Program Goes Beyond Grants and Volunteerism to Lend Veteran Executive Leaders to Local Nonprofits for Interim Roles
WATSONVILLE, CA – In an effort to help bridge resource and leadership gaps at nonprofits across the country, Bank of America today announced the expansion of its Leader on Loan program to the West Coast with Western U.S. Consumer Lending executive Ann Thompson beginning her year-long, fulltime role as interim chief financial officer with Monterey Bay-based nonprofit Digital NEST.
The Leader on Loan program is an innovative way for Bank of America to bring additional resources to local communities. Executives in the program are typically in their roles at the nonprofits for six to 24 months, with the bank covering the employee’s salary and benefits. Created in 2017 with four organizations, the program has expanded, with 27 senior level bank teammates having been placed with a variety of organizations to help advance economic opportunity and other philanthropic priorities in the communities where they live and work.
“This is such a unique opportunity to help drive meaningful change within the nonprofit and for its participants,” said Ann Thompson, interim CFO, Digital NEST. “Coming in with my Bank of America experience, it’s my hope to help the organization build systemic financial efficiencies and infrastructure. But, just as important, I am excited to gain tremendous insights into this incredible nonprofit and the communities it serves. This is a true win-win program.”
Digital NEST is a technology workforce development hub providing teens and young adults in rural farming communities like Salinas and Watsonville with high-demand technology skills, mentoring and paid hands-on experience to help them establish well-paying tech careers. Created in 2014, Digital NEST has expanded across the Monterey Bay region to help more than 2,200 participants primarily from communities of color gain specialized job skills. It applied for a Leader on Loan for assistance with developing a multi-year operating and capital budget, as well as, financial forecasting models to aid in its expansion plans.
“With record demand for our services and plans to expand beyond the Monterey Bay region into several additional Northern California communities, Digital NEST needed financial and operational expertise to help us have sustainable growth for years to come,“ said Jacob Martinez, Founder and CEO, Digital NEST. “We’ve hit the ground running working with Ann on exciting new plans, already learning so much.”
Thompson is a 31-year financial services veteran based in San Francisco, having held senior executive roles in consumer sales and mortgage lending, most recently overseeing the western United States. Very active in the community, she sits on the Board of Trustees for the Oakland Museum of California among other volunteer and philanthropic efforts.
Digital NEST has been a longtime partner of Bank of America, including being named a Bank of America Neighborhood Champion in 2020.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,100 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 54 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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