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NJ nonprofits receive $1.5M from Bank of America

Nearly 30 nonprofits in the Garden State will receive grants from Bank of America to help fund efforts to drive economic opportunity for individuals and families.

BofA – which boasts 11,000 employees in N.J. – announced the awards July 20. According to the financial institution, the grants focus on providing workforce development and education tools to help people start out on the path to employment, and beyond.

They also address needs for ensuring stability, like access to food.

“We’ve chosen to partner with nonprofits that address the most critical issues facing New Jersey, including workforce development, food insecurity, and economic and social progress,” said Alberto Garofalo, president, Bank of America New Jersey. “Our philanthropic investment in these organizations helps us deploy capital locally, where it will have the most impact and build sustainable communities.”

In New Jersey, where the cost of living is notoriously and comparatively high, employment plays a key part in driving economic mobility. And that’s an area where New Jersey is still lagging following the onset of COVID-19. The national unemployment rate is 3.6%. Meanwhile – and though the state has added back more than 95% of jobs lost at the pandemic’s peak in spring 2020 – New Jersey’s was still above that at 3.9%, according to preliminary data released in June 2022.

That’s why Bank of America says it’s focusing on workforce development and educational opportunities in the state – to provide the tools and means to achieve employment.

Since 2017, BofA says it’s provided $30 million to groups in the Garden State as part of its commitment to responsible growth. On top of that, its workers here have contributed their time: 350,000 volunteer hours of it.