Bank of America Announces Grant Programme for Women and Minority-Owned Businesses
Bank of America Corporation
Bank of America announced the creation of a Small Business Down Payment Grant Programme to help minority and women business owners expand their businesses and create generational wealth.
The programme will start in a few markets and plan to expand in 2023. It will help historically disadvantaged small business borrowers get credit and make it easier for them to buy commercial real estate.
Jill Calabrese Bain, Small Business Integration and Transformation executive at Bank of America, said:
"Today, many business owners of diverse backgrounds lack the access to capital and technical assistance needed to qualify for commercial loans, which can help secure transferable assets that build equity across generations. We’re committed to addressing inequalities in business ownership by providing entrepreneurs with the access to expertise, resources and capital necessary to achieve their financial goals.”
The programme will be available for eligible women and minority business owners applying for Small Business Administration (SBA) 504 and 7(a) commercial real estate loans. Commercial real estate properties must be based in Opportunity Zones in Atlanta, Chicago, Charlotte, Dallas and Los Angeles, as defined by the U.S. Treasury. Eligible business owners can apply for down payment grants, covering up to 50% of the required injection (capped at $25,000).
In addition, the programme requires 51% women or minority company ownership and owner occupancy, as well as a 5% minimum down payment from the applicant. Furthermore, Bank of America small business specialists will collaborate with local non-profit partners focused on small businesses to provide financial education services.
Source: Bank of America