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AUSTIN, Texas – Austin Community Foundation announced today a $50,000 grant from the Bank of America Charitable Foundation to the Hispanic Impact Fund to support workforce development and entrepreneurism for Hispanic individuals and families in Central Texas.

The Hispanic Impact Fund is a giving network led by Austin Community Foundation to support the economic security and advancement of Hispanic Central Texans through data-informed grantmaking.

“We’re grateful to Bank of America for supporting the Hispanic Impact Fund and our efforts to foster upward financial mobility for local Hispanic entrepreneurs,” Mike Nellis, chief executive officer, Austin Community Foundation, said. “Partnerships with trusted institutions like Bank of America demonstrate to the community that investment in Hispanic Central Texans is an investment in Central Texas.”

According to U.S. Census Bureau estimates, Hispanics will become the largest demographic in Texas by 2022, yet disparities still exist in access to economic mobility. “It will take a collective effort to break down barriers, focus on post-secondary completion and help Hispanic owned businesses scale if we are going to bridge the opportunity gap,” Nikki Graham, Austin market president, Bank of America, said. “We’re honored to partner with Austin Community Foundation and support the Hispanic Impact Fund in order to identify economic mobility solutions that will help Austin continue to thrive.”

Since 2014, the Bank of America Charitable Foundation has provided $5.8 million in philanthropic grants and employee matching gifts to Austin area nonprofits. The $50,000 grant to Austin Community Foundation will serve as a kick-start to 2020 fundraising, which will culminate at the Hispanic Impact Fund’s annual event, Somos Austin, to be held on Oct. 13, 2020 at Distribution Hall. Funds raised from the event will go toward local nonprofit programs that focus on the economic, health and educational wellbeing of Hispanic Central Texans.

The Hispanic Impact Fund launched in 2017 and is a giving network for individuals, families and companies to learn about critical issues in the region, pool their giving and choose causes to support through an annual vote. The Hispanic Impact Fund is a key strategy in Austin Community Foundation’s effort to close the opportunity gap in Central Texas.

Learn more about the Hispanic Impact Fund.