“True honor demands more than words.” With those words, Sid E. Goodfriend, Founder and Chairman of American Corporate Partners (ACP), captured the heart of a new initiative that blends commemoration with action. Bank of America has committed a $350,000 grant to ACP, funding 250 one-on-one mentorships for veterans and military spouses over the next year. Announced just ahead of Veterans Day and in the lead-up to America’s 250th birthday in 2026, the investment is designed to open doors to meaningful civilian careers while fueling long-term economic growth.
The program builds on a partnership that began in 2018, when Bank of America first joined forces with ACP to help service members navigate the often-challenging transition from military to civilian life. Since then, nearly 200 bank employees have participated in 400 mentorships, offering guidance on career planning, networking, and professional development. Dozens of those mentees have gone on to join the bank’s workforce.
ACP is delivering some impressive results. To date, the nonprofit organization has helped close to 40,000 veterans and their spouses nationwide with an average post-mentorship salary of $90,000 and an 80% retention rate compared to the national average for veterans of 56%. Mentorships are customized, matching each participant with a mentor experienced in translating military skills to civilian success. This approach addresses underemployment head-on, long a stubborn problem for many transitioning service members.
Bank of America’s latest grant is part of a broader “skills-first” hiring strategy focused on ability and experience over traditional credentials. The bank pledged to hire 10,000 more people with military backgrounds in the next five years, on top of 20,000 it has brought on since 2015. That aligns with research showing that improving employment outcomes for transitioning veterans could add nearly $15 billion to the US economy over a decade.
The advantages of hiring veterans really go far beyond economics: Veterans often bring qualities such as leadership, resilience, and adaptability-honed in high-pressure environments-to their workplaces. Many have training and experience in fields like logistics, cybersecurity, and crisis management-skills that are becoming increasingly important in today’s rapidly changing industries. Their talents can enhance workplace culture by working in teams to achieve common objectives. Their service-oriented mindset brings added value to roles that require helping others.
Meghan Hughes, head of workforce development at Bank of America, summed it up this way in the release: Veterans and military spouses bring invaluable skills, leadership, and resilience to the workforce. Through our expanded partnership with American Corporate Partners, we are investing not only in their futures but also helping to build pathways for long-term success, while driving American economic growth and opportunity.
The timing of the grant is symbolic. Veterans Day, celebrated on November 11 every year, commemorates the bravery, dedication, and selflessness of all who have served in the US Armed Forces. Tying this initiative to the nation’s upcoming semiquincentennial gives further significance, even as commemoration becomes tangible opportunity. As Goodfriend said, “America’s 250th birthday is a time to honor service, but true honor demands more than words It’s an act of transformation, not charity.”
Beyond mentorship, Bank of America has a long record of commitment to military families. Since 2012, it has donated more than 6,500 homes, over 2,700 of which have gone to nonprofits serving veterans and their loved ones. The bank also has a Military Support & Assistance Group with 43 chapters and more than 22,000 members across the country, helping to create a sense of community among employees with military connections.
Programs like ACP’s mean more than career advice for veterans and military spouses; they mean a bridge to stability, growth, and full utilization of the skills earned through service. To the companies making investments in them, return is measured not just by economic impact but through the strength, innovation, and perspective these individuals bring to the civilian workforce.
