Small Business Finance News
BofA Says It Has Given Out Nearly $4 Million In Grants To Nonprofit Lenders
Written by Jenna Weiner
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.
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.
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