Bank of America is currently the largest private investor in CDFIs with more than $2 billion in loans, deposits, capital grants and equity investments across its over 250 CDFI partners. CDFIs – typically non-profit loan funds – provide capital, mentoring and financial advice supporting small businesses, affordable housing, fresh food supermarkets, healthcare centers and nonprofit organizations operating in lower income communities.
Community-changing partnerships
In all 50 states and the District of Columbia, we partner with community development financial institutions (CDFIs) to fund projects that strengthen families, businesses and entire communities in underserved areas.
Explore hundreds of organizations that provide funding, including an extensive list of Community Development Financial Institutions (CDFIs) supported by Bank of America.
Financing progress
Our partnerships with CDFIs let us promote social and economic progress for individuals and communities who may not qualify for traditional loan products.
We’re able to provide invaluable financial assistance and mentoring to promising businesses, supporting projects like affordable housing, child care centers, health care clinics and many other economic development programs.
Working with 250+ CDFIs around the country, we connect them and the communities they serve to more than $2 billion in capital. We also provide philanthropic support to help CDFIs fund operating costs. And our small business bankers work with CDFIs to provide consulting services that help small businesses grow.
Access to affordable homes
Affordable housing is an issue that we support around the country, including various projects to help house U.S. veterans. In Nevada, we worked with Clearinghouse CDFI to support the efforts of Veterans Village, a nonprofit that gives veterans transitional and permanent housing. Over 200 veterans in Las Vegas went from being homeless to having an affordable place to call home.
Safe drinking water and sanitation
In areas of the world without clean water and sanitation, WaterEquity offers affordable financing that can literally save lives. Bank of America teamed up with WaterEquity and gave a $5 million zero-interest loan to their WaterCredit Investment Fund 3. The Fund invests in poor communities around South and Southeast Asia, giving capital needed to bring clean water and cleaner living conditions to about 4.6 million people.
Greater energy efficiency
Craft3 is a CDFI that funds energy efficient initiatives around Seattle and Portland. We partnered with them as part of our Energy Efficient Financing Program, pledging $55 million of low-cost capital for projects that save money while promoting the environment. The change reaches individuals and businesses alike, including one Portland-area homeowner who upgraded her 1913 home to save 30% on her energy bills year after year.