Inland Empire Nonprofits Receive $267,500 in Economic Development Grants
Inland Empire Nonprofits Receive $267,500 in Economic Development Grants from Bank of America to Stimulate Business and Neighborhood Revitalization
Riverside, CA – Bank of America announced $267,500 in economic development grants given to 20 nonprofits that help stimulate local business and neighborhood revitalization in communities across the Inland Empire. Nonprofits receiving the funds provide services ranging from affordable housing and community development resources to small business support, access to arts and culture opportunities, and environmental sustainability.
Despite the average cost of homes in the Inland Empire outpacing wages, the Inland Empire is poised for continued economic success and growth. From its record-low unemployment rate (4.1%) to being ranked one of the top areas for small business growth, the region is on track to continue this positive trend. This exciting moment means that investing in small businesses and the resources that help them grow is more important than ever before. From micro-lenders to young entrepreneur mentoring programs, there are several local groups fueling this momentum in order to sustain the Inland Empire’s success and Bank of America is supplementing their efforts and investing in the region with these grants.
“Advancing economic and community development initiatives strengthens the vibrancy of Inland Empire where people want to live, work and do business, and is part of our approach to responsible growth. By investing in nonprofits who are addressing issues around access housing and small business tools, or support diverse culture through arts and quality public spaces, we hope to give our communities a holistic set of tools to establish sustainable economic success,” said Al Arguello, Inland Empire Market President for Bank of America.
Among the nonprofits receiving grants is the Inland Empire Women’s Business Center, which will use the funding to increase access to workshops, counseling and mentorship opportunities for women business owners and entrepreneurs at its multiple locations across the Inland Empire.
“As a long-standing partner of the Inland Empire and Coachella Valley Women’s Business Centers, Bank of America’s financial investments are helping to diversify the business community by empowering women entrepreneurs, and such diversity will allow for sustainable economic growth in our region. Through their support, the WBCs are able to provide business counseling and training to even more women business owners to start and grow their enterprises,” said Michelle Skiljan, executive director for the Inland Empire and Coachella Valley Women’s Business Centers.
Other organizations receiving grants include: Academy for Grassroots Organizations, AmPac Tri-State CDC, Family Service Association of Redlands, Habitat for Humanity San Bernardino Area, Neighborhood Housing Services for the Inland Empire, Inland Empire Women’s Business Center, Neighborhood Partnership Housing Services, National Latina Business Women Association – IE Institute, The Rancho Cucamonga Community & Arts Foundation, Accion Southern California, Opportunity Fund, Fair Housing Council of Riverside County, Rivers & Lands Conservancy, Riverside Art Museum, Credit.org, United States Veterans Initiative, Angel View, Coachella Valley Economic Partnership, Friends of the Cultural Center, and Palm Springs International Film Society.
Advancing economic mobility through community development partnerships is just one example of Bank of America’s commitment to responsible growth and shared success as it works to improve the financial lives of individuals and families in the Inland Empire. Earlier this year, the bank awarded $417,500 in grants to 45 nonprofits addressing workforce readiness, emergency shelter and basic needs such as hunger and other barriers to economic mobility.
About Bank of America Environmental, Social and Governance
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 at @BofA_News.