Yahoo Finance New BofA Platform Connects Small Businesses to CDFI Capital and Coaching
Partnership with Community Reinvestment Fund, USA, Provides Access to 150 CDFIs and Business Support Organizations
CHARLOTTE, N.C., March 27, 2024 /PRNewswire/ -- Bank of America has launched a new Access to Capital Connector, an online platform designed to help entrepreneurs and small business owners start and maintain strong and resilient businesses by linking them directly to local Community Development Financial Institutions (CDFIs) and other business support organizations for capital, coaching and support.
Created in partnership with Community Reinvestment Fund, USA (CRF), a national nonprofit CDFI and long-time Bank of America partner, the new platform enables small business applicants to answer a series of questions to become pre-qualified and presents them with the platform participants best positioned to serve their unique situations. In total, more than 150 CDFIs and other support organizations are participating on the platform, offering capital and resources for entrepreneurs at every stage of their small business journey.
"Thousands of small businesses fail each year because they lack the connections, resources and funding to continue operating," said Sharon Miller, President of Small Business for Bank of America. "Through this longstanding partnership, we aim to help make connections stronger between start-ups, entrepreneurs and funding partners to fuel new ideas, jobs and economic value."
"When small businesses have access to responsible capital and other resources, they create jobs, grow wealth, and provide critical services for communities," said Patrick Davis, SVP of Platform and Technology Services for CRF. "Bank of America has been a strong partner in CRF's efforts to serve entrepreneurs, especially those with a history of underrepresentation. The Access to Capital Connector is the latest example of our collaborative work to support a thriving small business ecosystem by streamlining the connection between small business owners and the CDFIs designed to serve them."
The new platform represents an evolution of the Bank of America Access to Capital Directory series, which was launched in 2021 and has more than 25,000 users and 120,000 views. These resources offer a wide variety of capital sources, including equity, debt, and grant capital.
Bank of America has supported CDFIs for more than 25 years and is the largest private investor in them, with $2 billion in loans, deposits, capital grants and equity investments through more than 250 CDFI partners.
"CDFIs help us extend our reach and provide entrepreneurs with the resources they need to achieve their goals. We have found our extensive network to be highly impactful in fostering economic opportunities for individuals and communities," said Pam Seagle, senior vice president of Inclusive Entrepreneurship for Bank of America.
Bank of America is also the nation's top small business lender, with a total loan portfolio of $43.7 billion as of year-end 2023, according to the FDIC. The bank provides advice, solutions, access to capital and dedicated support to meet the unique needs of 11 million business owner clients.
About Community Reinvestment Fund, USA
Founded in 1988, Community Reinvestment Fund, USA (CRF) is a national non-profit organization with a mission to improve lives and strengthen communities through innovative financial solutions. A leading Community Development Financial Institution (CDFI), CRF supports mission-driven organizations, increases economic mobility, and builds strong local economies through the development of solutions aimed at creating an equitable financial system. CRF has injected more than $3.6 billion to stimulate job creation and economic development and support community facilities.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Reporters may contact:
Susan Atran
Phone: 1.646.743.0791
Susan.atran@bofa.com
Kris Nyreen
Phone: 1.612.224.9585
kris@crfusa.com
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SOURCE Bank of America Corporation
