On July 19, Bank of America announced $557,250 in grants to 27 local nonprofits. The grants will help these nonprofits advance economic mobility for youth and families to help put them on a path toward financial stability. The grants fund resources for workforce development and education that help people chart a path to better economic futures, as well as basic needs that are fundamental to building lifelong stability.
Despite unprecedented economic growth, 30 percent of all Silicon Valley households still do not earn enough money to meet their basic needs without public or private assistance, and nearly 40 percent of Silicon Valley students ages 5-17 receive free or reduced-price school meals, according to the 2019 Joint Venture Silicon Valley Index.
“Despite the region’s strong economy, many still remain challenged by the high cost of living in this region,” said Raquel Gonzalez, Silicon Valley Market President at Bank of America. “Through strategic philanthropic investments in nonprofits, Bank of America is deploying its capital to advance education and job skills programs as well as helping to provide basic needs to those struggling with food, transportation and housing challenges.”
Silicon Valley organizations receiving grants include Bill Wilson Center, Breakthrough Silicon Valley, Caminar, Citizen Schools Inc., City Year Inc., College Track, Downtown Streets Inc., Family Supportive Housing Inc., Hispanic Foundation of Silicon Valley, Jobtrain Inc., Juma Ventures, Lifemoves, Lucile Salter Packard Childrens Hospital at Stanford, NPower Inc., People Assisting The Homeless, Pivotal Connections, Project Access Inc., Project Hired, Sacred Heart Community Service, Samaritan House, Second Harvest Food Bank of Santa Clara and San Mateo Counties, SFMade, Somos Mayfair Inc., The Tech, VMC Foundation and Work2Future Foundation.
One local nonprofit, in particular, receiving a grant is Year Up. The grant will help scale year Up’s workforce development programs for teens and young adults from economically disadvantaged communities.
“Year Up believes that every young adult has potential and deserves opportunity,” said Year Up Bay Area Executive Director, Emily Schaffer. “Now more than ever, it’s important to create opportunities for young adults to build their careers in technology. This investment from Bank of America will support Year Up Bay Area in providing Opportunity Youth with transferable and marketable skills as well as help connect our alumni to jobs that offer family-sustaining wages, have long-lasting positive effects on those served, and have rippling positive effects in their communities.”