March 21, 2022
FOR IMMEDIATE RELEASE:
[RICHMOND, VA – March 21, 2022] — Virginia Union University (VUU) announced it has received a $1 million grant from Bank of America for its innovative approach to preparing students for careers in finance. VUU’s new personal development and financial market program is called “MORE”, which stands for My Opportunity is Real Essential.
“As we strive to better serve our students and the surrounding communities, it is imperative that we provide them with the tools to be successful beyond the classroom,” said Dr. Hakim J. Lucas, President and CEO of VUU. “We are pleased to accept this grant from Bank of America to launch the MORE program, which will enable us to provide financial literacy tools to communities that might otherwise not have access. This people development initiative is a stepping stone to generational wealth in our communities.”
The MORE program consists of three main components:
- Community Outreach: In the Chesterfield, Henrico and Richmond tri-county area, students in nine schools – three elementary, middle and high schools – will have access to the Mobile Community Outreach Financial Van. Outreach will focus on teaching the basics of finance and banking to students between the ages of 10 and 18. In addition, the mobile van will serve residents of the Gilpin Court community, providing access to financial literacy in wealth management, investing and home ownership.
- Financial Markets Lab: Students and residents have access to the Financial Markets Lab on the VUU campus. The lab will contain 30 state-of-the-art computers, each with planning, budgeting and investment software, and four electronic stock tickers that allow students to learn about and access real-world indices as they relate to the NASDAQ and Dow Jones Indexes.
- Workforce Development and Assessment: The program provides a workforce development coach to help students prepare for internships during their sophomore and junior years. The coach also assists students with mock interviews, job placement, and preparation for career assessment by providing behavioral and market competency tests. VUU will also host a quarterly Financial Business Speakers series to provide students with an ongoing opportunity to learn about career opportunities in the financial industry.
“We are excited to partner with Bank of America on this innovative program to build a financial industry workforce and educate young children and adults about the importance of financial literacy, financial markets and wealth management,” said Dr Robin R. Davis, Dean of Sydney Lewis School of Business.
The Bank of America grant is part of the Way Forward Initiative — a multi-year collaboration between education company EAB and the bank — and part of the bank’s five-year, $1.25 billion commitment to advancing racial equality and economic empowerment Opportunities . Virginia Union University is a founding cohort of the initiative.
“HBCUs play a critical role in creating opportunities for students and communities of color by providing the education needed to address economic and social inequality,” said Victor Branch, president of Bank of America Richmond. “At Bank of America, we believe it is important that these institutions receive the support they need to continue their mission.”
The Sydney Lewis School of Business will lead this initiative and has partnered with Virginia Union University’s Workforce Development Department and the Evelyn Reid Syphax School of Education.
About Virginia Union University
Virginia Union University is a premier liberal arts and public service institution of HBCU with recognition as a private institution by the State Council of Higher Education for Virginia. Founded in 1865, Virginia Union University was originally founded to provide newly emancipated slaves with an opportunity for education and advancement. Today, the university is a center of excellence focused on preparing and developing today’s students to become tomorrow’s advanced leaders. Virginia Union University programs offer a wide range of undergraduate and graduate educational opportunities in high-demand fields that advance liberal arts education, teaching, research, scholarship, technology, civic engagement, and international experiences. Visit www.vuu.edu for more information.
About Bank of America
At Bank of America, we are guided by a common purpose: to help improve financial lives through the power of every connection. We achieve this through responsible growth with a focus on environmental, social and governance (ESG) leadership. Embedded in our eight business areas, ESG reflects how we help power the global economy, build trust and credibility, and represent a company people want to work for, invest in and do business with. This is evident in the inclusive and supportive workplace we create for our people, the responsible products and services we offer our customers, and the impact we make around the world by helping local economies thrive. An important part of this work is building strong partnerships with non-profits and stakeholders such as community, consumer and environmental organizations to bring our collective networks and expertise together to make a greater impact. Learn more at about.bankofamerica.com and reach out to us on Twitter (@BofA_News).
Reporters can contact the following address:
Erika Roache, Virginia Union University
Director of Public Relations
Matt Card, Bank of America
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