Small Business Finance News

BofA Says It Has Given Out Nearly $4 Million In Grants To Nonprofit Lenders

Written by Jenna Weiner
Published: 10/7/2010

Bank gave out 40 grants to Community Development Financial Institutions and other nonprofits

Thanks to the efforts of one banking giant, 40 grants worth more than $3.7 million were handed out to Community Development Financial Institutions and other nonprofits in order to give them better opportunities to get involved in the federal microloan system.

Entrepreneur Money Stack

Bank of America made the news for small business as it continues to fund $10 million in grants to nonprofit lenders throughout the country over the next 12 months. According to a statement released by the company, the new funds will potentially create as much as $100 million in "low-cost, long term capital for small business."

"Helping strengthen small businesses and new start-up companies stimulates job creation and is critical to our nation's economic recovery," said David Darnel, president of Bank of America's global commercial banking. Now is the time to be innovative and pursue every resource that helps small businesses grow."

The funding from Bank of America is reaching all over the United States. In San Fransisco, four microlenders received a total of $350,000, including the Southeast Asian Community Center, TMC Working Solutions, Oakland BDC Small Business Finance and Opportunity Fund, the San Fransico Business Times reports.

Share this article


About Our Breaking Small Business News

We publish news articles for entrepreneurs five days a week. Our small business news articles review trends in small business, analyze the ramifications of regulatory initiatives, present relevant entrepreneurial research findings, and cover many other topics of interest to small business owners.

Additional Resources for Entrepreneurs

Lists of Venture Capital and Private Equity Firms

Franchise Opportunities


Business Glossary