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Bank of America Expands Support for Veterans with $350k Grant

In a commendable initiative to mark the 250th anniversary of America, Bank of America (BofA) has announced a generous grant of $350,000 to the American Corporate Partners (ACP). This commitment aims to furnish 250 mentorships specifically designed for veterans and military spouses, aiding them in their transition to civilian careers. The partnership represents a significant step in support of those who have served the nation, reflecting BofA's dedication to fostering economic opportunities and growth through targeted assistance and mentorship.

The American Corporate Partners is a nonprofit organization specializing in aiding veterans and military spouses as they navigate the often challenging transition to civilian employment. Their mentorship program is crucial in providing one-on-one guidance, facilitating networking opportunities, and equipping participants with the resources needed to thrive in the job market. With this new funding, ACP will be able to expand its reach and provide even more personalized support to those who have sacrificed for their country.

Since initiating its partnership with ACP in 2018, Bank of America has significantly contributed to career progression for veterans. Nearly 200 of BofA’s employees have already participated in 400 mentorships, imparting valuable insights on career planning and professional development. Such efforts have successfully attracted numerous veterans into roles at BofA, highlighting the bank's commitment to employing individuals with military backgrounds.

Strengthening Veterans' Presence in the Workforce

This recent grant not only amplifies Bank of America’s earlier commitment to hire an additional 10,000 veterans and military-connected individuals over the next five years but also builds on the 20,000 veterans that the bank has successfully integrated into its workforce since 2015. This strategic initiative places a strong emphasis on skills-first hiring practices—not just within the organization but also fostering similar opportunities in their communities.

Meghan Hughes, who heads Workforce Development at Bank of America, emphasizes the invaluable traits that veterans bring to the workforce, stating, “Veterans and military spouses bring invaluable skills, leadership, and resilience to the workforce.” This sentiment echoes the need for comprehensive support systems that empower military families in their pursuit of successful careers beyond the military.

Sid E. Goodfriend, founder and chairman of ACP, highlights the ongoing issue of underemployment faced by many veterans and military spouses. He stated, “We must recognize the silent struggle... That is why Bank of America's commitment to hundreds of dedicated mentorships is so vital. It is an act of transformation, not charity.” This sentiment underscores the essence of support as a mechanism for enabling long-term success rather than perpetuating a cycle of dependency.

A Generous Investment in the Future

ACP’s mentorship initiatives have proven effective, having aided nearly 40,000 veterans and their spouses across the country, with participants experiencing an impressive average post-mentorship salary of $90,000 and a retention rate of 80%, which stands in stark contrast to the national average of 56% for veterans.

By facilitating mentorship opportunities targeting veterans transitioning into various sectors, Bank of America plays a pivotal role in bridging the gap between military and civilian careers. These efforts not only revitalize the communities but also address the housing needs of service members and their families. Since 2012, BofA has donated over 6,500 residential properties, assisting more than 2,700 nonprofits dedicated to supporting military families.

Additionally, BofA's Military Support Assistance Group, which consists of 43 chapters across the nation and over 22,000 members, exemplifies the bank's holistic approach to supporting its employees connected to military service.

For those interested in becoming a mentor or learning more about the ACP, they can visit ACP’s mentor sign-up page and utilize the Bank of America code