Bank of America and College Possible Partner to Increase College Graduation Rates for Low-Income Students

ST. PAUL, Minn. – Bank of America has announced College Possible Minnesota as the 2016 Neighborhood Builder. The nonprofit is being recognized for its work to close the higher education achievement gap between low-income students and their upper-income peers, which in turn, supports the sustainable growth of the Twin Cities economy. Through Neighborhood Builders (#NeighborhoodBuilders), the bank provides nonprofits with a unique combination of leadership development, $200,000 in flexible funding and access to a network of peer organizations in order to expand their impact in the Twin Cities community.

“We recognize the critical role that nonprofits and their leaders play to build pathways to economic progress in the Twin Cities community,” said Larry Kloth, Bank of America Minnesota market president. “Through our Neighborhood Builders program, we connect outstanding nonprofits, like College Possible Minnesota, to the funding and leadership development resources they need to scale their impact and help our community to thrive.”

College Possible makes college admission and academic success possible for low-income students through an intensive curriculum of coaching and support. Since its inception in 2000, College Possible Minnesota has grown from serving 35 students in St. Paul to more than 6,000 at high schools across the Greater Twin Cities community, and at colleges throughout the state and nation. Since its founding, 99 percent of College Possible Minnesota students have earned college admission, 93 percent have enrolled and students’ six-year college graduation rates nearly match the national average for all students, regardless of their income background.

The funding from Bank of America’s Neighborhood Builders award will help the organization to grow its traditional program and expand its tech-connected pilot program, allowing the organization to reach more high school students in the Twin Cities and Greater Minnesota.

College Possible Minnesota is currently testing strategies to scale its program while significantly reducing the cost of delivery. In the tech-connected model, coaches based in the organization’s St. Paul office support students via phone and video conferences, through virtual workshops and on social media. Funding from Bank of America will allow College Possible Minnesota to extend its reach to more schools with smaller low-income populations.

“College Possible believes that every student, regardless of their income or socioeconomic background, has the right to pursue their college aspirations through higher education after high school,” said Sara Dziuk, Executive Director, College Possible Minnesota. “With support from the Bank of America’s Neighborhood Builders program, we are able to continue providing more students with the opportunity to get a college degree and interrupt the cycle of poverty.”

In Minnesota, Bank of America has hosted three other Neighborhood Builders, including City of Lakes Community Land Trust, EMERGE and Second Harvest Heartland. Since 2004, through Neighborhood Builders, Bank of America has helped nonprofits create greater impact in their communities and better prepare for the future by providing the tools and resources they need to develop stronger strategic plans, chart a succession plan, navigate through tough economic times, and enhance their funding opportunities. Since the program’s inception, Bank of America has invested more than $180 million in 900 nonprofit organizations across the country, providing leadership resources to nearly 2,000 nonprofit leaders, and the program has been recognized as the nation’s largest philanthropic investment in nonprofit leadership development.

Neighborhood Builders is a signature demonstration of the bank’s work to address issues fundamental to economic mobility in order to build thriving communities and illustrates how strong cross-sector partnerships and local community leaders can play a meaningful role in positioning communities for success.

About Bank of America Environmental, Social and Governance

At Bank of America, our focus on Environmental, Social and Governance (ESG) factors is critical to fulfilling our purpose of helping make people’s financial lives better. Our commitment to growing our business responsibly is embedded in every aspect of our company. It is demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our customers, and the impact we help create around the world in helping local economies thrive. An important part of this work is forming strong partnerships across sectors - including community and environmental advocate groups, as well as non-profits – in order to bring together our collective networks and expertise to achieve greater impact. Learn more at www.bankofamerica.com/about and connect with us on Twitter at @BofA_News.

About College Possible Minnesota

College Possible is a nationally-growing nonprofit organization making college admission and success possible for low-income students through an intensive curriculum of coaching and support. Findings of a recent Harvard University study show that College Possible’s approach to unlocking the potential of low-income students is effective and that students served are significantly more likely to enroll in a four-year college.