Bank of America Expands Veteran Support with $350,000 Grant

The grant will fund 250 mentorship programs aimed at providing veterans and military spouses with one-on-one guidance as they navigate their career transitions. This partnership reflects Bank of America's ongoing commitment to creating opportunities that foster economic growth and career development for those who have served the nation.

BofA's relationship with ACP dates back to 2018, during which nearly 200 employees have participated in over 400 mentorships. These mentorships have provided invaluable support in career planning, networking, and professional growth, with many individuals transitioning into roles at Bank of America as a direct result of this initiative.

In addition to the grant, Bank of America has recently pledged to hire an additional 10,000 veterans and individuals with military backgrounds over the next five years. This commitment builds upon the 20,000 veterans already hired since 2015, emphasizing the bank's broader strategy of workforce development that highlights skills-first hiring practices.

Meghan Hughes, Head of Workforce Development at Bank of America, expressed the significance of this initiative: *“Veterans and military spouses bring invaluable skills, leadership, and resilience to the workforce. By expanding our partnership with American Corporate Partners, we're not only investing in their future—we're helping build pathways to long-term success while driving American economic growth and opportunity.”*

Sid E. Goodfriend, Founder and Chairman of American Corporate Partners, highlighted the importance of mentorship in transforming the lives of veterans and military spouses: *“America's 250th birthday is a time to honor service, but true honor demands more than words. We must recognize the silent struggle: the incredible talent of our Veterans and Military Spouses is too often diminished by underemployment.”* He emphasized that Bank of America's commitment to mentorship is a crucial step towards dismantling barriers and ensuring that military families achieve their full professional potential.

American Corporate Partners has a proven track record, having supported nearly 40,000 veterans and spouses nationwide. The organization's mentorship program boasts an impressive average post-mentorship salary of $90,000, along with an 80% retention rate for those who have completed the program—significantly higher than the national average of 56% for veterans.

The funding from Bank of America will enable ACP to enhance mentorship opportunities for veterans transitioning to various roles across different industries, including positions within Bank of America itself.

In alignment with its commitment to supporting veterans, Bank of America has also donated over 6,500 residential properties since 2012, with more than 2,700 of these properties allocated to nonprofits serving military service members and their families. Furthermore, the bank operates a Military Support & Assistance Group with 43 chapters and over 22,000 members nationwide, fostering a supportive community for employees with military backgrounds.

Bank of America's $350,000 grant to American Corporate Partners represents a significant investment in the future of veterans and military spouses as they transition to civilian careers. This initiative not only underscores the bank's dedication to honoring military service but also reflects its broader commitment to workforce development and economic opportunity. As the nation celebrates its 250th birthday, BofA's efforts serve as a reminder of the importance of empowering those who have served and sacrificed for their country.