OVERVIEW: The Bank of America Charitable Foundation supports environmental sustainability, economic and social progress and financial health. Its education funding emphasizes college and career readiness. It supports programs that empower women entrepreneurs and small business owners, as well as those that promote gender parity in computer science and STEM fields. The foundation generally seeks to “address critical issues facing our neighborhoods and communities,” including the support of healthy food access in cities and states where the bank does business.
IP TAKE: The Bank of America Charitable Foundation’s current giving strategy is focused on developing “strong partnerships with nonprofit organizations focused on issues fundamental to economic mobility in low- and moderate-income communities.” However, some previous applicants have noted that this funder lacks transparency and has a bureaucratic application process that is “long and complicated” and “complex and onerous.” It appears to have an accessible approach, given its online application process, but it’s not. It may be hard to get noticed or secure larger grants without establishing a relationship with a local regional director, so reach out to management in your area and start networking. Note that grants here offer general operating support but are competitive given how many requests the foundation receives.
PROFILE: The Bank of America Charitable Foundation is the philanthropic arm of the international banking giant. The foundation seeks to improve people’s financial lives by building “pathways to economic progress.” It currently pursues this through a variety of program areas, including Supporting People with Disabilities, Service Members and Veterans, Student Leaders, Arts and Culture, Investing in Women, Small Business Support, Hunger Relief, Resources for Communities and Workforce Development and Education.
Grants for Women and Girls
Bank of America’s Investing in Women program works to “connect women entrepreneurs to mentoring, capital and other tools that will give them the power to advance their businesses and make significant contributions to our global economy.”
- Past grantees and partnerships include Girls Who Code, Institute for Women’s Entrepreneurship at Cornell, and the Institute for Economic Empowerment of Women.
Grants for Housing, Human Services and Community Development
Bank of America’s Resources for Communities program supports organizations that provide hunger relief, disaster relief and recovery, and meet other basic needs, as well as build and increase access to affordable housing to let “residents establish roots and create a more secure future.”
- As part of its $15 billion Community Homeownership Commitment, Bank of America gave away $3 million in grants to over 120 nonprofits in South Florida alone in a recent year, working in three key areas of “critical issues including hunger, homelessness, and poverty”; “workforce development and skills training”; and “community development, including affordable housing, community revitalization and the arts.”
The Neighborhood Builders program helps local nonprofits meet critical needs in their communities, including advancing economic mobility and strengthening underserved neighborhoods.
- Bank of America has invested over invested more than $285 million into the program since it was established in 2004.
- Grant recipients include Bridging The Gap, Mattie Rhodes Center, National Juneteenth Museum, Servicios de La Raza, and the Renaissance West Community Initiative.
Grants for K-12 Education and College Readiness
Bank of America’s investment in college readiness stems from its economic and social progress initiative, which runs a sub-initiative for workforce development and education.
- This program aims to provide young adults with the “skills, resources and experience needed to succeed.” Areas of interest are STEM education, internship programs, youth counseling and cooperative programs.
- While Bank of America maintains partnerships with large nonprofits like City Year and the United Way, other grantees include Cornell University, the National College Advising Corps and the National Mentoring Partnership.
Grants for Work and Opportunity
Bank of America supports workforce training and increasing access to economic opportunities through a handful of programs.
- The Workforce Development and Education program is “committed to connecting young adults and those that deserve second chances to the skills, resources and experience needed to succeed.”
- Its Investing in Women program works to “connect women entrepreneurs to mentoring, capital and other tools that will give them the power to advance their businesses and make significant contributions to our global economy.”
- It also invests in community development financial institutions (CDFIs) with loans, deposits, capital grants, and equity investments. CDFIs provide residents in distressed communities with access to financial services and products.
Past grantees and partnerships include Year Up, Girls Who Code, FREEAMERICA and New Profits.
Grants for Disabilities, Public and Global Health
Bank of America promotes public health primarily through its Access to Healthcare giving, “a four-year, $25 million commitment to provide health education, preventive services and community outreach” to communities of color, focusing on “heart disease, cancer, stroke and diabetes,” as well as other health concerns like maternal and mental health and nutrition.
- It also expresses its “commitment to diversity and inclusion” through its support for Americans with disabilities, including “employing individuals with intellectual disabilities on our Support Services team” and “creating opportunities every day in our communities with our products and services.” One major grantee is the Special Olympics, which Bank of America has sponsored for over 30 years, and in 2025, BOA awarded the organization a three-year, $5 million grant to help prepare for the 2026 Special Olympics USA Games.
- Bank of America supports global health initiatives with a $35 million commitment to the Global Fund and through a partnership with (RED), to help end HIV/AIDS health disparities around the world regarding prevention, testing and treatment programs.
Grants for Food Systems
Bank of America’s Hunger Relief program has a two-pronged approach: “Feeding the hungry” and “Food access.”
- “Feeding the hungry” means support of food banks, and in-school and after-school “feeding and nutrition programs” for low-income students, while “food access” means “hunger relief in food deserts, green and fresh foods, and agricultural sustainability.”
- Other priority focus areas include great attention to housing access, community revitalization, small business development, financial literacy, and workforce development. Grantees for food access and hunger relief include DC Central Kitchen, Houston Food Bank, Rhode Island Community Food Bank, Second Harvest and Hunger Action Summit.
Grants for Military and Veterans
Bank of America is committed to providing “helpful resources to service members, veterans, and their families.”
- Its Service Members and Veterans giving offers services such as career opportunities and advancement at Bank of America itself or its partners, financial education for veterans transitioning to civilian life, and partnerships with nonprofits and organizations across the country that provide services to veterans.
- The Veteran Entrepreneur Lending Program provides access to affordable loans for veteran-owned businesses.
Grants for LGBTQ
Bank of America’s support for the LGBTQ+ community stems from its Advocating Social Justice initiative, which runs a sub-initiative for LGBTQ Equality.
- It partners with Love Has No Labels “to embrace diversity and help build inclusive communities where diverse people and viewpoints can thrive.”
- There are also the in-house LGBTQ+ Pride program and the Ally Program, both of which support the bank’s LGBTQ+ employees.
Grants for Arts and Culture
Bank of America’s Arts and Culture grantmaking supports institutions that “help economies thrive, help individuals connect with each other and across cultures, and educate and enrich societies.”
- The Art Conservation Project provides grants to museums in over thirty countries—such as the National Portrait Gallery, London, the National Gallery of Art in Washington D.C. and the Diego Rivera Museum in Mexico City—to preserve and restore art housed in their collections.
- The Art in Our Communities program offers loans of artworks in Bank of America’s private collection to museums around the world.
- Finally, like many corporate funders, Bank of America funds and sponsors theaters, museums, and artistic institutions around the world, such as Chicago Symphony Orchestra, Ackland Art Museum, Art Institute of Chicago, and the Tate Modern.
Grants for Disaster Relief
A newer area of funding for Bank of America Charitable, grants for disaster relief invest in “teammates, clients and communities” affected by natural and human-made disasters.
- The January 2025 Los Angeles fires spurned this focus area into action. Related grantees include a $1 million grant to the American Red Cross and a $500,000 grant to the Los Angeles Food Bank.
- BoA also has worked with the Los Angeles Area Chamber of Commerce through a $500,000 contribution to assist in “the work they are doing to help small businesses as they navigate the challenges of recovery and rebuilding.”
Important Grant Details:
This foundation made over $300 million in grants in a recent year. Grants ranged broadly in size from $10,000 to $5 million, but more than half of all grants remain under the $30,000 mark.
- To be eligible for funding, grantseekers must be based in and serve communities in one of Bank of America’s target geographical areas.
- Future requests for proposals may not reflect the areas listed above, so review the site for the most current funding priorities and eligibility criteria.
- Please note that this organization is a separate entity from the Bank of America Client Foundation, which largely focuses on supporting organizations in the Sarasota, Florida, area (though, like the BFCA, education is a part of its giving portfolio).
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