Wilmington, DE, May 22, 2023 – United Way of Delaware (UWDE), a local non-profit organization dedicated to improving the quality of life for all, has received a $50,000 grant from Bank of America.
The grant will support efforts by UWDE and Stand By Me (SBM) Delaware to help residents achieve financial empowerment through financial literacy outreach and one-on-one engagement with a dedicated SBM financial coach in their community. Ninety percent of the grant funding will directly support SBM in the community.
SBM has made a significant impact within Delaware. In the 11 years of the program’s operations, SBM coaches have worked one-on-one with over 31,000 clients to achieve life-changing results:
- 96% of participants created and maintained a household budget.
- 83% of participants increased their savings.
- Participants improved their credit score by an average of 79 points.
- 76% of participants reduced their debt.
While in the program, clients have collectively reduced their debt by over $34,000,000, increased their savings by $42,000,000, and over 1,200 program participants have purchased a home. Learn More about Stand By Me Delaware at standbymede.org.
“Stand By Me has changed Delawareans’ lives for the better,” said UWDE President and CEO Michelle Taylor. “Our amazing financial coaches are located throughout Delaware, so they can meet our clients where they live and work. We are very grateful for Bank of America’s generous support of the Stand By Me program.”
The grant is part of Bank of America’s philanthropic giving efforts in local communities. Awardees were selected for their commitment to addressing basic needs and workforce development for individuals and families.
“Financial literacy is key to helping individuals achieve their dreams, whether that means attending college, owning a home, or starting a business,” said Chip Rossi, Delaware President, Bank of America. “We continue to support the work that United Way of Delaware and Stand By Me are doing to improve so many lives in our communities.”
About United Way of Delaware
Founded in 1946, United Way of Delaware (UWDE) works to advance the common good by focusing on four key areas: Early Education, Career and College Success, Financial Empowerment, and Racial Justice and Social Equity. UWDE is engaged in a long-term strategy to eliminate the root causes of Delaware’s most pressing social problems in New Castle, Kent, and Sussex counties. UWDE is also responsible for the United Way brand in Salem County, New Jersey. Learn more and #JoinTheFight at www.uwde.org.
About Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs, and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking, and trading across a broad range of asset classes, serving corporations, governments, institutions, and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories, and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.