CDFIs fuel social and economic progress

Bank of America supports innovative lending and investing practices to fuel social and economic progress. We’re connecting 255 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 and community development, supporting individuals and communities who may not qualify for traditional  loan products.

To learn more about our work with our CDFI partners, please see examples below, and visit www.bankofamerica.com/CDFI.

Increasing 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 housing to lease at an affordable monthly rate to homeless veterans in a distressed area of Las Vegas.

In 2018, Bank of America invested $79.1 million in CDFIs supporting affordable housing.

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’s $50 million flagship impact investment fund invests in financial institutions, as well as water and sanitation enterprises, in emerging markets. This 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 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. This culinary incubator spurs economic growth and celebrates the diverse cuisines, cultures and communities of people of African descent.

Planning for growth

Excelsior Growth Fund provided Marine Corps veteran Chris Dambach with capital to expand his facility maintenance company, Industry Standard USA, LLC, which began with a focus on military bases and National Cemeteries. The Bank of America Veteran Entrepreneur Lending Program helped Chris hire additional staff and secure long-term contracts to care for National VA Cemeteries in Long Island and Memphis.

Since launching the veterans lending program in 2018, more than $9 million in loans have been distributed to more than 100 veterans.


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