Bank of America Exceeds $1b In Lending, Investment To Community Lenders

Published: 24-Nov-2009

To more than 120 community development financial institutions across 37 states

Bank of America has surpassed the $1 billion mark in loans and investments to more than 120 community development financial institutions (CDFIs) in 37 states.

CDFIs include credit unions, investment funds and niche banks that focus on low-income and disadvantaged communities. These local institutions have expertise in evaluating risk and lending, and investing in small and micro businesses, charter schools, childcare centers, primary health care facilities, projects on native American lands, arranging pre-acquisition and development loans for low-income housing.

Andrew Plepler, executive of global corporate social responsibility and consumer policy at Bank of America, said: “Bank of America is investing more in community-based institutions because small businesses, nonprofit organizations and other local efforts are the engine for job growth and economic activity in our cities and towns. CDFIs are one of the best channels to reach these organizations.”

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