Bank of America today announced $300,000 in economic development grants, to be distributed to 11 nonprofits that help stimulate local business and neighborhood stability. Nonprofits receiving the funds provide services ranging from affordable housing and community development resources to small business support, and environmental sustainability.
“Advancing economic and community development initiatives strengthens the vibrancy of Phoenix where people want to live, work and do business, and is part of our approach to responsible growth,” said Benito Almanza, president at Bank of America. “By deploying philanthropic capital to nonprofits that are helping to ensure all neighborhoods and households be part of the exciting economic growth that is occurring across the Valley, we can work towards long-term and sustainable economic success.”
Among the nonprofits receiving grants is Phoenix Local Initiatives Support Corporation (LISC), which will use the funding for comprehensive place-based revitalization projects that makes housing more accessible and inclusive in downtown, along parts of the light rail corridor and on a regional scale.
“Programs, like LISC, that ensure working families, low-income households and small businesses at risk of displacement can continue to have opportunities as downtown Phoenix and other economic corridors continue expanding,” said Terry Benelli, Phoenix LISC Executive Director. “Since its inception in 1992, LISC Phoenix has worked with grassroots organizations to address community problems in low-income neighborhoods.”
Other organizations receiving grants include: Habitat for Humanity of Central Arizona, National Audubon Society / Arizona Audubon, One-in-Ten, Inc., ACCION, LISC Phoenix, Arizona Housing Coalition, Chicanos Por La Causa, Trellis, UMOM, Newtown CDC, and Save the Family, Mesa.
Advancing economic mobility through community development partnerships is just one example of Bank of America’s commitment to responsible growth and shared success as it works to improve the financial lives of individuals and families in Phoenix. Earlier this year, the bank awarded $725,000 to 27 nonprofits addressing workforce readiness, emergency shelter and basic needs such as hunger and other barriers to personal economic mobility.