Bank of America has announced a commitment of $12 million in zero-interest loans to support homeowners and small businesses in Western North Carolina affected by Hurricane Helene. The funds will be distributed through three Community Development Financial Institutions (CDFIs) that are active in the region’s disaster recovery efforts.
Self-Help Ventures Fund (SHVF) is set to receive $8 million to offer flexible home loans via its credit union network and partnerships with other lenders. Mountain BizWorks will get $2 million for low-interest small business loans, which will not require principal repayments during the first year. Partner Community Capital will also receive $2 million, focusing on zero-percent interest loans for small businesses during the first year.
David Dowd, president of Bank of America Asheville, said, “As we in Western North Carolina continue our long-term recovery, these disaster loan funds will make a meaningful difference in the lives of our families and business owners. This is part of Bank of America’s continued commitment to keeping Western North Carolina strong. We encourage people to join us in being part of our region’s comeback story by visiting, supporting small businesses, and enjoying all that our beautiful mountains have to offer.”
This latest funding follows previous support from Bank of America for hurricane relief efforts in the area. The bank had previously donated $1 million for immediate aid to organizations providing hurricane relief across the southeast United States. Of this amount, $200,000 was directed each to the Asheville Area Chamber of Commerce Foundation and Manna Food Bank.
Bank employees have played an active role in local recovery efforts following Hurricane Helene. Nearly 500 staff members participated on the ground across Western North Carolina shortly after the storm hit, completing over 5,000 damage assessments for the American Red Cross to help expedite financial assistance for affected families. Volunteers from Bank of America also worked with Habitat for Humanity on building tiny homes and reconstructing residences destroyed by the hurricane.
Bank of America describes itself as the largest private CDFI investor in the United States, with more than $2 billion invested through loans, deposits, grants and equity across over 250 CDFI partners nationwide.
The three CDFIs involved have longstanding ties to Western North Carolina:
– Self-Help Ventures Fund has operated community development programs locally for 34 years and runs an affordable home loan secondary market program that has supported $1.4 billion in responsible home lending.
– Mountain BizWorks created its WNC Strong: Helene Business Recovery Fund specifically to provide rapid recovery loans after Hurricane Helene; more than 700 such loans have been made since then.
– Partner Community Capital provides flexible capital and advisory services aimed at helping small businesses, non-profits and farms thrive throughout Western North Carolina.
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