Bank of America Announces
Equality Progress Sustainability Bond
Portion of proceeds to be allocated to underrepresented healthcare providers
Bank of America recently issued a $2 billion Equality Progress Sustainability bond, designed to advance racial equality, economic opportunity, and environmental sustainability. A portion of the bond proceeds will be allocated to support the financial empowerment of underrepresented Black and Hispanic-Latino healthcare providers. The funding will provide lending and investment in minority businesses to create or expand medical, veterinary, or dental practices.
“Recent events have made it clear that Black and Hispanic-Latino entrepreneurs face obstacles accessing the resources and capital they need to start and grow practices that will meet the healthcare needs of underserved communities,” said Joe DiNicola, Bank of America Practice Solutions Executive. “As the largest small business healthcare lender in the United States, our team at Bank of America Practice Solutions is committed to making substantial investments to support racial and economic equality.”
In the midst of a global pandemic and healthcare crisis, Black and Hispanic-Latino owned businesses have been disproportionately affected, and disparities have been exacerbated. With small businesses facing so much uncertainty, it is essential that the financial community comes together to provide necessary support while also continuing to push for racial justice and equality.
To ensure its investments will have a meaningful impact, Bank of America’s Equality Progress Sustainability Bond focuses on:
• Equity investments in Black and Hispanic-Latino owned or operated businesses and funds that invest in Black and Hispanic-Latino owned businesses;
• Mortgage lending, construction loans, and other financing and investments relating to single or multi-family housing or affordable housing projects;
• Supply chain finance loans to be offered directly to minority-owned business enterprises; and
• Deposits and equity investments in Black and Hispanic-Latino Minority Depository Institutions that are also Community Development Financial Institutions.