Bank of America Invests $20 Million for Hurricane Sandy Rebuilding Recovery

Bank of America today committed $20 million in new funding for 13 Community Development Financial Institutions (CDFIs) to provide financing for small businesses and residents affected by Hurricane Sandy. CDFIs are private sector financial institutions that finance affordable housing, small businesses, community facilities, and economic revitalization programs. The investment will fund CDFIs that provide low-cost loans to small businesses and homeowners, as part of rebuilding efforts in hardest hit areas. To make the loans affordable, Bank of America will provide the capital to CDFI participants at a zero percent interest rate, as well as defer principal repayments.

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