Bank of America Helps Fund NJ FAM Fund
When Ras Baraka announced the formation of the NJ FAM Fund back in September, it came with a symbolic name — FAM stands for “40 Acres and a Mule” — and a hope that it could raise $100 million to serve as a private investment vehicle to help reduce social and economic disparities in Newark by investing in Black and Latinx businesses.
A few months later, the fund is operating in eight New Jersey cities and is quickly approaching $10 million — thanks in part to a “substantial” commitment from Bank of America that came this week.
Alberto Garofalo, president of Bank of America New Jersey, said the bank was thrilled to include the NJ FAM Fund among its many initiatives to help drive economic growth in underserved communities that too often were left behind in the past.
“A strong and vibrant business community benefits everyone,” Garafolo said. “Our equity investment in NJ FAM is intended to deploy capital to Black, Hispanic-Latino, other under-represented minority and women-led entrepreneurs so they can grow, expand job opportunities and make a positive impact in their community.”