Bank of America has announced $12 million in zero-interest loans to Community Development Financial Institutions (CDFIs) to support homeowner recovery and small business assistance in Western North Carolina following Hurricane Helene. The funds will be managed through three key CDFIs actively involved in the region’s disaster recovery efforts. Self-Help Ventures Fund (SHVF) will receive $8 million to provide flexible home loans through its credit union network in partnership with other home lenders. Mountain BizWorks will receive $2 million to offer low-interest small business loans with no principal repayment during the first year, while Partner Community Capital will receive $2 million to provide zero-percent interest loans for small business assistance during the first year.
David Dowd, president of Bank of America Asheville, emphasized that these disaster loan funds will make a meaningful difference for families and business owners, reflecting the bank’s ongoing commitment to strengthening Western North Carolina. This funding builds on prior support, including a $1 million donation for immediate hurricane relief and employee volunteer efforts that contributed thousands of hours to damage assessments and rebuilding projects, such as Habitat for Humanity’s tiny homes and family housing initiatives.
Bank of America, the largest private CDFI investor in the U.S., has provided over $2 billion in loans, deposits, capital grants, and equity investments across more than 250 CDFI partners nationwide. Its collaboration with CDFIs in all 50 states and the District of Columbia aims to strengthen families, businesses, and communities through economic recovery and development projects.
Self-Help Ventures Fund has a 34-year presence in Western North Carolina and has supported $1.4 billion in responsible home loans through its community development programs. Mountain BizWorks focuses on building a vibrant entrepreneurial community, providing rapid recovery loans to small businesses affected by Hurricane Helene, with over 700 loans issued since the disaster. Partner Community Capital offers flexible capital and advisory services to small businesses, non-profits, and farms, connecting clients with business guidance to help them thrive.
Bank of America continues to support the region with comprehensive financial services and resources for both individuals and businesses, leveraging its nationwide network and global reach to facilitate long-term recovery and economic resilience in Western North Carolina.
Related Posts
