Partnership with Community Reinvestment Fund, USA, Provides Access to 150 CDFIs and Business
Support Organizations
CHARLOTTE, N.C., March 27, 2024 /PRNewswire/ -- Bank of America
has launched a new Access to Capital Connector, an online platform
designed to help entrepreneurs and small business owners start and
maintain strong and resilient businesses by linking them directly
to local Community Development Financial Institutions (CDFIs) and
other business support organizations for capital, coaching and
support.
Created in partnership with Community Reinvestment Fund,
USA (CRF), a national nonprofit
CDFI and long-time Bank of America partner, the new platform
enables small business applicants to answer a series of questions
to become pre-qualified and presents them with the platform
participants best positioned to serve their unique situations. In
total, more than 150 CDFIs and other support organizations are
participating on the platform, offering capital and resources for
entrepreneurs at every stage of their small business journey.
"Thousands of small businesses fail each year because they lack
the connections, resources and funding to continue operating," said
Sharon Miller, President of
Small Business for Bank of America. "Through this longstanding
partnership, we aim to help make connections stronger between
start-ups, entrepreneurs and funding partners to fuel new ideas,
jobs and economic value."
"When small businesses have access to responsible capital and
other resources, they create jobs, grow wealth, and provide
critical services for communities," said Patrick Davis, SVP of Platform and
Technology Services for CRF. "Bank of America has been a strong
partner in CRF's efforts to serve entrepreneurs, especially those
with a history of underrepresentation. The Access to Capital
Connector is the latest example of our collaborative work to
support a thriving small business ecosystem by streamlining the
connection between small business owners and the CDFIs designed to
serve them."
The new platform represents an evolution of the Bank of America
Access to Capital Directory series, which was launched in 2021
and has more than 25,000 users and 120,000 views.
These resources offer a wide variety of capital sources,
including equity, debt, and grant capital.
Bank of America has supported CDFIs for more than 25 years and
is the largest private investor in them, with $2 billion in loans, deposits, capital grants and
equity investments through more than 250 CDFI partners.
"CDFIs help us extend our reach and provide entrepreneurs with
the resources they need to achieve their goals. We have found our
extensive network to be highly impactful in fostering economic
opportunities for individuals and communities," said
Pam Seagle, senior vice
president of Inclusive Entrepreneurship for Bank of America.
Bank of America is also the nation's top small business lender,
with a total loan portfolio of $43.7
billion as of year-end 2023, according to the FDIC. The bank
provides advice, solutions, access to capital and dedicated support
to meet the unique needs of 11 million business owner clients.
About Community Reinvestment Fund, USA
Founded in 1988, Community
Reinvestment Fund, USA (CRF) is a
national non-profit organization with a mission to improve lives
and strengthen communities through innovative financial solutions.
A leading Community Development Financial Institution (CDFI), CRF
supports mission-driven organizations, increases economic mobility,
and builds strong local economies through the development of
solutions aimed at creating an equitable financial system. CRF has
injected more than $3.6 billion to
stimulate job creation and economic development and support
community facilities.
Bank of America
Bank 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 69 million consumer and small
business clients with approximately 3,800 retail financial centers,
approximately 15,000 ATMs (automated teller machines) and
award-winning digital banking with approximately 57 million
verified digital users. Bank of America is a global leader in
wealth management, 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 4 million
small business households through a suite of innovative,
easy-to-use online products and services. The company serves
clients through operations across the
United States, its territories and more than 35 countries.
Bank of America Corporation stock is listed on the New York Stock
Exchange (NYSE: BAC).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom and register for news email alerts.
Reporters may contact:
Susan
Atran
Phone: 1.646.743.0791
Susan.atran@bofa.com
Kris Nyreen
Phone: 1.612.224.9585
kris@crfusa.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/new-bofa-platform-connects-small-businesses-to-cdfi-capital-and-coaching-302101024.html
SOURCE Bank of America Corporation