Bank of America grants VUU $1M

Bank of America granted Virginia Union University $1 million for its new banking and financial services workforce development program, the university announced Monday.

VUU’s Sydney Lewis School of Business will lead the program, called MORE for My Opportunity is Real Essential, in partnership with the university’s workforce development division and its Evelyn Reid Syphax School of Education.

“We are excited to partner with Bank of America on this innovative program to build a workforce pipeline for the financial industry, as well as to educate young children and adults about the importance of financial literacy, financial markets and managing wealth,” Robin R. Davis, dean of the Sydney Lewis School of Business, said in a statement.

The program’s three components are community outreach, a financial markets lab and workforce development and assessment.

The program will use its Mobile Community Outreach Financial Van to reach students in nine schools in Chesterfield and Henrico counties and the city of Richmond, focusing on students between the ages of 10 and 18 years. It will also provide wealth management, investments and home ownership education to residents of Gilpin Court.

The financial markets lab will be on the VUU campus and will have 30 computers with planning, budgeting and investment software and four stock tickers.

Students will have a workforce development coach to help prepare for internships in their sophomore and junior years. The university will also host a quarterly Financial Business Speaker series focused on career opportunities in the financial industry.

The grant is part of the Way Forward Initiative from Washington, D.C.-based education firm EAB and Bank of America to help tribal colleges and historically black colleges and universities (HCBUs) achieve financial sustainability and serve students.

“HBCUs play a vital role in creating opportunities for students and communities of color by providing education needed to address economic and social inequality,” Bank of America Richmond President Victor Branch said in a statement. “At Bank of America, we believe it is essential that these institutions receive the support they need to continue in their mission.”

Based in Charlotte, North Carolina, Bank of America Corp. reported $89.1 billion in 2021 revenue.