Repost by Cynthia Nevels | By Jaelyn Campbell -March 29, 2024
Bank of America (BofA) has launched its Access to Capital Connector. This online platform connects entrepreneurs and small business owners with local Community Development Financial Institutions (CDFIs) and other business support organizations for capital, mentoring, and support.
The program is developed with the Community Reinvestment Fund, USA (CRF), a nationwide non-profit CDFI that pre-qualifies small business applicants and directs them to the most suitable platform to handle their specific circumstances. Over 150 CDFIs and support groups offer funding and tools to business owners on the platform.
Sharon Miller, Head of Bank of America’s small business, stated, “Thousands of small businesses fail annually due to a lack of funding, resources, and connections. To address this issue, the new platform aims to strengthen ties between startups, entrepreneurs, and financial partners through established collaborations to foster new ideas, jobs, and economic value.”
Moreover, the Bank of America Access to Capital Directory, introduced in 2021, is evolving into a new platform that provides grant, debt, and equity funding, among other forms of capital. Currently, the platform has over 25,000 users and 120,000 views.
Additionally, BofA has been the largest private investor in CDFIs for over 25 years, with $2 billion in loans, deposits, capital grants, and equity investments made through more than 250 CDFI partners. Pam Seagle, senior vice president of Inclusive Entrepreneurship for BofA, stated that CDFIs enable them to reach a wider audience and give businesses the tools they require to succeed. Their vast network significantly influences the creation of economic opportunities for people and communities.
According to the FDIC, BofA ranked as the largest lender to small businesses in the U.S., with a total loan portfolio of $43.7 billion as of year-end 2023. The bank offers specialized support, capital access, solutions, and guidance to fulfill the specific needs of its 11 million business owner clients.
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