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Bank of America Launches Scholarship Fund for Diverse Business Owners

Wednesday, November 18, 2015  
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In a continuing celebration of its 25-year legacy of Supplier Diversity and Development, Bank of America has re-launched the Bank of America Minority Business Fund Scholarship - - a scholarship fund designed to help diverse business owners expand and grow their businesses.

The scholarships are available to Minority Business Enterprises (MBEs) that hold National Minority Supplier Development Council (NMSDC) active certification status and meet the Scholarship criteria. The Scholarship amounts will vary, with each award not to exceed $10,000. Scholarships will be awarded to business owners to pursue educational programs and training that further enhance the business operations within their companies and position them to become better able to compete for increased business.

Criteria for this Scholarship include (but are not limited to)

  • Business must be currently certified by the NMSDC
  • Business must have annual sales of between $1,000,000 and $50,000,000
  • Business must employ at least (5) full-time employees
  • Business owner must have a minimum of three years experience developing and running their company
  • Scholarship recipients must attend the approved program within 12 months of receiving the award
  • Only the majority business owner is eligible to receive the award and use the award to fund his/her educational program or training; business partners, family members, and employees of the majority business owner are not eligible to receive or use the award.

To Apply for the Bank of America Minority Business Fund Scholarship:

  1. Go to http://www.cftexas.org/bank-of-america-scholarships to submit the online application; only online applications through the Bank of America Minority Business Fund Scholarship site will be accepted
  2. The program for which you are applying for scholarship funds, the name of the institution providing the program, and the cost of program tuition, books and fees is required information on the application
  3. The deadline to submit online applications is December 18, 2015.

The Bank of America Minority Business Fund Scholarship Advisory Committee will award the scholarships as eligible applicants are identified through the selection process. Scholarship awardees will be notified by Feb. 29, 2016.

For additional information on the Bank of America Minority Business Fund Scholarship, go to http://www.cftexas.org/bank-of-america-scholarships or contact Abigail Hazlett at Communities Foundation of Texas at ahazlett@cftexas.org.