CRBJ BizWire
CHARLESTON – Programs that help address the region’s issues around economic mobility and investing in underserved communities will be able to scale, helping even more people through a multi-year grant from Bank of America. The South Carolina Association for Community Economic Development (SCACED) has been named as the 2021 Bank of America Neighborhood Champion for its work addressing these issues in the Lowcountry and throughout South Carolina.
As part of the program, SCACED will receive $50,000 in grant support and an opportunity for engagement in virtual leadership training delivered by experts in the nonprofit sector on topics like human capital management, increasing financial sustainability and storytelling.
Black small businessowners have been disproportionately impacted by the coronavirus. Bank of America surveyed 300 Black businessowners across the country and found that 48% of Black entrepreneurs retooled their operations in response to the pandemic – double that of the national average. As part of its commitment to economic mobility, Bank of America is both engaging directly with business owners of color to ensure they have access to resources needed to secure funding and partnering with nonprofits like SCACED and The Opportunity Center that aim to help meet the needs of underserved entrepreneurs and minority-owned businesses.