Every year at this time ― Hispanic Heritage Month ― we collectively celebrate the economic, cultural and social contributions of the Latino community to our nation. We also honor the hard work of past generations that have provided more opportunities to today’s Latino community.

As a diverse community, where Latinos make up over half — 54% — of the nearly 1.3 million people in Fresno, Madera and Kings counties and 65% of the population in Tulare County, we come together to help build a future where there are no barriers for success. At Bank of America, we strive to do our part to create financial equity and help build wealth in Fresno’s Latino communities.

We do this because, as the Latino population grows, so does their impact on our economy. The 2022 Metro Latino GDP Report, funded by Bank of America and released earlier this month, found that the state’s Latino GDP was $706.6 billion in 2018, larger than the entire economic output of the state of Ohio. The report found that this incredible growth was fueled by notable factors, including the state’s Latino labor force growing nearly seven times as quickly as the non-Latino population; and the number of Latinos with at least a bachelor’s degree growing at a rate 2.5 times faster than non-Latinos between 2010 and 2018.

Investing in Business

Investing in Latino wealth means supporting entrepreneurs so they are set up for success. Early-stage funding is critical for the growth of a new business, especially when Latino entrepreneurs are still faced with gaps in financial literacy, business education, capital and networking opportunities. For example, according to data from Crunchbase, Latino-founded startups accounted for only 2.1% of venture investments in the U.S. last year. This is unjustifiable.

As part of our commitment to advancing racial equality and economic opportunity in historically disadvantaged communities, we have so far directed $350 million into minority- and women-led venture funds and those that invest into minority- and women-led companies. Of the funds we have in our portfolio, one in every four are led by Latino managers, providing capital that will help entrepreneurs and small business owners grow their businesses, create jobs and improve financial stability.

Here in Fresno/Visalia, Bank of America earlier this year invested in the new BW Capital Fund, launched by Fresno-based Bitwise Industries, which will invest in minority tech founders throughout Central California.

Building Career Pathways

An important element to creating opportunities for Latinos to build wealth, whether as a business owner or an employee, is ensuring that young people have more pathways to well-paying jobs and careers. That means partnering with colleges and universities and investing in job creation, skills-building and support services so that students from disadvantaged backgrounds can have a level playing field for success.

Some ways we do this in Fresno/Visalia is by investing in workforce development and paid internships and training programs in rural and agricultural regions serving predominately Latino teens and young adults. For example, Community Services Employment Training (CSET) provides workforce development opportunities in Tulare County, and Career Nexus recruits and prepares over 100 people from underserved areas for paid internships with the city of Fresno.

Investing in Sustainable Homeownership

Sustainable homeownership provides a lasting investment for future generations and cycles capital back into the community. Through the Community Homeownership Commitment, which provides grants for down payments and closing costs along with low -cost mortgages, families in historically underserved communities can build lasting financial legacies. It’s why we are working closely with the City of Fresno to promote this program to help more Latino families leverage the benefits of homeownership.

Supporting and honoring our Latino clients is not just a month-long initiative, it is a long-term, multi-generational investment in America, and we are proud to be investing in a stronger economy for our region now and for years to come.

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Leo Muñoz is Bank of America’s senior vice president, business banking, for the  greater Central Valley.