Florida A&M University first-year students pose of a group selfie on The Yard. Photo credit: FAMU admissions
Bank of America gifts $1 million to Florida A&M University as part of jobs initiative | The Light Series
FAMU is one of almost two dozen educational institutions to receive needed donations from Bank of America in tough financial times.
Recently, Florida A&M University announced that Bank of America will be investing $1 million in their institution as part of their $25 million jobs initiative.
President of Florida A&M University Larry Robinson tweeted, "It addresses one of the most fundamental issues facing our students – ensuring they have the financial resources to capitalize on educational opportunities that prepare them for high-demand job opportunities."
Indeed, this boost couldn't have come at a better time. Florida is a state badly hit by the Covid-19 shutdown. Added, unemployment has been rising right along with the novel coronavirus cases, further contributing to the lack of financial resources. With infection rates still rising, NPR reports that government models suggest that the number of U.S. COVID-19 cases could be approaching 100 million.
Some of the hardest hit universities have been HBCUs. As a response, the financial institution identified FAMU as a university that could help solve the growing gaps in careers and education if given more resources. Bank of America News tweeted, "Barriers to higher education and employment are more prevalent in Black and Hispanic-Latino communities across the country.
In an interview with the Famuan, Vice President of University Advancement Shawnta Friday-Stoud expressed that the funds will serve as a means to reduce student loan debt by way of scholarships as well as provide support for industry certifications, in order to increase their job skills.
"This initiative will provide the training and resources necessary as we further our commitment to cultivating and retaining talent right here in Florida's capital city," says Tallahassee Mayor John Dailey.
| Read: Emptied universities tighten budgets after losing millions in pandemic
The financial institution plans to expand its initiative by donating $1 million to 21 Historically Black Colleges and Universities and Hispanic Serving Institutions.
Bank of America Newsroom reports that it selected institutions of learning spanning from North Carolina A&T State University to Los Angeles Trade Technical College. They even went as far as the University of Puerto Rico in order to help students of color successfully acquire the education and tutelage needed to be successful in society.
"We're working to bridge this gap through our $25M jobs initiative, as part of our $1B commitment to advance #racialequality," tweeted BOA. Nothing like a little generosity to bring 2020 to a close.
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