The Bank of America Charitable Foundation-A Leader in the Growth of Community Development Financial Institutions
The Bank of America Charitable Foundation’s most recent gift is another $3.8 million in grant money to fund Local Initiatives Support Corporation's (LISC)- a community development financial institutions created by the Ford Foundation- Financial Opportunity Centers in 21 urban areas, with additional support going to rural investment programs. Through the centers, LISC channels services to low-income clients, things like financial coaching, career counseling, affordable financial products, and help with food stamps, insurance and utilities. LISC says that through the funding, about 22,000 people will receive services.
While foundations have played a key role in supporting community development financial institutions, their biggest money comes from banks like BofA. Is that a problem?