Bank of America Funds $20 Million Investment to Support Hurricane Sandy Rebuilding Efforts
LIIF is among 13 community development financial institutions (CDFIs) to receive funding from Bank of America to provide financing for small businesses and residents affected by Hurricane Sandy. Bank of America is committing $20 million in low cost financing to CDFIs through this initiative.
As communities devastated by the storm move from relief to recovery and rebuilding, LIIF and other CDFIs are well-positioned to respond to the needs of residents, small businesses and community organizations. The capital committed from Bank of America can fund a range of needs from repairs and replacement of real estate, equipment, inventory and other business assets to loans for working capital.
Dan Letendre, LIIF Board member and CDFI executive for Bank of America, notes that, “As the nation’s leading CDFI investor, we know these organizations can help provide much needed capital to small businesses, nonprofits and consumers quickly to help them recover. We believe that expanding our funding offers an efficient solution for extending financial support during this challenging time.”Read the full news release