Bank of America has pledged $40 million to support the expansion of community health centers and primary care facilities in under-served communities across the nation.

The bank says it is the largest private investor in nonprofit community development financial institutions (CDFIs), or organizations that focus on financial inclusion and economic growth in low-income sections.

It will collaborate with others to disburse the latest funding, claiming to be the first significant bank to do so for healthcare access development.

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Ebony Thomas, Bank of America Charitable Foundation president, said: “Increased investment in primary care improves health outcomes by making primary care more accessible and affordable, and by expanding the health care workforce to provide the services people need in the communities where they live and work.”

“Improved health and financial stability are integrally linked. Enabling access to quality medical care drives greater economic mobility and builds stronger communities.”

Of the $40 million committed, $10 million will be distributed to other CDFIs to stimulate more investment in this sector.

Bank of America will also offer $100,000 in charitable grants to support CDFI operational expenditures and to establish additional health facilities.

Bank of America noted in its announcement that primary care professionals are critical to a community’s health.

It has promised $1 billion to improve racial justice in 2020, which was then increased to $1.25 billion.

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In May, it announced a new four-year, $25 million initiative with the American Heart Association, the American Cancer Society, and the University of Michigan School of Public Health to improve the health outcomes of people of color.

The campaign focuses on education, preventative care, and lobbying for equitable resource access. The bank claims to have invested more than $66 million towards healthcare needs since 2021.

Source: Fierce Healthcare

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