Bank of America awards $1m to St. Petersburg college

Bank of America has provided a $1 million grant to St. Petersburg College (SPC) to support job placements for students struggling financial to achieve career goals, and students of color.

The college is projected to place, at a minimum, 500 students into high-wage, in-demand career roles.

The college intends to build a sustainable talent pool by developing a service for students across the Tampa Bay region that will support them to enter opportunities in tech, business, finance and professional services.

It also plans to implement a centralized office that acts as the primary source of information and translation between business and education across the region.

“We recognize the importance of connecting young adults with meaningful employment opportunities,” said Bill Goede, president of Bank of America, Tampa Bay.

“Through our partnership with SPC, we are helping to build a stronger pipeline of diverse talent, contributing to a thriving Tampa Bay community.”

Last year, the bank announced a $1.25 billion commitment to help advance racial equality and economic opportunity.

The bank’s partnership with the college is the result of the commitment, which focuses on direct action in communities of color.

The collaboration will be led by SPC, which will work with regional education institutions, businesses, and other sector partners.

Increasingly, both regional and national banks are scaling funding capabilities to move the needle on social mobility.

New York Community Bank and the National Community Reinvestment Coalition (NCRC) recently provided $28 billion in investment, loans, and other financial provision, to support low to moderate income families, people of color and small businesses.

Meanwhile, at the end of last year, Morgan Stanley launched an initiative focused on advancing equity in education and career pathways.

The programme is intended to support high school and college students achieve stronger financial outcomes and career goals.