****Press Release for Immediate Release****
BANK OF AMERICA CHARITABLE FOUNDATION MAKES $500,000 INVESTMENT IN LIFT TO ENSURE ALL PARENTS HAVE EQUITABLE ACCESS TO FINANCIAL CAPABILITIES EDUCATION
Washington, D.C. (June 16, 2022) – LIFT, a national nonprofit dedicated to breaking the cycle of poverty by investing in parents, announced today that it has received a $500,000 capacity-building investment from Bank of America. This grant supports LIFT’s efforts to integrate financial coaching into areas that low-income families with young children most attend, including pediatric clinics, community colleges, government agencies, and early education centers.
“It is critical that families experiencing poverty have equitable access to the tools, resources, and support that well-off families use to navigate times of economic uncertainty,” said Michelle Rhone-Collins, LIFT’s CEO. “Through this transformational gift, Bank of America is charting a path for LIFT’s services to reach the millions of families across the U.S. in need of the support that our organization has provided to thousands of parents in Chicago, D.C., Los Angeles, and New York. We are grateful to our partners at Bank of America for more than 15 years of investment in LIFT’s mission to break the cycle of poverty, and for their continued investment in our hardworking LIFT families.”
Since 2007, Bank of America has stood shoulder to shoulder with LIFT to provide families and low-income individuals access to financial education and wealth-building tools. “We know that understanding personal finances is an essential building block on the path to financial stability,” said Stephanie Lomibao, ESG Program Director for Bank of America. “Our longstanding partnership with Lift focuses on addressing that need by equipping families and individuals with financial coaching expertise to help solve critical challenges in their life, and in turn driving economic mobility in the communities we serve.”
Bank of America’s most recent grant will ensure that LIFT’s leadership and staff are equipped to integrate financial capabilities coaching in new contexts and in new geographies. Over the next year, LIFT will build the capacity of colleges, early childcare centers, health systems, and government agencies to provide holistic financial coaching; in turn, more parents can lead their families toward economic stability and mobility. By partnering with policy shops and governments, LIFT will simultaneously bring the voices of low-income families to the forefront of policies that directly affect them.
Founded in 1998, LIFT is a nonprofit organization on a mission to break the cycle of poverty by investing in parents. LIFT’s one-on-one coaching program empowers parents to set and achieve goals that put families on the path toward economic mobility – such as going back to school, improving credit, eliminating debt, or securing a living wage. In addition to coaching, LIFT parents also receive direct cash infusions to reinvest in their families and goals. LIFT partners with colleges, governments, and health systems to deliver its services nationwide and operates sites in Chicago, Los Angeles, New York, and Washington, D.C. Learn more at whywelift.org
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