In 1998, Bank of America made an unprecedented commitment to lend or invest at least $350 billion in community development over the next 10 years. Significantly ahead of the run rate to achieve that goal, in 2004, we set a new
10-year goal of $750 billion, beginning in 2005.
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Neighborhood Excellence, introduced in 30 communities in 2004, is Bank of America’s sweeping program to focus a significant portion of philanthropic resources on the priority needs of our neighborhoods. Neighborhood Excellence recognizes, nurtures and rewards Local Heroes, Student Leaders and organizations that are creating positive change in their communities.
In the first year of Neighborhood Excellence, we committed up to $500,000 in each of 30 key markets, including new markets in the Northeast. With the help of committees of local leaders in each market, we chose two Neighborhood Builders—nonprofit organizations to which we will provide $200,000 each in funding, plus leadership training over the course of two years. We also recognized five Local Heroes in each market who have contributed to neighborhood vitality, and five exemplary Student Leaders. The Local Heroes were each granted $5,000 for an eligible nonprofit of their choice. Student Leaders will receive paid summer internships with local nonprofits and mentoring from Bank of America leaders.
It’s an example of how we leverage our resources to benefit a broad range of stakeholders, increasing neighborhood impact while clearly communicating the values that make Bank of America the strong brand it is. Going forward, we will expand Neighborhood Excellence to new markets and continue to make charitable investments in community institutions that focus on a broad range of health, education and cultural objectives.
In addition to philanthropy, Bank of America brings an integrated program of community investments to the people and places we serve.
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