Applications due March 24
Vanderbilt University may submit only one application to the Bank of America Charitable Foundation Grant Program. Applications may only be submitted for the Economic Mobility Focused on the Needs of the Community Request for Proposals (RFP).
The Bank of America Charitable Foundation develops strong partnerships with nonprofit organizations addressing issues fundamental to economic mobility and social progress in low- and moderate-income communities. Bank of America focuses on improving the lives of individuals and families by investing in basic needs and workforce development and education, and also strengthening broader community vitality by addressing needs related to affordable housing, small business and neighborhood revitalization. Through their partnerships, they support vulnerable populations including working families, youth and young adults out of school and work, seniors, individuals living with disabilities, veterans and those impacted by the criminal justice system—enabling them to move forward toward their goals. In response to the ongoing challenges that people and communities of color face, Bank of America continues to work to advance racial equality and economic opportunity throughout many of their partnerships.
This call focuses only on Bank of America’s RFP for Economic Mobility Focused on the Needs of the Community. The other RFP listed on the website is no longer available.
Economic Mobility Focused on the Needs of the Community
Affordable housing
The current environment has underscored the importance of safe, decent housing for an individual’s overall well-being, including health, educational success and future employment opportunities. Yet for many, access to affordable housing has become further out of reach while others struggle with the possibility of eviction, foreclosure and homelessness. Bank of America supports the efforts of organizations working to preserve and increase access to a mix of affordable housing options as well as other essential assistance.
Examples:
- Housing development for vulnerable populations through the construction or preservation of affordable single, multi-family, transitional and supportive housing.
- Minority homeownership programs
- Pathways to stable housing or homeownership through financial habits and stability efforts such as homebuyer education, budgeting, savings and credit counseling including eviction and foreclosure prevention.
- Sustainable development efforts creating healthy living environments through energy efficiency upgrades, retrofits, solar and other green building efforts.
Small Business
Small businesses play an important role in the overall health of our nation’s economy. In response to the challenges small business owners face in today’s environment, Bank of America is supporting nonprofits assisting entrepreneurs, especially minority and indigenous owned, as they address their short-term needs and strengthen their overall recovery.
Examples:
- Technical assistance supporting business planning (short- and long-term).
- Operational capacity of CDFIs delivering essential growth capital to entrepreneurs.
- Supporting organizations assisting minority-owned small businesses.
- Creating business incubators and accelerators that provide mentorships, resources and networks entrepreneurs need to launch, fund and grow their businesses.
- Assisting economic development efforts that promote small business growth and healthy commercial corridors (e.g. Main Street).
Neighborhood revitalization
Vibrant communities are places where individuals can thrive and succeed and have the opportunity to live and work with safe, decent housing, transportation to jobs, strong business corridors and thriving arts and culture districts. Bank of America supports local and regional revitalization efforts, taking a holistic approach to building inclusive communities and creating economic opportunity and livable neighborhoods.
Examples:
- Revitalization, preservation and stabilization initiatives that engage community stakeholders in building livable communities.
- Transit-oriented development efforts that connect individuals to jobs, services, schools and economic opportunity.
- Community arts and cultural institutions that provide economic opportunity and contribute to the vitality and livability of communities.
- Resiliency of communities supporting short- and long-term plans to prepare, withstand and recover from extreme weather events and the long-term impacts of climate change.
- Environmental efforts through the preservation, creation or restoration of open space, parks and community gardens.
- Supporting organizations/initiatives that bring energy efficiency and renewable energy advances to LMI/BIPOC communities.
Award information
While there are local variations, grant amounts in larger markets can range from $5,000 to $50,000. Grant amounts in smaller markets can range from $2,500 to $25,000. As a general guideline, the foundation does not make multiyear grants through this local grant RFP process.
See the program page and FAQs for more information.
Internal application instructions
Interested faculty should visit https://vanderbilt.infoready4.com/#competitionDetail/1865117 to submit an application for the internal LSO competition and to find additional information about the opportunity. The deadline for the internal competition is March 24, 2022.
Any questions about this opportunity or the LSO process may be directed to VU-LSO@vanderbilt.edu.