Del State Receives $1M from Bank of America for Job Initiative
Delaware State University and Bank of America today announced a new $1 million jobs initiative partnership to help students of color successfully complete the education and training necessary to enter the workforce and embark on a path to success in Delaware and beyond. This initiative builds on Bank of America’s ongoing work in Delaware to address the underlying issues facing individuals and communities of color who have been disproportionately impacted by the current health crisis.
“Bank of America is committed to advancing racial equality and economic opportunity in Delaware, helping a diverse group of young adults gain skills and experience that will put them on a path to success,” said Chip Rossi, Delaware market president for Bank of America. “Our longstanding partnership with Delaware State University builds on our efforts to advance economic mobility through a focus on education and workforce development.”
This year, the bank provided nearly $4 million to nonprofits in Delaware focused on economic mobility and connecting individuals with opportunities to obtain skills and employment. This initiative is part of the bank’s recent $1 billion, four-year commitment to advance racial equality and economic opportunity, and its $25 million commitment to enhance upskilling and re-skilling for Black/African American and Hispanic-Latino individuals.
“Sustained corporate engagement is an absolute necessity for changing the landscape for millions of talented students of color,” says Harry Williams, President of the Thurgood Marshall College Fund, the nation’s largest association for the HBCU community. “What Bank of America is doing today is initiating a process that will literally change the roadmap to success for these young people, and I am very excited about the prospect.”
Including Delaware State University, the $25 million, nationwide initiative includes partnerships with nearly two dozen community colleges that serve predominantly Black/African American and Hispanic-Latino students, public historically Black colleges and universities (HBCUs) and public Hispanic-serving institutions (HSIs). Bank of America is also partnering with and providing funding to the Aspen Institute to convene the participating higher education institutions for technical and programmatic assistance and to share best practices.
With the support from Bank of America, Delaware State University will enhance existing programs into an integrated set of career pathways to meet specific skills gaps, increase internship opportunities, and develop stronger career-related networks that ultimately lead to good-paying jobs in a variety of disciplines and companies. Rossi continued, “This is about a partnership with Delaware State to help leverage other companies from a variety of industries to commit to enhancing their own talent pipelines with high-quality, talented young professionals of color.”
Delaware State University President Tony Allen added, “In my career in private, public and nonprofit sectors, I have heard many leaders who called for more Black talent across their organizations faced with a common retort: ‘We are having trouble finding them.’ The earnest truth is that these organizations need to be more intentional. Today’s HBCUs represent only 3% of the nation’s colleges and universities, but are still graduating nearly 25% of Black college students, including 50% of Black engineers, 50% of Black teachers, 70% of Black doctors, 65% of Black attorneys and judges, and many, many more. We are expecting our partnership with Bank of America to be a model of our community and welcome other committed companies to the table.”
With the support from Bank of America, Delaware State University will enhance existing programs such as the Delaware Executive Exchange Program into an integrated set of wraparound career readiness services to meet specific skills gaps; increase internship opportunities; and develop relationships to prepare students for higher paying, life-changing careers. Bank of America will work alongside companies like Delmarva Power, an Exelon Company, and other employers in Delaware and across the nation to ensure these programs target specific hiring needs and create a clearly defined career pathway to future employment.
“The partnership between Bank of America and Delaware State University is very exciting, and coming at a time when Delaware needs exceptional leaders like Chip Rossi and Dr. Tony Allen to step up and lead the way,” said Gary Stockbridge, President of Delmarva Power, an Exelon company, and the chairperson of Forward Delaware, the State’s primary workforce development initiative. “A strong workforce is a key differentiator among successful states, and the Workforce Development Board is very excited to be part of this great opportunity to invest in future Delaware leaders.”
“This joint initiative between Bank of America and ten of the nation’s leading HBCUs and HSIs is exactly the kind of partnership we need — investing not just resources, but time, talent, and long-term commitment with some of the most life-changing universities in the nation,” said Governor John Carney. “I’m particularly pleased to see Bank of America working with our own Delaware State University as part of this program. This can only strengthen our workforce, and keep more talented young people right here in Delaware — in high-paying, in-demand careers.”
Focused on advancing economic mobility, Bank of America also recently announced:
- Seven Completed Equity Investments in Minority Depository Institutions and Community Development Financial Institution Banks
- $2 Billion Equality Progress Sustainability Bond
- Universal ESG Reporting; International Business Council of World Economic Forum
- Recognition as Top Global Bank on Fortune’s “Change the World” List
- $300 Million of Its $1 Billion, Four-Year Commitment to Advance Racial Equality and Economic Opportunity
- Support of Boys & Girls Clubs of America With $1 Million Grant to Support Educational Programs
- $1 Billion/4-Year Commitment to Support Economic Opportunity Initiatives
- $250 Million in Capital and $10 Million in Philanthropic Grants to Community Development Financial Institutions (CDFIs)
Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).
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