Bank of America’s $25 million program continues to support re-skilling and upskilling for students of color. The national initiative includes partnerships with community colleges that serve Black and Hispanic students, public historically Black colleges and universities (HBCUs), and public Hispanic-serving institutions (HSIs).
Recently, the bank announced a new $1 million jobs initiative partnership with Florida International University (FIU), Miami Dade College (MDC) and the University of Puerto Rico (UPR) to help students of color successfully complete the education and training necessary to enter the workforce and embark on a path to success.
With support from Bank of America, FIU and MDC will develop programs to meet specific skills gaps to create higher-paying jobs that are in demand. Bank of America will work alongside the Miami-Dade Beacon Council, the official economic development partnership for Miami-Dade County, to ensure these programs target specific hiring needs and create a clearly defined career pathway to future employment.
“We understand the important role skills development and training plays in advancing racial equity so students of color can thrive in our community,” said Gene Schaefer, Miami market president for Bank of America. “Bank of America is proud to partner with FIU, MDC and University of Puerto Rico to ensure their students have access to high-quality training that will empower them to pursue opportunities and have a positive impact on economic justice and mobility.”
According to MDC, less than 40 percent of community college students earn a certificate or degree within six years of enrollment. For students of color, graduation and completion rates are particularly low – 28.8 percent for Black students and 37.1 percent for Hispanic students. Although HBCUs and HSIs are a mix of public and private institutions, the ongoing challenges brought on by coronavirus, have exacerbated their financial struggle as they seek to serve students from the most vulnerable communities.
“Over the past two years, we have created a framework to give our learners the skills they need to enter or get promoted in specific industries. Our framework includes the design and delivery of micro-credentials,” said Elizabeth Bejar, senior vice president for academic and student affairs at FIU. “This grant from Bank of America will allow us to expand our programs and make a transformative impact at a critical time when so many in our community are unemployed or underemployed.”
“Re-skilling, upskilling, retooling, and completing a college certificate or degree have never been more important,” said Dr. Rolando Montoya, interim president of Miami Dade College. “This endeavor will go a long way in helping those who need it most.”
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