50 states, providing access to capital to thousands of individuals and small businesses who do not qualify through traditional lenders.

Tags: bank of americaBank of America announced it will invest approximately $150 million in 40 fundsBank of America made a $1 billionbased in 21 markets across the U.S. These investments will underscore Bank of America’s ongoing efforts to address the persistent gap in access to growth capital for minority-led businesses.four-year commitment to advance racial equality and economic opportunityHispanic-Latinomarkets across the U.Sof which $200 million was allocated to support BlackOn June 2other under-represented minority and women entrepreneurs. Today

Related Posts

Thomas Priore Discusses How Unified Commerce is Transforming Business Financial Operations
BANKS

Thomas Priore Discusses How Unified Commerce is Transforming Business Financial Operations

by The FINANCIAL
May 13, 2025
0

Businesses of all sizes face growing complexity in managing their financial operations. From processing customer payments to paying vendors and...

Read more
ZEG Storytelling Festival

ZEG Storytelling Festival

April 8, 2025
Chairman of the Supervisory Board of IBOX BANK Alona Shevtsova talks about the development of financial technologies in Ukraine and entering the Polish market

The Security Service of Ukraine lost the appeal in court to Alona Shevtsova, Ibox Bank

March 26, 2025
SEC Policy Director Corey Klemmer to Step Down

SEC Policy Director Corey Klemmer to Step Down

January 17, 2025

Discussion about this post

  • Trending
  • Comments
  • Latest
Ampersand wins £22m five-year contract at London Zoo

Ampersand wins £22m five-year contract at London Zoo

June 25, 2012
U.S. Lifts Sanctions on Syria: How This Will Affect Recognition of Russia-occupied Territories?

U.S. Lifts Sanctions on Syria: How This Will Affect Recognition of Russia-occupied Territories?

May 15, 2025
U.S. Money Reserve Reviews Why Other Nations May Want to Move Away From the Dollar

U.S. Money Reserve Reviews Why Other Nations May Want to Move Away From the Dollar

May 13, 2025

The World’s First Operating System for Smart Cities

May 16, 2025
BMW Group sources aluminium produced using solar energy

Global solar PV growth expected to slow to 10% in 2025, reaching 655 GW new installations

May 6, 2025

The World’s First Operating System for Smart Cities

May 16, 2025
Brooklyn Park Man Pleads Guilty to His Role in $250 Million Feeding Our Future Fraud Scheme

Two Men Sentenced for Real Estate and Tax Fraud

May 16, 2025
Teacher arrested, charged with distribution and possession of child pornography

Army Soldier Charged with Child Pornography Offenses

May 16, 2025
Why Is Geographic Mobility Declining?

Why Is Geographic Mobility Declining?

May 16, 2025
Self-Made Millionaire at 14 Shares His Empowering Journey From Food Stamps to Financial Freedom

Self-Made Millionaire at 14 Shares His Empowering Journey From Food Stamps to Financial Freedom

May 16, 2025
ADVERTISEMENT

Popular Last 24h

  • Ampersand wins £22m five-year contract at London Zoo

    Ampersand wins £22m five-year contract at London Zoo

    3328 shares
    Share 1331 Tweet 832
  • The London Diplomatic List, Addresses, Contacts & Working Hours

    2992 shares
    Share 1197 Tweet 748
  • Magical Night: Unique Hotels in Scandinavia

    685 shares
    Share 274 Tweet 171
  • Global solar PV growth expected to slow to 10% in 2025, reaching 655 GW new installations

    84 shares
    Share 34 Tweet 21
  • The World’s First Operating System for Smart Cities

    37 shares
    Share 15 Tweet 9
  • U.S. Lifts Sanctions on Syria: How This Will Affect Recognition of Russia-occupied Territories?

    47 shares
    Share 19 Tweet 12
  • Two Men Sentenced for Real Estate and Tax Fraud

    27 shares
    Share 11 Tweet 7

LATEST POSTS

The World’s First Operating System for Smart Cities

May 16, 2025
Brooklyn Park Man Pleads Guilty to His Role in $250 Million Feeding Our Future Fraud Scheme

Two Men Sentenced for Real Estate and Tax Fraud

May 16, 2025
Teacher arrested, charged with distribution and possession of child pornography

Army Soldier Charged with Child Pornography Offenses

May 16, 2025
Why Is Geographic Mobility Declining?

Why Is Geographic Mobility Declining?

May 16, 2025
Self-Made Millionaire at 14 Shares His Empowering Journey From Food Stamps to Financial Freedom

Self-Made Millionaire at 14 Shares His Empowering Journey From Food Stamps to Financial Freedom

May 16, 2025
Why Board Portals Are Vital for Modern Businesses?

When Is the Best Time to Apply for a Business Loan?

May 16, 2025
HX5 Maintains Excellence in Mission-Critical Operations Through Navigating Regulatory Challenges

HX5 Maintains Excellence in Mission-Critical Operations Through Navigating Regulatory Challenges

May 16, 2025
How to Budget for a New Car Without Sacrificing Your Lifestyle

How to Budget for a New Car Without Sacrificing Your Lifestyle

May 16, 2025
U.S. Lifts Sanctions on Syria: How This Will Affect Recognition of Russia-occupied Territories?

U.S. Lifts Sanctions on Syria: How This Will Affect Recognition of Russia-occupied Territories?

May 15, 2025
Cyber risks are one of the biggest threats to the digital and networked economy

Munich Re posts net result of €1.1bn in Q1 despite high major-loss expenditure

May 15, 2025

LATESTBUSINESS

Brooklyn Park Man Pleads Guilty to His Role in $250 Million Feeding Our Future Fraud Scheme

Two Men Sentenced for Real Estate and Tax Fraud

by The FINANCIAL
May 16, 2025
0

Cyber risks are one of the biggest threats to the digital and networked economy

Munich Re posts net result of €1.1bn in Q1 despite high major-loss expenditure

by The FINANCIAL
May 15, 2025
0

Cryptocurrency Total Market Cap Jumped 80% After COVID-19 Crash

Confidence in regulation of the crypto and digital assets sector is rising, study

by The FINANCIAL
May 15, 2025
0

U.S. Money Reserve Reviews Why Other Nations May Want to Move Away From the Dollar

U.S. Money Reserve Reviews Why Other Nations May Want to Move Away From the Dollar

by The FINANCIAL
May 13, 2025
0

Thomas Priore Discusses How Unified Commerce is Transforming Business Financial Operations

Thomas Priore Discusses How Unified Commerce is Transforming Business Financial Operations

by The FINANCIAL
May 13, 2025
0

Homes Sold Faster than Ever in 2017

Tariffs Spur Home Improvement Shock: ‘Prices to Skyrocket,’ Expert Warns

by The FINANCIAL
May 7, 2025
0

Turkcell and Huawei Complete World’s First LTE Spectrum Coordination on a Commercial Network

Huawei Digital Power’s All-Scenario Grid Forming ESS Accelerates the Global Energy Transition and Construction of New Power Systems

by The FINANCIAL
May 7, 2025
0

PwC: Policymakers Must Offer Clarity and Coordination to Secure Net-Zero

PwC to Cut 1,500 U.S. Jobs as Part of Strategic Workforce Adjustment

by The FINANCIAL
May 6, 2025
0

GET IN TOUCH

Submit guest post/Letters to the Editor:

editor (at) finchannel.com

Sales & Marketing: (+995 558) 03 03 03 Email: marketing (at) finchannel.com

Whatsup: (+995 599) 96 52 52

Georgia:

(+995 599) 96 52 52 Email: editor (@) finchannel.com

Postal address: 17 Mtskheta str. Tbilisi, Georgia 0179 The FINANCIAL

RESOURCE

  • Work at the FINANCIAL
  • ePaper
  • Advertise in The FINANCIAL
  • Access ePaper
  • Guest posts
  • Contributed articles
  • AmericanStockNews
  • Coupon Codes
  • GLOSSY MAG
American Culture Center
ACC Partner

GUIDEBOOK

  • Meet our team
  • Invest in Georgia
  • Become contributor
  • Archive

FOLLOW US

  • Facebook
  • Twitter
  • Google+
  • Youtube
No Result
View All Result
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE

© 2025 Intelligence Group llc

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.