The support will help fund new and existing programs that drive neighborhood revitalization and generate economic growth in underserved communities in Detroit

DETROIT — Bank of America will grant $500,000 to Invest Detroit, a mission-driven lender, and investor, to support small business and real estate lending programs that generate economic growth in underserved communities in Detroit. The bank’s grant will help facilitate $100 million in additional economic development activity in low- to moderate-income neighborhoods over the next three years.

“Invest Detroit’s strong commitment to ensuring neighborhood revitalization in Detroit is aligned with Bank of America’s goal of providing economic stability and mobility to the communities we serve,” said Matt Elliott, President, Bank of America Michigan. “Our partnership with Invest Detroit will lead to opportunities for developers and business owners who help move Detroit forward.”

In partnership with the City of Detroit, Invest Detroit launched the Strategic Neighborhood Fund, an investment initiative that has focused more than $170 million in 10 neighborhoods, with plans to reach additional areas within the city. The new programs will address inequitable access to capital, lower personal wealth, and skill and experience gaps that create enormous barriers for local BIPOC, underserved and undercapitalized developers, entrepreneurs, and small business owners.

“This generous support from Bank of America directly increases our capacity to implement our mission of creating more jobs, density, and opportunities for BIPOC and other underserved developers, entrepreneurs, and small business owners in Detroit, the region, and across Michigan,” said Dave Blaszkiewicz, president and CEO of Invest Detroit. “Bank of America has been a long-standing partner of both Invest Detroit and our region, and we thank them for their continuing commitment to Detroit’s recovery.”

Invest Detroit has deployed $491 million of investment into 812 projects and businesses, leveraging more than $3.2 billion in outside investment and supporting over 12,800 jobs. The organization is also launching new programs in 2023 to support small businesses that are critical job creators in Detroit for low-income residents.

About Bank of America At Bank of America (NYSE: BAC), we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our Environmental, Social, and Governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in, and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An

important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer, and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at www.bankofamerica.com, and connect with us on Twitter at @BofA News.

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About Invest Detroit
Invest Detroit is a mission-driven nonprofit lender, investor, and partner that supports business and real estate projects that will ignite economic growth in Detroit and the region. Their goal is to increase density and job opportunities in a way that is strategic and inclusive. Learn more at www.InvestDetroit.com.

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