Bank of America in Charlotte, N.C., has created its first accelerator.
The Bank of America Breakthrough Lab will launch a six-month program in September. It will largely focus on entrepreneurs from underrepresented communities such as Black, Hispanic and Native American founders.
The program, expected to occur annually, aims to collect applications over the next month. The goal is to bring in pre-seed stage companies with a minimum viable product focused on fintech, or firms that use technology to advance inclusion in fields such as health, wealth, education and housing.
Bank of America said in a press release that it will provide senior-level mentors as part of the free program.
Five startups participated in a 2021 pilot, followed by 17 companies the following year.
“We’re excited to play a role in giving emerging entrepreneurs from a range of backgrounds access to the bank’s vast resources and industry networks,” Rina Arline, Breakthrough Lab program director in global transaction services, said in the release.