LiftFund, a nonprofit lender for small businesses, has announced that Bank of America is providing over $1 million to support recovery efforts following the recent floods in Texas’s Hill Country. The bank’s contribution includes $1 million in lending capital and an additional $100,000 for LiftFund’s disaster relief operations. This funding brings the total raised for LiftFund’s flood recovery efforts to more than $5 million.
The new investment comes after federal assistance programs such as FEMA and Disaster Unemployment Assistance closed earlier this month. With these options no longer available, affected small businesses can still access capital through LiftFund’s ongoing 0% interest rate loans.
Funding from Bank of America will be available to small businesses located in counties designated as disaster areas by the State of Texas after the July flooding. These counties include Bandera, Coke, Comal, Concho, Gillespie, Kendall, Kerr, Kimble, Llano, Mason, McCulloch, Menard, Reeves, San Saba, and Tom Green.
Amy Hereford, President and CEO of LiftFund said: “The support from Bank of America is a powerful statement of commitment to our communities. This funding ensures that small business owners, who are the backbone of our local economies, have the last-mile resources they need to get back on their feet when other doors for assistance may be closing.”
The additional operational funding provided by Bank of America will help LiftFund cover expenses related to maintaining staff for technical assistance and underwriting services. This aims to ensure proper distribution and accountability for the funds.
Ventura Perez from Bank of America San Antonio commented: “The July 4th Texas Hill Country Floods profoundly devastated our state, taking homes, livelihoods and loved ones. As the region rebuilds, Bank of America stands with Texans as a partner in community and in recovery. We understand that small businesses are a vital part of the Hill Country’s economic future and as the number one lender to small businesses in the U.S., how important it is to provide access to capital directly and through organizations like LiftFund, a longstanding partner to Bank of America.”
Small business owners affected by these floods can apply for 0% interest loans through LiftFund while funds remain available by visiting their program website or calling 888-215-2373.
LiftFund has been supporting entrepreneurs nationwide for over three decades with loans and grant programs aimed at economic growth and resilience. Meanwhile, Bank of America serves millions across consumer segments with various financial products both domestically and internationally.