Bank of America Launches Directory Listing Sources of Capital for Small Businesses
October 01 2015 - 9:00AM
Business Wire
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 AmericaBank 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.
Visit the Bank of America newsroom for more Bank of America
news.
www.bankofamerica.com
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version on businesswire.com: http://www.businesswire.com/news/home/20151001005162/en/
Reporters May Contact:Noelle Bell, Bank of America,
1.980.388.6791noelle.bell@bankofamerica.com
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