Bank of America 2008 Annual Report Download - page 18

quarter alone, nearly $1 billion in new
credit was extended to more than
47,000 new small business customers.
Q. Will Bank of America continue
with its community support
initiatives?
A. Yes, we invest in the communities
we serve because it’s good business.
In good times, thriving communities
generate more banking activity.
In more difficult economic times,
responsible corporate support is
even more important as customers,
stakeholders and nonprofit partners
face increasing pressures. Our
community outreach and responsible
business practices are focused on
creating economic, social and cultural
vitality through philanthropic support
of nonprofits, community development
lending and investing, “green”
business opportunities, home reten-
tion efforts, associate volunteerism
and our corporate diversity practices.
To have the greatest possible
impact, we collaborate with local
leaders in the communities we serve
across the United States and in Europe
to ensure we are identifying the most
pressing needs. A great example is our
Neighborhood Preservation Initiative,
a $35 million package of grants, loans
and investments directed at helping
those affected by the foreclosure crisis.
This initiative complements public
sector relief efforts.
Beginning in 2009, we plan to deliver
$2 billion in charitable investments
to nonprofit organizations over the
next 10 years and lend and invest
$1.5 trillion to support community
development efforts in low- to
moderate-income and minority
neighborhoods over the same time
frame. Our funding continues to focus
on critical areas that are essential to
the long-term success of communities:
community development, arts and
culture, health and human services and
education. We believe that providing
relevant, meaningful support to our
communities is critical to our long-term
business goals.
Q. Given the current economy, will
you maintain your environmental
policies and commitments?
A. Making a successful transition
to an environmentally sustainable
economy will be critical for all of us.
At Bank of America, we want to play
a role in helping to lead the way into
this new era.
For more than two decades, we
have worked to make our operations
more energy efficient, saving millions
of dollars by dramatically reducing
emissions, consumption and waste.
We offer our retail customers a variety
of environmentally beneficial products
and services, such as the Brighter
Planet™ Visa®card and other affinity
partnerships, which reward customers
for preserving the environment, as
well as incentives to encourage
paper saving through online banking.
Through our active community
involvement, we have established
many partnerships with local govern-
ments and organizations to help make
neighborhoods more energy efficient
and environmentally responsible. And
in 2007, we committed to investing
$20 billion over 10 years to nurture
businesses that address global climate
change, lending to and investing in
pioneering companies that are develop-
ing renewable sources of energy,
creating new jobs and generating a
profitable return on investment.
The primary driver of our focus
on protecting the environment is
the potential we see for profit and
economic growth, but it is also the
right thing to do. And this work is part
of our larger commitment to supporting
the health and vitality of communities
across the country.
16 Bank of America 2008