Bank of America Diverse Business Scholarship Program

About the Scholarship

The Bank of America Diverse Business Scholarship Program has been established by Bank of America, N.A., a national banking association, to provide targeted training and development support to qualified certified diverse business owners or an employee that holds a key position in the diverse business owner’s company and has been designated on the application by the diverse business owner.* Scholarship recipients will be given the opportunity to continue their education and enhance the business operations functions within their companies by attending executive business management programs.

The program is administered by Scholarship America®, the nation’s largest designer and manager of scholarship, tuition assistance and other education support programs for corporations, foundations, associations, and individuals.

Scholarship Application Key Dates

  • Tuesday, January 16, 2018: Online applications are available
  • Tuesday, March 20, 2018: Application submission deadline; online applications not accepted after 11:59 p.m. (CST) on this date
  • Friday, May 18, 2018: Scholarship America will send email notifications to applicants informing applicants of their award status

Scholarship Awards

Thirty scholarships of up to $10,000 each will be awarded annually to eligible recipients by Scholarship America’s Selection Committee. Awards are not renewable, however, diverse business owners may reapply to the program each year eligibility requirements are met. Scholarships are available to the majority business owner or an employee that holds a key position in the diverse business owner’s company and has been designated on the application by the diverse business owner.*

Scholarship payments are processed by Scholarship America on behalf of Bank of America, N.A. and are made directly to the educational institution upon receipt of proof of enrollment. Scholarship recipients must enroll in an accredited and approved certificate program, degree program or course of full or part-time study within twelve (12) months from the application submission deadline. Awards may be used to cover tuition, books and fees but may not be used for travel expenses.

Awards are for programs designed to benefit the applicant in the area of business and include but are not limited to the following institutions:

  • Tuck School of Business at Dartmouth (includes Tuck-WBENC Executive Program)
  • Berkeley Center for Executive Development, University of California at Berkeley
  • Hass School of Business, University of California at Berkeley
  • Darden Graduate School of Business Administration, University of Virginia
  • Kellogg Graduate School of Management, Northwestern University
  • Kennedy School of Government, Harvard University
  • Harvard Business School
  • McCombs School of Business, University of Texas
  • University of California at Los Angeles
  • Marshall School of Business, University of Southern California
  • Center for Creative Leadership (CCL)
  • Kaplan Continuing Education (KCE)

Eligibility Criteria

  • Applicant’s business must be currently certified as a diverse business by a recognized diversity certifying agency including, but not limited to the following diversity classifications:
    • Minority Business Enterprise (MBE)
    • Women Business Enterprise (WBE)
    • Disabled Person Owned
    • Veteran Owned/Veteran Disabled Owned/Service Disabled Veteran Owned
    • Lesbian, Gay, Bisexual, Transgender (LGBT) Owned
    • Historically Underutilized Businesses (HUB)
  • Business owner must have a minimum of three years of experience developing and running their company
  • Business must employ at least three (3) full or part-time employees
  • Business must have an annual sales volume between $500,000 and $50,000,000(USD)
  • Employees of Scholarship America or Bank of America, as well as families or other related parties, scholarship fund advisors, committee members or any other persons related to any person involved in the administration or awarding of The Bank of America Diverse Business Scholarship Program are not eligible to apply

Selection of Recipients

  • Not all applicants will be chosen to receive an award
  • Financial need is not a consideration for award selection
  • Scholarship recipients will be selected on the basis of their personal statements which should detail:
    • Their educational goals, how their education plans relate to their business and how achieving these goals will help improve and grow their business
    • Their leadership and participation in professional, school, and community activities, as well as any unusual personal or family circumstances, if applicable. Financial need is not considered

Selection of recipients is made by Scholarship America. In no instance does any officer or employee of Bank of America, N.A. play a part in the selection. All applicants agree to accept the decision as final.

*Note: The intent of allowing a diverse business owner to elect a designee is to strengthen the overall business operation by providing training to an employee that holds a key position in the diverse business owner’s company.


Correspondence throughout the application process will be by email. Emails will be sent to the username and email address registered when the account was created.

TIP: Be sure to add [email protected] to your contacts or address book and check your email regularly.

Application Process

The online application must be completed by the majority business owner regardless of the appointment of a company-employed designee. The applicant should be prepared to provide the business’ diverse certification ID # and the program/institution the applicant plans to attend; these are both required fields on the application that must be entered before the application can be submitted.

Getting Started: Click the Register to Apply button at the bottom of this page which will take you to the consent statement. In order to progress to the application, you must:

  • Read and agree to the consent statement
  • Supply a unique and valid email address
  • Create a username and password


Scholarship recipients have no obligation to Bank of America, N.A. However, changes in address, school enrollment, or other relevant information must be reported to Scholarship America.


Bank of America, N.A. reserves the right to review the conditions and procedures of this scholarship program and to make changes at any time including termination of the program.

Contact Us

Email: [email protected]

Call: 1-507-931-1682 and ask for the Bank of America Diverse Business Scholarship Program




Supporting Sponsor

The supporting sponsorship gives your company exposure at all major MMSDC events and more. Learn more

The Michigan Minority Supplier Development Council (MMSDC) is a non-profit organization promoting the economic growth of minority-owned businesses. Learn More

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