Bank of America has committed to giving more than $500 million in equity investments to minority- and women-led fund managers to support diverse entrepreneurs, the bank announced Thursday in a press release.
The program started in 2020 and so far, more than 150 funds have used the equity to invest in upward of 1,000 companies, collectively controlling $7 billion of capital, Bank of America said.
This translates to support for 1,500 diverse entrepreneurs and the employment of more than 21,000 people.
Bank of America is also separately working with the National Football League and National Black Bank Foundation to support Black- and minority-owned banks, CNBC's Frank Holland reported.
"We're very focused on supporting our fund managers," Nguyen said.
Persons:
Nguyen, Gabrielle Fonrouge, CNBC's Frank Holland
Organizations:
of America, Bank of America, National Football League, National Black Bank Foundation
Locations:
Crunchbase