In Face of Slowing Economy, Bank Doles Out Some Nonprofit Grants

Is a recession coming again? 

On Aug. 1, Bank of America announced $145,000 in grants to 14 nonprofits in Santa Barbara and Ventura counties, including Women’s Economic Ventures, in an effort to boost economic mobility for individuals and families and aid financial stability, according to a press release from the financial institution. 

According to the bank, “Economies in both counties are showing signs of slowing down, with affordable housing and challenges to attract and retain talent being top concerns for local companies, according to recent studies.” (See https://blogs.callutheran.edu/cerf/files/2018/12/VA_Executive_Summary-2018.pdf

And, the bank said, Santa Barbara has one of the highest poverty rates in California, according to another report <https://www.ppic.org/publication/poverty-in-california/

“Among the biggest drivers toward a stronger economy are encouraging our youth to seek higher education and stay here, as well as providing meaningful assistance to families to ensure a sustainable economic future,” said Midge Campbell-Thomas, the bank’s Ventura-Santa Barbara market president. 

Another grant recipient is United Way of Santa Barbara County, which will use its grant to fund summertime learning programs for area youth, bank officials said. 

“When both parents are working, children are in need of structured learning programs during the summer, so they don’t fall behind in their academic skills as well as avoid being exposed to risky behavior,” said Steve Ortiz, president and CEO. “Our Fun in the Summer program, helped by the Bank of America grant, avoids the potential for learning loss among many local youth.” 

Other grant recipients include: Foodbank of Santa Barbara County, Foodshare Inc, Habitat for Humanity, Special Olympics, the Foundation for Santa Barbara City College, Unity Shoppe Inc. and UCSB. 

Grant recipient Women’s Economic Ventures provide loans and business classes in both counties. 

Posted Aug. 1, 2019. 

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