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Band of America Announces $1.5 Million in Grants

Band of America Announces $1.5 Million in Grants

Wednesday, July 20, 2022

Bank of America announced Wednesday that it has made more than $1.5 million in grants to 28 New Jersey nonprofits to help drive economic opportunity for individuals and families.

The grants focus on workforce development and education to help individuals chart a path to employment and better economic futures, as well as basic needs fundamental to building lifelong stability, such as access to food.

While New Jersey’s economy is recovering from the height of the COVID-19 pandemic, the state still trails the nation in terms of employment and job creation. According to the U.S. Bureau of Labor Statistics, New Jersey’s unemployment rate is 4.1%, compared with the national average of 3.6%.

Employment is a key driver of economic mobility in New Jersey.

Bank of America New Jersey President Alberto Garofalo said that is why the bank is focused on building pathways to employment by supporting a range of workforce development and educational opportunities that will help vulnerable individuals and families stabilize and advance.

“We’ve chosen to partner with nonprofits that address the most critical issues facing New Jersey, including workforce development, food insecurity and economic and social progress,” he said. “Our philanthropic investment in these organizations helps us deploy capital locally, where it will have the most impact and build sustainable communities.”