Bank of America (BoA) has announced a $40 million commitment to increase access to healthcare services in medically underserved communities.

Through the initiative, the financial institution will partner with nonprofit community development financial institutions (CDFIs) to provide low-cost, long-term capital to finance the development and expansion of community healthcare centers and other primary care facilities across the United States. While partners and locations are being determined, recipients to date include the Primary Care Development Corporation, Capital Impact Partners, the Reinvestment Fund, and the Enterprise Community Loan Fund. A quarter of the commitment will be used to help CDFIs encourage other groups to enter the space of financing the development of primary care facilities.

The new commitment will build on a recently announced four-year, $25 million collaboration with the American Heart Association, American Diabetes Association, American Cancer Society, and the University of Michigan School of Public Health to improve health outcomes in communities of color. In addition, Bank of America will provide $100,000 in philanthropic grants to help CDFIs with their operational costs and spark the creation of health centers.                                                                                     

“Increased investment in primary care improves health outcomes by making primary care more accessible and affordable, and by expanding the healthcare workforce to provide the services people need in the communities where they live and work,” said Bank of America Charitable Foundation president Ebony Thomas. “Improved health and financial stability are integrally linked. Enabling access to quality medical care drives greater economic mobility and builds stronger communities.”

(Photo credit: Getty Images/Juan Monino)