Bank of America has announced a $250 million commitment over the next five years to support families and individuals facing food insecurity and other basic needs across the United States. The company said this new investment builds on its ongoing philanthropic work, which currently includes annual funding for more than 1,200 organizations focused on fighting hunger and related issues.
As part of the initiative, Bank of America will distribute $5 million to nearly 100 nonprofit organizations that are working to address urgent food needs in local communities. The bank said this funding is intended to help these groups meet rising demand for their services.
Sheri Bronstein, Chief People Officer at Bank of America, stated: “Our ongoing commitment to the needs of the local communities where we work and live is foundational to who we are at Bank of America. We work closely with food banks, food pantries, and other basic needs-focused organizations every day, and this new commitment builds on decades of giving, volunteering, and partnership.”
In addition to financial support, Bank of America employees plan to volunteer more than 100,000 hours by the end of the year with organizations focused on hunger relief and other essential services. The company also announced it will match employee donations dollar for dollar to groups working against hunger in its service areas.
Bank of America serves nearly 70 million consumer and small business clients in the United States through about 3,600 retail financial centers and approximately 15,000 ATMs. Its digital banking platform has around 59 million verified users. The company operates across more than 35 countries and is listed on the New York Stock Exchange under BAC.