CHARLOTTE, N.C., Oct. 19, 2021 /PRNewswire/ -- Bank of America
today announced its current portfolio of loans, deposits and
investments to Community Development Financial Institutions (CDFIs)
now exceeds $2 billion. This includes
approximately $100 million in
deposits to minority depository institutions (MDIs) and investments
of nearly $36 million of equity in 21
MDIs as part of the company's recent commitment of up to
$50 million. These investments build
on 25 years of partnership through which Bank of America remains
the largest private investor in CDFIs in the U.S., providing
capital to more than 250 CDFIs across all 50 states and the
District of Columbia.
CDFIs provide affordable, responsible loans and technical
assistance to low-income and other underserved clients and
communities. Bank of America's support of CDFIs, including for
Paycheck Protection Program (PPP) lending through the health
crisis, extends the reach of what the company can do on a direct
basis, helping to fuel social and economic progress for
individuals, small businesses and communities.
"Our work with CDFIs is crucial to our ability to provide access
to capital for thousands of individuals and small businesses who
are the backbone of our local communities," said Brian Moynihan, CEO of Bank of America. "We are
focused on providing capital in areas where opportunity gaps exist,
and CDFIs are able to provide relief and make a real impact –
quickly responding and adapting to deploy capital and hands-on
guidance when small businesses need it most."
In response to an increased need for small business support in
2020, Bank of America committed and exceeded $250 million in new capital to CDFIs to provide
them with the liquidity needed to make Paycheck Protection Program
(PPP) loans to their clients, along with $10
million in grants to help with CDFI operations.
CDFIs are an important component of the recently launched Bank
of America Access to Capital Directory, a first-of-its-kind
platform to help educate women-owned businesses in the U.S. on
navigating the capital landscape and identifying potential sources
of funding, such as equity, debt and grant capital.
According to Opportunity Finance Network1, CDFIs have
provided more than $82.7 billion in
cumulative financing to underserved communities. This financing
helped start or expand more than 448,541 small businesses, 2.1
million housing units and 12,072 community facing projects,
including schools, child care centers and health care facilities,
and helps create or maintain more than 1.8 million jobs.
Bank of America
At Bank of America (NYSE: BAC), we're
guided by a common purpose to help make financial lives better,
through the power of every connection. We're delivering on this
through responsible growth with a focus on our environmental,
social and governance (ESG) leadership. ESG is embedded across our
eight lines of business and reflects how we help fuel the global
economy, build trust and credibility, and represent a company that
people want to work for, invest in and do business with. It's
demonstrated in the inclusive and supportive workplace we create
for our employees, the responsible products and services we offer
our clients, and the impact we make around the world in helping
local economies thrive. An important part of this work is forming
strong partnerships with nonprofits and advocacy groups, such as
community, consumer and environmental organizations, to bring
together our collective networks and expertise to achieve greater
impact. Learn more at about.bankofamerica.com, and
connect with us on Twitter (@BofA_News).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of
America newsroom and register for news email alerts.
www.bankofamerica.com
Reporters May Contact:
Vanessa Cook, Bank of America
Phone: 1.980.683.2247
vanessa.a.cook@bofa.com
1 Opportunity Finance Network, Impact Performance;
https://ofn.org/impact-performance
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SOURCE Bank of America Corporation