Bank of America Archives

Bank of America ‘loans’ senior tech leader to Liberty Science Center

As one of the most recognizable financial institutions in the country, Bank of America making a loan isn’t exactly novel. However, what BofA is lending to Liberty Science Center is perhaps unexpected: its talent.

Bank of America said it would provide the Jersey City-based interactive science museum and learning center with a senior technology leader for 12 months as part of its Leader on Loan program. West Windsor-native Pragna Mehta, BofA’s TechStart Pathways program manager, will serve as LSC’s full-time, interim data and analytics strategist.

Over the past 10 years, LSC has grown rapidly, expanding its footprint (an ongoing effort with its developing SciTech Scity) and reaching nearly 1 million visitors each year, according to the announcement from BofA. To meet the “exciting strategic and operational challenges” that presents, Mehta will work with an internal team at LSC to implement workflows designed to consolidate data management tools. Additionally, she will assist the nonprofit with suggestions for how to prioritize projects, create useful dashboards and metric-driven trackers, and build budget-based solutions that cover the center’s entire portfolio and work, BofA said.

In a statement, Liberty Science Center President and CEO Paul Hoffman said LSC was grateful for how BofA has embraced its mission.

“My background in technology, data analysis, and project management gives me the opportunity to use my entire toolbox of knowledge and skills to help Liberty Science Center create meaningful long-term solutions and achieve organizational goals.

“I am thrilled to be part of the LSC team for the next 12 months and looking forward to gaining tremendous insights into this inspiring nonprofit and the communities it serves.”

— Pragna Mehta

“From preparing high school students for modern STEM careers through our High Schools of the Future initiative to our work together on LSC’s SciTech Scity expansion designed to turn leading-edge business ideas into a reality that makes the world a better place, our collaboration has been both long and impactful,” he said. “We’re thrilled to welcome Pragna to our team through BofA’s Leader on Loan program and know her focus on business tactic analysis and reporting will propel us forward in our next phase of growth.”

Launched in 2017, the nationwide Leader on Loan program sends executives to nonprofit organizations for an average of 12 months as way for BofA to bring additional resources to local communities and help to drive responsible growth, according to the bank. During that time, Bank of America covers the employee’s salary and benefits.

Mehta’s appointment marks the first time a New Jersey-based organization has received a senior technology leader through the Leader on Loan program, BofA told NJBIZ. Her term with LSC began the first week of March.

“By partnering with Liberty Science Center, Bank of America is committing to the growth, development and success of LSC programs that will inspire the next generation of scientists, engineers and innovators,” said BofA Market President Alberto Garofalo in a statement. “As one of New Jersey’s most popular learning centers, the bank understands the importance of STEM and we are confident that Pragna’s expertise will make a positive impact within the organization for years to come.”

$220K BofA grant to support Hispanic Union College students

Another Garden State school is benefiting from Bank of America’s Progresando Initiative, which aims to help Hispanic-Latino students pursue careers in health care.

Union College in Union County received a two-year, $220,000 grant from Bank of America, the financial institution announced Sept. 13. As part of the initiative, education firm EAB will provide research, technology, marketing and advisory services for students.

In August, Saint Elizabeth University in Morristown earned a similar award.

According to Bank of America, the initiative aims to increase retention, course completion rates and licensure pass rates for the Hispanic students in health care programs such as nursing, physical therapist assistant and social services.

Nearly 40% of all Union College students are Hispanic, but only 27% of students enrolled in these targeted health care programs are Hispanic. Beginning in the fall 2022 semester, this initiative will support these students with:

intensive cohort-based tutoring and test preparation;
emergency financial assistance;
a bilingual student services specialist who will serve as an advisor and mentor;
cultural events and activities.

“At Union, we are proud to be a federally designated Hispanic-Serving Institution based on our enrollment of Hispanic students,” Union President Margaret McMenamin said in a statement. “This is a valuable opportunity to help a large, underserved group in our community, specifically in the healthcare field, a field more necessary than ever.”

Alberto Garofalo, president of Bank of America New Jersey, added, “Demand for health care services will only increase in the years ahead, and through this program, we are able to help Hispanic students be part of the solution and create brighter futures for themselves and future generations.”

The former Union County College rebranded as Union College in July.

Saint Elizabeth University earns $200K grant from Bank of America

Bank of America awarded Saint Elizabeth University in Morristown a two-year, $200,000 grant to support Hispanic-Latino students pursuing careers in health care.

Saint Elizabeth is one of 12 Hispanic Serving Institutions (HSI) nationwide participating in the bank’s Progresando Initiative. The program was created to help Hispanic-Latinos pursue careers in health care, while also helping to increase representation and address the shortage of Spanish-speaking providers, the bank said in an Aug. 29 statement.

Saint Elizabeth University students in a nursing lab. — Saint Elizabeth Students receive hands-on training in a nursing lab. – SAINT ELIZABETH UNIVERSITY

The university will use the grant to add a bilingual health care academic coach and a career advisor to Progresando scholars, in addition to supporting supplemental instruction and tutoring in prerequisite classes. It will also aid students facing food and housing insecurity, caregiving responsibilities or other financial needs.

“As an HSI, Saint Elizabeth University is dedicated to supporting our Hispanic student population in achieving academic, professional and personal success. It is critically important that we enhance equity and inclusion in healthcare to improve patient access and outcomes in Hispanic communities,” said Anne Clark Bartlett, provost and vice president for the division of academic affairs and student life.

“Hispanic-Latino graduate students cite gaps in academic preparation and support, caregiving responsibilities, unanticipated financial pressures, and language barriers as major challenges to degree completion,” said Alberto Garofalo, president of Bank of America New Jersey. “Through the Progesando initiative with Saint Elizabeth University, not only are we providing the necessary support for Hispanic-Latino students to successfully embark on high-quality healthcare careers, we are also helping to strengthen the pipeline to support employer demand, so it’s truly a win-win.”

Hit the books

Saint Elizabeth University said it offers six accredited degree programs that lead to high-paying, high-demand careers in health care, including:

Master’s in physician assistant (median salary: $115,000); doctorate in counseling psychology ($105,000); master’s in nursing leadership or education ($104,000); master’s in counseling psychology or school counseling psychology ($80,000); master’s in nutrition and dietetic internship ($63,000); master’s in applied behavioral analysis ($61,000)

Bank of America selects 5 from NJ for paid internship opportunity

Five North Jersey high school students were announced as #BofAStudentLeaders Aug. 11, selected to take part in an eight-week, paid internship from Bank of America.

Leading the way: BofA’s 2022 NJ Student Leaders

The 2022 New Jersey Bank of America Student Leaders. – BANK OF AMERICA

Bergen County
Annabelle Hur, Norwood – Academy of the Holy Angels

Essex County
Vanessa Iwuoha – Newark Essex County Vocational-Technical School, Newark Tech Campus

Hudson County
Annalie Diaz – West New York, Memorial High School
Alisha Varma, Jersey City – Dr. Ronald E. McNair Academic High School

Middlesex County
Amirah Oladoja, Woodbridge Township – Woodbridge High School

In the Garden State, Student Leaders work closely with the Boys & Girls Clubs in New Jersey to provide administrative support and help to shape the experiences of local children engaged in the local chapters. As part of the program, students earn $17 per hour and receive a Chromebook.

The Student Leaders program dates to 2004. According to Bank of America, it offers hands-on, career-building skills opportunities and experiences to 300 community-focused high school juniors and seniors each year.

“This is a win-win for New Jersey. So many organizations need talented young people to help serve our communities. With the Student Leaders program, we’re able to pair some of New Jersey’s best and brightest students with nonprofit jobs that will truly have an impact,” said Alberto Garofalo, president, Bank of America New Jersey. “Young adults are the future of our state, and programs like Student Leaders are one way we can provide paid opportunities that help pave the way for the next generation of the local workforce.”

BofA said current Student Leaders are midway through the program. Participants complete an application process and are selected for their leadership, background, passion and commitment to New Jersey’s local communities, according to Bank of America.

“We are thrilled to have this year’s Student Leaders working alongside our dedicated Club youth staff throughout Northern New Jersey,” said Susan Haspel, state director, Boys & Girls Clubs in New Jersey. “Their perspective has been invaluable, and through our partnership with Bank of America we can help provide them with important leadership training and hands-on work experience.”

ICYMI from BofA:

NJ nonprofits receive $1.5M from Bank of America

Nearly 30 nonprofits in the Garden State will receive grants from Bank of America to help fund efforts to drive economic opportunity for individuals and families.

BofA – which boasts 11,000 employees in N.J. – announced the awards July 20. According to the financial institution, the grants focus on providing workforce development and education tools to help people start out on the path to employment, and beyond.

They also address needs for ensuring stability, like access to food.

Slow, but steady

“Compared to other states, New Jersey did a decent job of ensuring that workplaces were safe,” said Todd Vachon, director of the Labor Education Action Research Network at Rutgers.

“Our minimum wage and social safety net are better than most other states, but our cost of living is higher. Affordable housing is an important area for future investment.”

“We’ve chosen to partner with nonprofits that address the most critical issues facing New Jersey, including workforce development, food insecurity, and economic and social progress,” said Alberto Garofalo, president, Bank of America New Jersey. “Our philanthropic investment in these organizations helps us deploy capital locally, where it will have the most impact and build sustainable communities.”

In New Jersey, where the cost of living is notoriously and comparatively high, employment plays a key part in driving economic mobility. And that’s an area where New Jersey is still lagging following the onset of COVID-19. The national unemployment rate is 3.6%. Meanwhile – and though the state has added back more than 95% of jobs lost at the pandemic’s peak in spring 2020 – New Jersey’s was still above that at 3.9%, according to preliminary data released in June 2022.

That’s why Bank of America says it’s focusing on workforce development and educational opportunities in the state – to provide the tools and means to achieve employment.

Since 2017, BofA says it’s provided $30 million to groups in the Garden State as part of its commitment to responsible growth. On top of that, its workers here have contributed their time: 350,000 volunteer hours of it.

The complete list of grant recipients is:

America’s Grow-a-Row
Community FoodBank of NJ
CUMAC Echo
Elijah’s Promise

Closer look: La Casa de Don Pedro

Founded in 1972, this Newark-based organization’s mission is to foster self-sufficiency, empowerment and neighborhood revitalization. The BofA grant will help to address underlying issues hindering the economic mobility of minority communities in the Brick City and the surrounding area, with a particular focus on Hispanic women.

“Our goal is to reverse the trajectory of social, racial, political, and economic dislocations and the marginalization of children and families,” said President and CEO Peter Rosario in a statement. “With this support, we will be equipped with the tools we need to support programs that improve the quality of life for Newark residents.”

Eva’s Village
Fulfill
Homefront
La Casa de Don Pedro
Norwescap
Nourish
Oasis – A Haven for Women and Children
Parker Family Health Center
Paterson Task Force for Community Action
St. Paul’s Community Development Corporation
Table to Table
Trenton Area Soup Kitchen
United Way of Bergen County
York Street Project
Fairleigh Dickinson University Veterans Launching Ventures
Greater Newark Conservancy
Interfaith Neighbors
Isles
Junior Achievement of New Jersey
New City Kids
The Father Center
Trinitas Foundation
we make
WomenRising

More BofA in NJ:

Bank of America’s minimum wage hits $22 per hour

Bank of America raised its U.S. minimum hourly wage to $22, the company announced May 23.

The increase marks the next step in the Charlotte, N.C.-based financial institution’s plans to increase the hourly wage to $25 by 2025.

The most recent prior adjustment came in October, when Bank of America announced it was raising its minimum wage to $21 an hour. In 2017, the bank raised the rate to $15, then to $17 in 2020.

Effective at the end of June, the latest change will raise the annualized salary for a full-time employee to more than $45,000.

New Jersey’s current minimum wage sits at $13 per hour, as of Jan. 1, 2022. Under legislation signed by Gov. Phil Murphy in February 2019, the statewide hourly minimum wage is set to increase to $15 per by 2024; it was $8.60 per hour when he took office in 2018.

“Our focus on being a great place to work is core to everything we do and underscores the role our teammates play in our success,” said Sheri Bronstein, chief human resources officer at Bank of America. “We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional and financial wellbeing; long-term career development tools and programs; and in our diversity, equity and inclusion efforts across the company, so that we continue to attract and retain the best talent.”

Bank of America has 209 offices in New Jersey.

The national minimum wage is $7.25, which it has been since 2009.

Bank of America invests in Black and Latino Angel Investment Fund of New Jersey

Bank of America is now an investor in the Black and Latino Angel Investment Fund of New Jersey, which came out of the Center for Urban Entrepreneurship and Economic Development at Rutgers Business School-Newark in 2020, the university announced March 4.

BOA came on as an investor in February. Less than 1% of all high growth technology startups are led by Black and Latino entrepreneurs, and few secure pre-seed capital for growth. The mission of the fund is to reverse this trend by institutionalizing the friends and family round of capital raising.

“We are thrilled to welcome Bank of America as an investor in the Black and Latino Investment Fund of New Jersey,” said D. Lyneir Richardson, executive director of CUEED and the founder of the BLAIF, in a prepared statement. “Bank of America’s ongoing efforts to address the persistent gap in access to growth capital for underrepresented founders align with our strategy of investing in exceptional Black and Latino entrepreneurs with exceptional business ideas ready for scale. We look forward to expanding our work.”

Fund managers help entrepreneurs by securing additional capital; providing real-time, situational mentorship; introducing prospective customers, suppliers and other growth resources; and stewarding additional capacity building with larger accelerators.

BOA’s investment in the fund aligns with its $1.25 billion pledge to support racial equality and economic opportunity by addressing issues in minority populations related to health, jobs, education, housing and capital inequality.

“Access to capital remains one of the biggest challenges for minority-owned businesses,” said Alberto Garofalo, president, Bank of America New Jersey. “Working together, we can create the conditions that enable new ideas to flourish, thereby ensuring that the opportunities we want for all of our citizens and the strong economy we want for our community are within our reach.”

The BLAIF accepts applications from entrepreneurs in New Jersey and New York, or from those with ties to the area, on a rolling basis.

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