Bank of America Launches Directory Listing Sources of Capital for Small Businesses
Directory Designed to Create More Awareness of Available Funding
Bank of America announced today the launch of an online community development financial institution (CDFI) directory to connect small businesses to more capital. This nationwide directory, www.bankofamerica.com/cdfi, will enable entrepreneurs and small business owners to find a CDFI in their community, creating an opportunity to access funding to help grow their businesses.
Many small business owners and others are unaware that CDFIs are nearby and can provide capital and technical support including business plan development, marketing basics, management training and more. CDFIs are private-sector local loan centers that offer financing for small businesses, affordable housing and other economic revitalization projects, primarily within low- and moderate-income communities. CDFIs are often a good source of capital for those who may not qualify for a traditional bank loan.
“Through our more than $1 billion investment in CDFIs and our small business banking referrals, there’s potential to provide more capital to help small businesses grow across the nation,” said Andrew Plepler, Corporate Social Responsibility executive, Bank of America. “Ideally, with increased awareness and tools like our searchable directory, more people will come to understand and use CDFIs as viable sources of funding.”
The directory includes approximately 120 CDFIs that are financially supported by Bank of America and lend to small businesses across the United States. The directory enables users to enter their location and desired loan amount, resulting in a list of local CDFIs from which to choose. A potential applicant can easily initiate contact and begin the loan application process.
To learn more, including what to expect when contacting a local CDFI, watch the "What is a CDFI?" video.
“In addition to the local expertise we provide and the many ways we work with small business owners throughout the country, offering access to local CDFIs is another way we try to help entrepreneurs grow their business,” said Robb Hilson, Small Business executive, Bank of America. “Whether it’s through deposit and cash management solutions, access to credit or our connections to CDFIs and other small business resources in our local markets, we provide holistic support for small business owners.”
In addition to promoting sources of funding for small business owners, Bank of America presents other opportunities to get capital into the hands of those who need it most, including women entrepreneurs. For example, the Tory Burch Foundation Capital Program (formerly Elizabeth Street Capital), a Tory Burch Foundation and Bank of America initiative launched in 2014, provides $10 million in affordable loans for eligible women entrepreneurs, in conjunction with mentoring support and networking opportunities. CDFIs leveraging this funding are identified in the directory.
For more information, visit www.bankofamerica.com/cdfi.
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 48 million consumer and small business relationships with approximately 4,800 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with 31 million active users and approximately 18 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in 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 owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Reporters May Contact:
Noelle Bell, Bank of America, 1.980.388.6791