Cision PR Newswire
Bank of America Awards $1 Million Grant to JobTrain for its East Palo Alto Center for Economic Mobility
News provided byBank of America Corporation
Jan 21, 2022, 11:00 AM ET
MENLO PARK, Calif., Jan. 21, 2022 /PRNewswire/ -- JobTrain, a Silicon Valley nonprofit that works to transform lives through workforce development programs and career placement services, received a $1,000,000 grant from Bank of America. The grant will help fund the construction of their new Center for Economic Mobility in East Palo Alto, which will expand career training, job placement, rapid employment services, and support services to low-income communities within San Mateo County and Santa Clara Counties.
Bank of America has supported JobTrain for decades, and its recent national $1.25 billion commitment to advance racial and ethnic equality, and create economic opportunity, has sent a strong message of how major companies in the region can do more to support underserved communities. This $1 million grant to JobTrain is one of the largest the bank has awarded in Silicon Valley.
Bank of America's increased commitment to support workforce development could not come at a more critical time as the community looks towards economic recovery. Prior to the pandemic, the average annual income for the Bay Area region was $140,000, yet the median household income of East Palo Alto, a community JobTrain serves, was only $52,716. The pandemic exacerbated this gap as communities of color were disproportionately affected by the pandemic. A JobTrain survey found that 75% of clients had either lost their jobs, had reduced hours, or someone in their household had lost their job. Adding to their challenges, 63% worried about housing and missed rent or mortgage payments over the last 22 months. The New Center for Economic Mobility will allow JobTrain to expand its capacity and scope of services, as well as convene employers, community service providers and access to public sector services to deliver innovative programs and collaboration.
"Bank of America's grant of $1,000,000 and its partnership with JobTrain to serve the community is a tremendous moment for JobTrain," said Barrie Hathaway, JobTrain President and CEO. "The Center in East Palo Alto will provide more services to the community than ever before, and JobTrain's vision of clients reaching full economic mobility is at the forefront."
"Bank of America shares JobTrain's mission of making financial lives better. As the region continues to make its way through the impacts of Covid-19, we are committed to creating an equitable recovery for those most impacted by the pandemic," said Raquel González, President, Bank of America Silicon Valley. "JobTrain's new East Palo Alto center will provide valuable job skills training and career pathways for thousands of people in the community for years to come."
Hathaway continued, "With expanded partners in the building, increased services, and an innovation center, the new Center will help the community thrive, and we are grateful to Bank of America for this incredible support."
JobTrain is a 501(c)3 nonprofit educational and training institution accredited by the Western Association of Schools and Colleges. JobTrain's programs combine career training, academics, and essential skills development, preparing students to turn their lives around—from unemployment and poverty to success and self-sufficiency. Partnerships with employers ensure that students receive the training they need so that businesses can find motivated workers who are well trained for their jobs. For over 55 years, JobTrain has been adapting to meet current employment needs. Since its inception, more than 190,000 low-income individuals and their families have benefited from JobTrain's programs.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 33 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters may contact:
Patty Rally, JobTrain
Colleen Haggerty, Bank of America
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SOURCE Bank of America Corporation