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.

Bank of America is the largest private investor in CDFIs in the United States, currently with more than $1.6 billion in loans and investments in over 250 CDFIs. 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.

By providing capital to CDFIs, we’re extending the reach on what we can do on a direct basis, making more loans available for people and communities, and helping address important economic and social issues.

To find a CDFI partner that can help your small business, use our searchable directory.

Men in store

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 $1.6 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.

Family playing soccer in yard

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.

People getting water

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.

Three people standing and talking

CDFIs: Critical capital for small businesses

CDFIs have often been lenders of first resort to small and minority-owned businesses in underserved, vulnerable and low-to-moderate income communities. Beyond access to credit, they also offer mentoring, training, and technical assistance to businesses. However, CDFIs need continued support through advocacy among industry leaders, government agencies and the private sector in order to serve as a critical source of capital, and offers actionable suggestions for support.

Men installing solar panels on roof

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.