Bank of America Launches Directory Listing Sources of Capital for Small 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.
“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.
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