Bank of America has committed more than $500 million in equity investments to funds specifically for minorities and women, more than double its initial $200 million commitment.
These investments go to more than 150 funds, which have in turn invested in more than 1,000 companies led by 1,500 entrepreneurs of diverse backgrounds, according to a press release.
One fund manager Zeal, founded by Nasir Qadree, has invested into Esusu, a Black-owned company that provides rent reporting and data solutions for credit to immigrants and minorities. Another, Chingona Ventures, led by Samara Hernandez, has invested in services such as Papaya, a bilingual STEM tutoring organization.
“We work across our company to address critical needs in our communities, including the lack of access to capital that diverse business owners face as they start or grow their businesses,” Tram Nguyen, global head of strategic and sustainable investments at Bank of America, said in the release. “We want to empower the talented fund managers who keenly understand how to identify and support those business owners. Each time we support a minority- or women-led fund, they in turn support diverse entrepreneurs, which ultimately helps us toward achieving our goal to advance racial equality and economic opportunity.”
