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Home News, Events & Funding Funding Bank of America Announces Grants to Spur Small and Rural Business Lending

Bank of America Announces Grants to Spur Small and Rural Business Lending

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Will provide $10 million in grants to nonprofit lenders, such as Community Development Financial Institutions, to leverage funds from the U.S. Small Business Administration and the U.S. Department of Agriculture for lending to small and rural businesses. The grants, for use as loan loss reserves, are intended to unlock as much as $100 million in low-cost, long-term capital for small business microloans nationwide over the next 12 months.

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