Bank of America gives nearly $700K in grants to Memphis nonprofits

By Corey Davis – Reporter, Memphis Business Journal

Oct 11, 2022

A national bank with a heavy presence in the Bluff City recently provided 20 Memphis nonprofits a total of nearly $700,000 in funding to help improve economic viability in the area.

The $686,625 in funding from Bank of America is slated to assist programs centered on jobs, training, small business support, affordable housing, community revitalization, and health care to build long-term stability in Memphis communities, according to a press release.

With employment a critical element of economic mobility in Memphis, Bank of America focused in on aiding a spectrum of workforce development and educational opportunities to help susceptible individuals and families stabilize and advance.

“The City of Memphis MPLOY Youth Summer Experience program is so grateful to Bank of America for their continued support of our program,” Donna Dancy, program manager for MPLOY, said in the release. “Bank of America's support assists MPLOY in providing opportunities and job training to youth ages 14 to 22 in various areas, including soft skills training, industry certifications, entry-level positions, and internships.”

The bank is also directing funding to other nonprofits, which provide crucial services and resources that are cultivating a diverse workforce and supporting communities.

“Investing in partnerships with nonprofit organizations addressing systemic issues is fundamental to driving economic access and social progress in Memphis,” Trevia Chatman, president, Bank of America Memphis, said in the release. “This is just one way Bank of America deploys capital locally to help remove barriers to economic success and build a more sustainable community.”

The 20 organizations receiving grants include:

Agape Child and Family Services
City Year Memphis
CodeCrew
Junior Achievement of Memphis and the Mid-South
Innovate Memphis
University of Memphis Foundation
Metropolitan Inter-Faith Association (MIFA)
SchoolSeed Foundation
Christ Community Health Services
Dress for Success
Shelby Farms Park Conservancy
Wolf River Conservancy
LITE Memphis
Habitat for Humanity
Memphis Botanic Garden
Mid-South Minority Business Council Continuum
Local Initiatives Support Corp.
Hattiloo Theatre
New Memphis
Mid-South Food Bank

Among the organizations to receive funding from Bank of America was CodeCrew, the technology-focused organization that trains children and adults, particularly from underserved communities. Last December, the nonprofit relocated its headquarters to a space at the University of Memphis Research Foundation (UMRF). “This generous gift from Bank of America takes CodeCrew to the next level as we produce the diverse software engineering talent that Memphis — in fact, our whole country — needs,” Meka Egwuekwe, executive director of CodeCrew, said in the release. “We are both honored and proud to have such a forward-thinking partner like Bank of America that understands the importance of connecting these young adults with lucrative 21st century skills and careers.”

The grants add to the $3.1 million that Bank of America has provided to organizations in Memphis since 2017. Bank of America employees in Memphis have contributed $1.4 million and more than 11,000 volunteer hours since 2017 as well, according to bank officials.

Charlotte-based Bank of America is the No. 4 largest bank in the Memphis area based on local deposits as of June 30, 2022. FDIC data shows the bank registered $2 billion in metro-area deposits at a dozen area locations.

Check out the Memphis Business Journal article here