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June 26, 2017

Bank of America invests in economic mobility

Bank of America announced $417,000 in economic mobility grants to 65 nonprofits working to increase basic needs, workforce development and education opportunities in San Diego. The San Diego Workforce Partnership received a $50,000 award for its CONNECT2Careers (C2C) program that trains young adults through personal peer job coaching, training and supports necessary to obtain and maintain a job.

One-third of San Diego County’s working-age households, more than one million people, do not earn enough money to make ends meet, according to a new report by the Center on Policy Initiatives, while the cost of living continues to rise in the region. San Diego is ranked as 45% higher than the national average, according to the Council for Community and Economic Research. This gap contributes to the increasing need for people to have pathways to economic mobility. 

The nonprofits receiving funding are addressing this gap by connecting youth to first-time jobs, giving young adults pathways to employment and providing second chances to people ready to rebuild careers and lives—work that aligns with the bank’s commitment to building a diverse workforce, in addition to helping people chart a path toward greater economic mobility through access to food, shelter, benefits and other fundamental needs.

“We recognize that addressing immediate basic needs as well as connecting people to long-term success through skill-building and jobs are critical to achieving greater economic mobility,” said Rick Bregman, San Diego market president, Bank of America. “We’re honored to partner with nonprofits like San Diego Workforce Partnership to provide essential resources and career-building opportunities to put people on path to economic success.”

With this investment, C2C will provide training to 100 military-connected young adults ages 16-24. C2C connects young adults with meaningful paid work experiences in a wide variety of career pathways. The program provides work readiness and financial literacy training using Bank of America’s “Better Money Habits” curriculum.

“We are excited to partner with Bank of America to serve our military families. There is a need in San Diego County to provide military-connected young adults with job training, mentoring and work-based learning opportunities,” says Peter Callstrom, CEO of SDWP. “This wonderful investment from Bank of America will enable our C2C team to integrate closely with military families and empower many young adults to explore varied career options, to build skills, and to identify their future career interests.”

Other organizations receiving grants include: Alpha Project For The Homeless, American National Red Cross, Armed Services YMCA at Camp Pendleton, Armed Services YMCA San Diego, Asian Business Association Foundation, Barrio Logan College Institute, Bayside Community Center, Casa De Amparo, Cleantech Education Foundation, Connect Foundation, East County Economic Development Council Foundation, Feeding America San Diego, I Love A Clean San Diego County,  International Rescue Committee, Info Line of San Diego County, Jacobs & Cushman San Diego Food Bank, Jewish Family Service of San Diego, Junior Achievement of San Diego County, Just In Time For Foster Youth, Kitchens For Good, Lead San Diego, Make-A-Wish Foundation of San Diego, Monarch School Project, National Conflict Resolution Center, National Veterans Transition Services (REBOOT), Ocean Discovery Institute, Operation Homefront, Palomar Health Foundation, Parent Institute For Quality Education, Promises2Kids Foundation, Psycharmor Institute, Reality Changers, Ronald McDonald House Charities of San Diego, San Diego Center For Children, San Diego Lesbian Gay Bisexual and Transgender Community Center, San Diego Mana, San Diego Rescue Mission, San Diego Second Chance Program, San Diego Workforce Partnership, Service Corps of Retired Executives, Serving Seniors, Special Olympics Southern California-San Diego, St. Madeleine Sophie’s Training Center, St. Vincent de Paul Village, Support The Enlisted Project, Teach For America, The Rosie Network, United Way of San Diego County, Urban Corps of San Diego County, USS Midway Museum, Voices For Children, Workshops For Warriors, YMCA of San Diego County.

The grants in the San Diego market are part of nearly $43 million in grants the Bank of America Charitable Foundation is providing across the country to advance economic mobility through workforce development and basic needs. These grants are part of the company’s commitment to responsible growth as it works to improve the financial lives of individuals and families. Philanthropic and volunteer investments play a key role in this effort to build thriving communities. In 2016, Bank of America volunteers logged over18,000 hours in the San Diego market alone.

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