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Palm Coast Sunday, Apr. 11, 2021 4 weeks ago

Karen Jacobs becomes newest corporate member of the African American Entrepreneurs Association

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Bank of America has $200 million allocated to direct equity investments in minority entrepreneurs, businesses, and funds.
by: Guest Writer

from: African American Entrepreneurs Association and Bank of America

Karen Jacobs, SVP, Market Manager for the East Central Florida Bank of America, became the AAEA's newest corporate member. BOA has $200 million allocated to direct equity investments in minority entrepreneurs, businesses, and funds. The AAEA is honored to be a part of this program and looks forward to establishing a great relationship.

On June 2, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity. The company announced its initial progress by directing one-third, or $300 million, of its $1 billion commitment to four key areas across 91 U.S. markets and globally: $25 million in support of jobs initiatives in Black and Hispanic/Latino communities, $25 million in support of community outreach and initiatives, $50 million in direct equity investments to Minority Depository Institutions, and $200 million of proprietary equity investments in minority entrepreneurs, businesses and funds. The $1 billion, four-year commitment is being overseen by Anne Finucane, vice chairman of Bank of America and head of Environmental, Social and Governance, Capital Deployment and Public Policy, in coordination with several business lines and business support areas across the company.

“These initial investments will address access to jobs and support for small businesses by creating more pathways to employment in communities of color and more support for minority entrepreneurs,” said Brian Moynihan, CEO of Bank of America.

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