BOA Commits $25M to Support Community Colleges, HBCUs and HSIs in Creating Career Pathways and Job Opportunities

December 14, 2020

St. Philip’s College is among eight public and private higher education institutions in Texas receiving a total of $2.65M to develop and enhance programs to help meet specific skills gaps in the community to create higher-paying, family-sustaining jobs that are in demand, especially those at local anchor companies. Funding from Bank of America will be used to provide tuition assistance and support distance learning for a population disproportionately impacted by the digital divide.

With graduation and completion rates at a particularly low level for students of color (28.8% for Black students and 37.1% for Hispanic students), combined with ongoing financial challenges that HBCUs and HSIs are facing, Bank of America recognizes that there’s been no shortage of announcements around initiatives focused on these schools – but what differentiates this program is:

  • the wide network of partners involved from both the higher ed and corporate perspective,
  • a local-first approach to create impact,
  • the partnership and guidance of the Aspen Institute and the National Center for Inquiry and Improvement to convene the participating higher education institutions for technical and programmatic assistance and to share best practices.

“The coronavirus pandemic continues to have an outsized impact on Black and Latino communities, accelerating concerning trends already underway regarding unemployment rates and racial injustices,” said Jessica Miller, San Antonio market president, Bank of America. “Bank of America recognized the need for action and is partnering with Alamo Colleges Foundation – St. Philip’s College, who is doing incredible work to close the gap for communities of color, providing quality education and skills development.” 

This initiative builds on Bank of America’s ongoing work in Texas to address the underlying issues facing individuals and communities of color who have been disproportionately impacted by the current health crisis.

To read more on this initiative, click here.

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