Bank of America has announced a $350,000 grant to the nonprofit American Corporate Partners (ACP), which will fund 250 one-on-one mentorships for veterans and military spouses in 2025. This initiative is poised to make a significant impact by helping veterans transition into civilian careers, offering them crucial support that bridges the gap between military service and the corporate world.
Why This Matters
Veterans’ Transition Challenges and the Need for Support
Veterans face unique challenges when transitioning from military service to civilian employment. These challenges include underemployment, difficulty translating military skills to corporate jobs, and lack of networking opportunities.
According to a 2023 study by the U.S. Department of Labor, the veteran unemployment rate stands at approximately 3.4%, which, while better than in previous years, is still higher than the national average of 2.8%.
In addition, the Veteran Employment Project found that while 75% of veterans believe they possess valuable skills, 72% report struggling to connect those skills to civilian jobs. Programs like the one funded by Bank of America are critical in providing the support veterans need to make the successful transition to the civilian workforce.
The $350,000 Game-Changer
How the Grant Will Help
Bank of America’s grant to ACP will directly fund 250 one-on-one mentorships aimed at helping veterans and military spouses navigate the complexities of the civilian job market. These mentorships will be tailored to the specific career goals and industry interests of each participant, offering guidance on everything from resume-building to interview preparation and job search strategies.
Meghan Hughes, Senior Vice President of Workforce Development at Bank of America, emphasized the importance of these efforts:
“Veterans bring exceptional leadership and resilience to the workforce, and by supporting them through mentorship, we help unlock their full potential for the economy and society.”
The goal of the grant is not just to place veterans in jobs, but to create sustainable, long-term career paths that provide financial independence and professional growth for military families.
ACP’s Mentorship Program: Proven Impact
ACP’s mentorship model has already proven successful. The program’s veterans experience higher retention rates and substantially higher wages after mentorship compared to the national veteran average.
In fact, 80% of veterans who complete ACP’s mentorship program are employed in long-term, meaningful roles, earning an average salary of $90,000—a stark contrast to the national veteran retention rate of just 56%.
This tailored mentorship approach, which pairs veterans with seasoned professionals from industries ranging from finance to healthcare, has shown remarkable success in helping veterans gain employment.
How This Fits into Bank of America’s Broader Strategy
Bank of America’s Veteran Hiring Commitment
This grant is part of Bank of America’s broader initiative to provide sustainable employment opportunities to veterans and their spouses. The company has committed to hiring 10,000 veterans and military spouses by 2025, building on its previous success of hiring more than 20,000 veterans since 2015.
In addition to funding mentorships, Bank of America supports veterans through paid internships, career fairs, and specialized recruitment drives, ensuring that military personnel are equipped with the tools they need for success in the civilian workforce.
A Win for Corporate America
The bank’s investment is also seen as a model for other corporations to follow. By building a veteran talent pipeline, Bank of America not only supports veterans but ensures a steady stream of highly skilled workers in an increasingly competitive job market.
The Bigger Picture: Expanding Veteran Support Nationwide
Nationwide Impact
While Bank of America’s grant helps 250 individuals directly, the broader impact could be felt across the veteran community nationwide. The partnership with ACP provides veterans with invaluable career support, but the ripple effects could create a self-sustaining network of veterans helping other veterans.
As more corporations partner with nonprofits like ACP, the chances of veteran employment improving long-term grows significantly. In fact, experts predict that as more companies embrace skills-based hiring—which focuses on the capabilities veterans bring to the table rather than requiring traditional civilian qualifications—veterans’ ability to seamlessly integrate into the workforce will improve.
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What’s Next?
Growing the Program
Bank of America’s program is already seeing promising results, and both the bank and ACP are committed to expanding this initiative. According to ACP Executive Director, Jack Killeen, the program’s success has led to discussions about extending the mentorship opportunities to more veterans and even military spouses.
The next steps for the initiative involve scaling it up to offer more mentorships in the coming years, with an eye on addressing the ongoing employment gaps and transition hurdles veterans face.
A Step Toward Real Change
Bank of America’s $350,000 grant to ACP represents a major commitment to improving the career prospects of U.S. veterans and military spouses. By funding 250 personalized mentorships, the initiative not only addresses immediate employment challenges but also provides veterans with the tools they need to thrive in civilian careers.
With increased job opportunities, improved wages, and sustained support, this program is set to be a game-changer for veterans transitioning to civilian life.
