Bank of America Awards $470,000 Investment into Las Vegas Nonprofits to Advance Long-Term Economic Success
Grants to 18 organizations focus on investing in basic needs, workforce development and education in disadvantaged and vulnerable communities
Bank of America today announced $470,000 in grants to 18 Las Vegas nonprofits to help drive economic opportunity for individuals and families. Grants focus on workforce development and education to help individuals chart a path to employment and better economic futures, as well as access to basic needs that are fundamental to building life-long stability. Specifically, funding will support programs that will address food insecurity and provide access to healthcare, services for the homeless, family services, youth employment and alternative pathways for adults.
In Las Vegas, the labor market has rebounded to a 5% unemployment rate, which ranks 49th in the nation, but economists project it could be two years before the rate reaches its pre-pandemic low. There are more than 363,000 Southern Nevadans experiencing food insecurity, 1 in 6 individuals since the pandemic, and the rising cost of goods, record high gas prices and expiring pandemic benefits are further straining community partners providing assistance for basic essentials.
With access to immediate and basic needs, such as food, shelter, health resources and housing, individual and families are better positioned to build and maintain a path toward stability and economic opportunity. Recognizing this impact, the bank is directing funding to organizations providing critical services and resources that are supporting individuals and families to succeed.
Established in 2007, Three Square is Southern Nevada’s only food bank. Three Square provides hunger relief, offering wholesome, nutritious food to non-profit and faith-based organizations, schools and feeding sites for those suffering from food insecurity. The $100,000 donation will provide 300,000 meals to those in need in the Las Vegas community.
Employment is also a key driver of economic mobility in Las Vegas, which is why the bank is focused on building pathways to employment. Grant funds will also support a range of workforce development and educational opportunities that will help vulnerable individuals and families stabilize and advance.
Since 1991, HopeLink of Southern Nevada has served the greater Las Vegas Community by providing services to thousands of families and seniors that are struggling with bare necessities like food, water and shelter. HopeLink helps hardworking people living on a limited income that may be on the brink of hunger or homelessness and need a helping hand. This grant supports one-on-one career counseling, connecting clients to potential employers.
“Investing in partnerships with nonprofit organizations addressing issues like food insecurity, workforce development, services for the homeless, youth employment and family services is part of our approach to driving economic opportunity and social progress in Las Vegas,” said Al Welch, President, Bank of America Las Vegas. “This recent philanthropic investment in Las Vegas nonprofits is just one way Bank of America deploys capital locally to help remove barriers to economic success and build a more sustainable community.”
Other organizations receiving grants include: Boys & Girls Clubs Of Southern Nevada, Catholic Charities of Southern Nevada, Clark County Public Education Foundation Inc., Collaboration Center Foundation, Communities in Schools of Nevada, Dress for Success, Edward Kline Memorial Homeless Veterans Fund, Foundation for an Independent Tomorrow, Fulfillment Fund Las Vegas, Future Smiles, Help of Southern Nevada, Jobs for Nevada’s Graduates, Junior Achievement of Southern Nevada, Just One Project, Olive Crest, Safe Nest Temporary Assistance for Domestic Crisis Inc.
These grants build on the more than $3 million Bank of America provided to organizations in Las Vegas since 2020. These grants are part of the company’s commitment to responsible growth as it works to improve the financial lives of individuals, families, and entire communities. Philanthropic and volunteer investments continue to play a key role in this effort to build thriving communities. In the past five years, local Bank of America employees have logged nearly 60,000 volunteer hours.
Beyond local grant funding, Bank of America announced an expanded $1.25 billion, five-year commitment to help advance racial equality and economic opportunity across the country last year. The commitment, which further accelerates work already underway, supports investments that create opportunity for people and communities of color in the areas of health and healthcare, jobs and reskilling, support for small businesses, and affordable housing.
Additional background about Bank of America’s Charitable Foundation giving can be found here.
Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).
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