Bank of America 2009 Annual Report Download - page 22
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20 Bank of America 2009
By working
hard to
keep our
communities
vibrant.
Strong communities are a cornerstone
to economic growth and stability.
That’s why Bank of America continues
to advance the economic and social
health of the neighborhoods we
serve through strategic community
development programs, lending and
investing initiatives, support of the
arts, philanthropy, volunteerism and
environmental commitments. Our
deep history of community involve-
ment also supports our long-term
business goals.
Community In 2009, we embarked
on our 10-year, $2 billion charitable
investment goal. During the year we
invested $200 million to help meet
critical community needs, including
more than $20 million through our
Neighborhood Excellence Initiative®
,
which recognizes community leader-
ship and service. Also, associates
donated more than 800,000 volun-
teer hours, contributing their time
and expertise to meet critical com-
munity needs.
Economic Development In 2009,
we initiated our 10-year, $1.5 trillion
community development lending
and investing goal, providing capital
to low- and moderate-income and
minority families, businesses and
nonprofi ts to promote neighbor-
hood revitalization. We also par tner
with community development
fi nancial institutions to provide
fi nancing and other assistance to
businesses unable to qualify for
traditional bank fi nancing.
Environment Our 10-year,
$20 billion environmental initia-
tive to address climate change
began in 2007. Since then, we
have delivered more than $5.9 bil-
lion in lending, investing, and new
products and services, including
nearly $900 million in fi nancing for
renewable and energy effi ciency
projects in 2009 alone.