Bank of America has provided a $1 million grant to St. Petersburg College (SPC) to support internships for financially challenged students to achieve career goals and students of color.
The college is expected to place at least 500 students in high-paying, in-demand career positions.
The college intends to build a sustainable talent pool by developing a service for Tampa Bay area students that will help them pursue opportunities in technology, business, finance, and professional services. .
It also plans to set up a centralized office that acts as the main source of information and translation between business and education in the region.
“We recognize the importance of connecting young adults with meaningful employment opportunities,” said Bill Goede, president of Bank of America, Tampa Bay.
“Through our partnership with SPC, we are helping to build a stronger pool of diverse talent, contributing to a thriving Tampa Bay community.”
Last year, the bank announced a $1.25 billion commitment to help advance racial equality and economic opportunity.
The bank’s partnership with the college is the result of engagement, which focuses on direct action in communities of color.
The collaboration will be led by SPC, which will work with regional education institutions, businesses and other industry partners.
Increasingly, regional and national banks are increasing their financing capacities to advance social mobility.
The New York Community Bank and the National Community Reinvestment Coalition (NCRC) recently provided $28 billion in investments, loans, and other financial provisions to support low-to-middle income families, people of color, and small businesses.
Meanwhile, late last year, Morgan Stanley launched an initiative focused on promoting equity in education and career paths.
The program aims to help high school and college students achieve better financial results and career goals.