Bank of America Announces Small Business Down Payment Grant Program to Drive Women and Minority Business Growth (2024)

August 30,2022 at 9:00 AM Eastern

New Special Purpose Credit Program offers down payment grants for SBA 504 and 7(a) commercial real estate loans for women and minority business owners in Atlanta, Chicago, Charlotte, Dallas and Los Angeles

Leer en español

Bank of America today announced the launch of a Small Business Down Payment Grant Program to drive business growth and help create generational wealth opportunities for minority and women business owners.

Launching in select markets with plans to expand in 2023, the program will extend credit to historically disadvantaged small business borrowers and provide support to make purchasing commercial real estate more affordable.

“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,” said Jill Calabrese Bain, Small Business Integration and Transformation executive at Bank of America. “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 program 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 required injection (capped at $25,000).

Program eligibility requirements also necessitate 51% women or minority business ownership and owner occupancy, and a 5% minimum down payment from the applicant. Additionally, Bank of America small business specialists will team up with local small business-centric non-profit partners to provide financial education services.

Bank of America is committed to helping small business owners in local communities across the country through numerous resources beyond the Small Business Down Payment Grant Program, including:

  • Secured Credit Offerings: The previously announced Bank of America Secured Business Advantage Credit Line launched last week, offering a credit line from $1,000 to $50,000 to business owners. Earlier this year, Bank of America also debuted the Business Advantage Unlimited Cash Rewards Mastercard® Secured credit card as a new tool to help business owners establish, strengthen or rebuild their business credit – all while providing cardholders with the benefits that matter most to their business. The credit line ranges from $1,000 to $10,000, earning unlimited 1.5% cash back on all purchases.
  • Access to Capital Directory: A comprehensive database designed in partnership with Seneca Women to help women and minority entrepreneurs learn more about navigating the capital landscape and identifying potential sources of funding, such as equity, debt and grant capital.
  • Start a Business Center: A resource for consolidated content to help potential and new business owners learn how to start or grow their business. The digital experience offers resources such as business plan templates, partners for critical services and access to Bank of America Small Business specialists. Clients can utilize tips and considerations on topics such as writing a business plan, business legal structures, marketing strategy and business financing options.
  • Small Business Resources: As part of Bank of America’s ongoing commitment to support our small business clients and their financial priorities, we continue to broaden our digital educational content. The site features tools, insights, and expert advice to help entrepreneurs run and grow their businesses. The educational hub provides tips and solutions for all aspects of business ownership, covering topics including business strategy, customer relations, financing options, optimizing operations, managing cash flow and more.

To learn more about our small business resources, download the Bank of America app or visit bankofamerica.com/smallbusiness.

In related news, Bank of America also announced today it is offering a bank-provided down payment, zero closing cost mortgage solution in select markets. The new Community Affordable Loan Solution™ aims to help eligible individuals and families obtain an affordable loan to purchase a home. It is now available to first-time homebuyers purchasing in select Black/African American and/or Hispanic-Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami. This new program complements the existing $15 billion Bank of America Community Homeownership Commitment,™ which provides affordable mortgages, grants and educational opportunities with the goal of helping 60,000 low-to-moderate income individuals and families into affordable homes by 2025.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000ATMsand award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock(NYSE: BAC)is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information,registerfor email news alerts.

Reporters May Contact:

Don Vecchiarello, Bank of America
Phone: 980.387.4899
don.vecchiarello@bofa.com

Categories

  • Small Business, Business and Commercial Banking

August 30, 2022 at 9:00 AM Eastern

New Special Purpose Credit Program offers down payment grants for SBA 504 and 7(a) commercial real estate loans for women and minority business owners in Atlanta, Chicago, Charlotte, Dallas and Los Angeles

Leer en español

Bank of America today announced the launch of a Small Business Down Payment Grant Program to drive business growth and help create generational wealth opportunities for minority and women business owners.

Launching in select markets with plans to expand in 2023, the program will extend credit to historically disadvantaged small business borrowers and provide support to make purchasing commercial real estate more affordable.

“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,” said Jill Calabrese Bain, Small Business Integration and Transformation executive at Bank of America. “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 program 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 required injection (capped at $25,000).

Program eligibility requirements also necessitate 51% women or minority business ownership and owner occupancy, and a 5% minimum down payment from the applicant. Additionally, Bank of America small business specialists will team up with local small business-centric non-profit partners to provide financial education services.

Bank of America is committed to helping small business owners in local communities across the country through numerous resources beyond the Small Business Down Payment Grant Program, including:

  • Secured Credit Offerings: The previously announced Bank of America Secured Business Advantage Credit Line launched last week, offering a credit line from $1,000 to $50,000 to business owners. Earlier this year, Bank of America also debuted the Business Advantage Unlimited Cash Rewards Mastercard® Secured credit card as a new tool to help business owners establish, strengthen or rebuild their business credit – all while providing cardholders with the benefits that matter most to their business. The credit line ranges from $1,000 to $10,000, earning unlimited 1.5% cash back on all purchases.
  • Access to Capital Directory: A comprehensive database designed in partnership with Seneca Women to help women and minority entrepreneurs learn more about navigating the capital landscape and identifying potential sources of funding, such as equity, debt and grant capital.
  • Start a Business Center: A resource for consolidated content to help potential and new business owners learn how to start or grow their business. The digital experience offers resources such as business plan templates, partners for critical services and access to Bank of America Small Business specialists. Clients can utilize tips and considerations on topics such as writing a business plan, business legal structures, marketing strategy and business financing options.
  • Small Business Resources: As part of Bank of America’s ongoing commitment to support our small business clients and their financial priorities, we continue to broaden our digital educational content. The site features tools, insights, and expert advice to help entrepreneurs run and grow their businesses. The educational hub provides tips and solutions for all aspects of business ownership, covering topics including business strategy, customer relations, financing options, optimizing operations, managing cash flow and more.

To learn more about our small business resources, download the Bank of America app or visit bankofamerica.com/smallbusiness.

In related news, Bank of America also announced today it is offering a bank-provided down payment, zero closing cost mortgage solution in select markets. The new Community Affordable Loan Solution™ aims to help eligible individuals and families obtain an affordable loan to purchase a home. It is now available to first-time homebuyers purchasing in select Black/African American and/or Hispanic-Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami. This new program complements the existing $15 billion Bank of America Community Homeownership Commitment,™ which provides affordable mortgages, grants and educational opportunities with the goal of helping 60,000 low-to-moderate income individuals and families into affordable homes by 2025.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000ATMsand award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock(NYSE: BAC)is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information,registerfor email news alerts.

Reporters May Contact:

Don Vecchiarello, Bank of America
Phone: 980.387.4899
don.vecchiarello@bofa.com

Categories

  • Small Business, Business and Commercial Banking
Bank of America Announces Small Business Down Payment Grant Program to Drive Women and Minority Business Growth (2024)

FAQs

Is Bank of America giving loans to minorities? ›

Bank of America Introduces Community Affordable Loan Solution™ to Expand Homeownership Opportunities in Black/African American and Hispanic-Latino Communities. CHARLOTTE, NC – Bank of America today announced a new mortgage solution for first-time homebuyers that offers a bank-provided down payment and no closing costs.

How to get down payment for an SBA loan? ›

You can get a down payment for an SBA loan by using your personal savings, taking out a personal loan, selling your business assets, tapping into retirement funds or working with an investor.

What is a black loan? ›

The Black Business Loan Program provides loans, loan guarantees, or investments through Loan Administrators to black business enterprises that cannot otherwise obtain capital through conventional lending institutions but who could otherwise compete successfully in the private sector.

What is a minority loan? ›

Minority business loans are a source of business funding offered exclusively to minority-owned businesses. Business loans for women are also often considered minority business loans.

What is the minority Bank deposit program? ›

Minority Bank Deposit Program – This voluntary program encourages federal agencies, State and local governments and the private sector to use Minority Bank Deposit Program participants as depositaries and financial agents.

What is the largest minority owned Bank in the US? ›

OneUnited is the largest Black-owned bank in the U.S. It is also FDIC insured and initially launched in 1968. How do I find out if my bank is Black owned?

What disqualifies you from getting an SBA loan? ›

The most common reasons SBA loans are denied are poor credit, too much existing debt, or insufficient collateral. Other reasons include: Prior bankruptcy. Negative taxable income.

What is the easiest SBA loan to get approved for? ›

SBA Express loans, part of the SBA's 7(a) loan program, offer the easiest application process and the fastest approval times among all SBA loans. These loans, with payoff periods as long as 25 years, are designed for purposes such as refinancing debt, buying equipment, or improving real estate.

Do businesses have to pay back SBA loans? ›

Lender enforces personal guarantee.

Most SBA loans require a personal guarantee from owners who have a stake of 20% or more in their business. If the borrower defaults on the loan, the lender can enforce this guarantee and seize the owner's personal assets to repay the debt.

What is the richest black bank in the US? ›

OneUnited, the largest Black-owned bank in the U.S., manages around $625 million in assets.

Why are blacks denied mortgages? ›

Black applicants, on average, have lower credit scores and less income than White applicants—traits that could be associated with worse credit histories.

What is a dream loan? ›

The California Dream Loan is a subsidized loan provided by The Regents of the University of California and the State of California to Dreamer students who demonstrate financial aid eligibility. Basic Eligibility Requirements: File the California Dream Act Application https://dream.csac.ca.gov/.

What is a white loan? ›

A white-label loan is essentially a home-branded loan, much like the home-branded products you see in the supermarket aisles. Like these products, white-label loans aim to deliver many of the same great features as bank-branded home loans, but for a lower cost to you the customer.

Who qualifies as a minority? ›

To be considered a member of a qualified minority group, a person must be a United States citizen who is Asian-Indian, Asian-Pacific, Black, Hispanic, or Native American.

What is an SBA 7 a loan? ›

The 7(a) Loan Program, SBA's primary business loan program, provides loan guaranties to lenders that allow them to provide financial help for small businesses with special requirements. 7(a) loans can be used for: Acquiring, refinancing, or improving real estate and buildings.

Will Bank of America lend me money? ›

Provided you have a Bank of America checking account that is at least a year old — or 2.5 years if you don't have a credit score — you may qualify. The Balance Assist loan allows you to borrow up to $500 for a $5 fee. It is similar to small loans offered by federal credit unions.

Can Bank of America let me borrow money? ›

Balance Assist®

Apply to borrow up to $500 when you need it, for only a low flat fee. You must have had a qualified Bank of America checking account for at least one year before applying. (A SafeBalance® account does not qualify). Balance Assist® is available online or in the Mobile Banking app.

Does Bank of America give out loans? ›

Balance Assist – With this new short-term, low-cost loan, Bank of America clients can now borrow up to $500 (in increments of $100) for a $5 flat fee regardless of the amount advanced to their account. Repayments would be made in three equal monthly installments over a 90-day period.

Is Bank of America black or Latino no money down? ›

Bank of America is launching a mortgage with no down payment or closing costs that aims to promote homeownership in minority communities in five U.S. cities. The new program is geared toward first-time homebuyers, including in designated neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami.

Top Articles
Latest Posts
Article information

Author: Mr. See Jast

Last Updated:

Views: 5454

Rating: 4.4 / 5 (75 voted)

Reviews: 90% of readers found this page helpful

Author information

Name: Mr. See Jast

Birthday: 1999-07-30

Address: 8409 Megan Mountain, New Mathew, MT 44997-8193

Phone: +5023589614038

Job: Chief Executive

Hobby: Leather crafting, Flag Football, Candle making, Flying, Poi, Gunsmithing, Swimming

Introduction: My name is Mr. See Jast, I am a open, jolly, gorgeous, courageous, inexpensive, friendly, homely person who loves writing and wants to share my knowledge and understanding with you.