Inc.:
Bank of America is pumping $10 million into the Opportunity Finance Network, a national group of 167 financial firms that promote investment and lending for small businesses in low- and moderate-income neighborhoods across the nation.The new funding, announced earlier this week, will give a boost to enterprises that might not otherwise have access to capital, officials from the Charlotte, N.C.-based financial instituton said.
The group, formerly known as the National Community Capital Association, will use the funds to finance so-called community-development financial institutions, which directly oversee low-interest loans to small businesses in urban, rural, and Native American communities in all 50 states.
The investments will initially focus on small businesses in California.
$ 10 Million for Small Businesses in Low Income Communities at Business Performance Coaching on April 23rd, 2006 at 9:34 am
[...] Via Business Opportunities Blog Bank of America Earmarks $10 Million for Entrepreneurs: The money will go to the Opportunity Finance Network, which helps small businesses in lower-income communities. via Inc. [...]