Bank of America has announced a commitment of $12 million in zero-interest loans to support residents 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, which will be used to provide flexible home loans through its credit union network and partnerships with other home lenders. Mountain BizWorks will get $2 million to offer low-interest loans for small businesses, with no principal repayments required during the first year. Partner Community Capital will also receive $2 million, focusing on zero-percent interest loans for small business assistance in 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 new funding follows earlier support from Bank of America for organizations assisting families and small businesses after Hurricane Helene. The bank previously donated $1 million for immediate hurricane relief efforts in the southeast, including $200,000 each to the Asheville Area Chamber of Commerce Foundation and Manna Food Bank.
Bank employees have also contributed significant volunteer hours toward recovery efforts. In the weeks following Hurricane Helene, nearly 500 employees conducted over 5,000 damage assessments for the American Red Cross across Western North Carolina. These efforts helped speed up financial assistance distribution to affected families. Volunteers also worked with Habitat for Humanity on building tiny homes and rebuilding houses destroyed by the storm.
Bank of America states it is the largest private investor in CDFIs in the United States, providing more than $2 billion across over 250 CDFI partners nationwide. The bank works with CDFIs in every state and Washington D.C., aiming to strengthen families, businesses, and communities.
The three CDFIs involved each have an established presence in Western North Carolina:
- Self-Help Ventures Fund has operated community development programs locally for 34 years and runs an affordable home loan program that has supported $1.4 billion in responsible lending.
- Mountain BizWorks focuses on helping entrepreneurs grow their businesses and create jobs; its WNC Strong: Helene Business Recovery Fund has provided more than 700 recovery loans since the hurricane.
- Partner Community Capital offers flexible capital and advisory services to small businesses, non-profits, and farms while connecting clients with business advisory resources.
Bank of America serves approximately 69 million consumer and small business clients across about 3,700 retail centers nationwide. It operates globally across more than 35 countries and provides a range of banking services including wealth management and corporate banking.
For further information or media inquiries regarding this initiative, contact Catherine Page at Bank of America at 1.704.519.7314 or catherine.page@bofa.com.