Bank of America Surpasses Equity Investment Goal of $200 Million and Increases Target to $350 Million to Support Minority Entrepreneurs

Bank of America announced in May that it has increased its target for equity investment in minority focused funds from $200 million to $350 million. In less than a year, the company has committed more than $250 million to 90 investment funds across the U.S. These funds provide capital to Black, Hispanic-Latino, Asian, Native American other under-represented minority and women entrepreneurs to help them establish and grow their businesses.

Bank of America has also completed a total of 17 direct equity investments in minority depository institutions (MDI) and community development financial institution (CDFI) banks as part of its $50 million commitment made last year.

“Equity investments in minority focused funds, MDIs and CDFI banks help address a persistent gap in access to growth capital,” said Brian Moynihan, CEO of Bank of America. “By providing this capital, we’re helping to level the playing field and open more doors for minority led businesses, entrepreneurs and innovation.”

These investments are a component of Bank of America’s $1.25 billion racial equality and economic opportunity commitment, which focuses 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.
Equity Investments

Closed investments include, but are not limited to:

• Avenue Growth Partners – District of Columbia
• Cleveland Avenue – Chicago, Ill.
• Cleo Capital – San Francisco, Calif.
• e2JDJ – New Orleans, La.
• Elevate Capital – Portland, Ore.
• Greenwood, Inc. – Atlanta, Ga.
• Jumpstart Nova – Nashville, Tenn.
• L’Attitude Ventures – San Diego, Calif.
• MaC Ventures – Los Angeles, Calif.
• Noemis Ventures – New York, N.Y.
• Ulu Ventures – Palo Alto, Calif.
• Visible Hands – Boston, Mass.
• Zane Venture Fund – Atlanta, Ga.