CDFIs fuel social and economic progress

Bank of America is committed to supporting innovative lending and investing practices to fuel social and economic progress. We’re connecting more than 260 community development financial institutions (CDFIs) to more than $1.5 billion in capital, as well as philanthropic support to help cover operating costs. CDFIs use our capital to finance affordable housing, small businesses, child-care centers, health-care clinics, and other economic development programs, supporting individuals and communities who may not qualify for traditional loan products.

Promoting affordable housing

Veterans Village (a Nevada-based nonprofit organization that provides transitional and permanent housing for U.S. Veterans) received financing from Clearinghouse CDFI to acquire an additional 204 units of affordable housing that will be leased at an affordable monthly rate to homeless veterans in a severely distressed area of Las Vegas.

Connecting women entrepreneurs to capital

Stevie Howell, an artist and textile designer, turned her passion into a business of wearable works of art. She received a loan from Opportunity Fund as part of the Tory Burch Foundation Capital Program, resulting in hiring her first employee and promoting and marketing her business and designs.

Delivering clean water & sanitation

WaterEquity, an innovation of, launched a social impact investment Fund (WaterCredit Investment Fund 3) to invest in microfinance institutions and enterprises serving the water and sanitation needs of the world’s poor. This new Fund (including a zero-interest loan from Bank of America) will reach 4.6 million people in South and Southeast Asia with safe drinking water and/or sanitation.

Fostering economic development

Financed with a loan from Chicago Community Loan Fund and part of Urban Juncture, the Bronzeville Cookin’ project will provide four local restaurants, a rooftop farm, and several other complementary enterprises with a shared sustainable-rehabilitated building in Chicago’s Bronzeville neighborhood. The culinary incubator spurs economic growth, and celebrates the diverse cuisines, cultures, and communities of people of African descent.

Supporting energy efficiency

Craft3 provided a homeowner in Portland with capital to fund energy-efficiency projects. The homeowner used the loan to upgrade her 1913 home, including sealing the basement and attic, insulating the walls and installing a new water heater and two heat pumps, resulting in 30 percent energy savings.

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