By: Brendan Losinski | Metro | Published November 13, 2023
DETROIT — On Nov. 9, Bank of America celebrated its annual Day of Giving, as employees teamed up with community partners to volunteer at organizations helping to advance economic mobility and racial equality in Detroit.
As part of its efforts, the bank has awarded more than $4.4 million to 74 metro Detroit area nonprofits throughout 2023. Bank of America said these partnerships were built to focus on ensuring individuals and families in Michigan have access to tools and resources improving economic mobility and essential services such as emergency shelter, affordable housing, access to food and financial education.
“Our trusted community partners help businesses, individuals and families forge a path toward economic opportunity and stability,” Matt Elliott, the president of Bank of America Michigan, said in a press release. “Through our volunteers and grants, Bank of America is proud to stand with them to improve financial lives and support people and programs devoted to building strong communities and neighborhoods in Detroit and throughout Michigan.”
Additionally, Detroit Rescue Mission Ministries and Black Leaders Detroit were named Detroit’s 2023 Neighborhood Builders by Bank of America. Each organization is receiving $200,000 in flexible funding, as well as comprehensive leadership training for their leadership teams that will cover topics ranging from increasing financial sustainability, human capital management and strategic storytelling. They also will join a network of peer organizations across the U.S. and get the opportunity to access capital to expand their impact.
The Detroit Rescue Mission Ministries is a faith-based nonprofit organization which has spent over 100 years of continued service providing food, shelter and services to intervene where homelessness and substance addiction occur. They will use the grant to offer a café and smoothie bar in midtown Detroit and a free grocery store at its banquet hall located on the east side of Detroit.
“We are deeply humbled and grateful to have received the Bank of America Neighborhood Builder award,” Chad Audi, the president and CEO of Detroit Rescue Mission Ministries, said in a press release. “This honor not only acknowledges our previous efforts, but also fuels our commitment to sustainability and creativity as we embark on a new adventure. We are working together to create a future that is both impactful and long-lasting."
Established in 2019, Black Leaders Detroit provides funding for Black entrepreneurs in the city of Detroit. They plan to use the grant for general operating support and for no-interest loans for Black entrepreneurs in Detroit.
"We are excited to have Bank of America partner with us on this journey to create Equity without Excuses,” Dwan Dandridge, the CEO and founder of Black Leaders Detroit, said in a press release. “Research shows that traditional institutions have a history of keeping Black entrepreneurs on the outside when it comes to access to capital. The leaders that we work with on the Bank of America team are committed to making sure that tomorrow's research will tell a story of inclusion and equity. Receiving the Neighborhood Builders Award will allow us to expand our impact in Detroit for years to come."