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Small Businesses Get Help With $10 Million Pledge From BoA

Written by Ken Gaebler
Published: 7/30/2010

Banking giant says grants could help fund $100 million in loans.

Bank of America recently announced that it would be funding $10 million in grants to lenders, including Community Development Financial Institutions, in order to take advantage of funds from the U.S. Small Business Administration and the U.S. Department of Agriculture.

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The bank also said that the capital could potentially help fund nearly $100 million in low-cost loans from small business microlenders across the country in the next year alone.

Many around the country were thrilled upon hearing the new commitment from Bank of America.

"The National Urban League commends Bank of America for the development of this innovative program," said Marc H. Morial, president and chief executive officer of the National Urban League. "Allowing CDFIs and other nonprofits - many of whom receive management and technical assistance through our Entrepreneurship Centers - to provide much-needed micro loans to small and minority businesses nationwide will lead to increased business growth and job creation."

In other lending news for small business, Minnesota's Metropolitan Council recently announced that it would be funding $1 million in interest-free loans in order to support entrepreneurs.

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