Server: Netscape-Commerce/1.12 Date: Thursday, 18-Dec-97 12:18:15 GMT Last-modified: Friday, 07-Nov-97 19:35:47 GMT Content-length: 3646 Content-type: text/html Community Development Overview Bank of America
COMMUNITY DEVELOPMENT

THE BANKAMERICA FOUNDATION COMMUNITY ECONOMIC DEVELOPMENT INITIATIVE

In 1993, BankAmerica Foundation launched the Community Economic Development Initiative, which provides grants to nonprofit, community-based groups that support economic development and job creation in low-income communities.

The BankAmerica Community Economic Development Initiative (CEDI) supports BankAmerica Foundation's strategy to provide philanthropic resources that support the long-term business activities and policies of BankAmerica Corporation, and the growth of the markets it serves.

By directing resources to small nonprofit groups with a demonstrated capacity to generate jobs in low-income communities, BankAmerica hopes to promote sustainable development in critical, emerging markets.

In 1993, BankAmerica disbursed $500,200 to six groups in California that are doing pioneering work in the area of grass-roots economic development. In 1994, an additional $500,000 was awarded to community organizations in western states other than California. This year, BankAmerica Foundation commissioned a study by Oakland-based Walker & Associates to measure the ongoing success of the six California groups that received funding in 1993. Based on the findings of that study, BankAmerica Foundation will again extend grants to those California organizations so they can continue to enhance their economic development programs.

Profiles of these programs, which are drawn largely from the research work of Walker & Associates, are presented here as models for community-based economic development.

Please feel free to contact any of the organizations that are listed for more information.

If you would like information on the BankAmerica Community Economic Development Initiative, or BankAmerica Foundation in general, please call Corporate Community Development at 415-953-3175.

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