BofA Commits $12 Million for Western North Carolina Residents and Small Businesses Impacted by Hurricane Helene

Funding to Support Housing, Home Repairs and Small Business Loans as Hurricane Recovery Continues

As the Western North Carolina community continues its efforts to rebuild, Bank of America is announcing $12 million in zero-interest loans to Community Development Financial Institutions (CDFI) to support homeowner recovery  and small business assistance. The loans will be managed through three CDFIs integrally involved in the region's disaster recovery efforts following the devastating impact of Hurricane Helene.

• Self-Help Ventures Fund (SHVF) will receive $8 million to provide flexible home loans through its credit union network in the region and in partnership with other home lenders.
• Mountain BizWorks will receive $2 million to provide low interest small business funding assistance loans with no principal repayments during for the first year; and
• Partner Community Capital will receive $2 million to provide zero-percent interest loans for the first year focused on small business assistance.

"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," said David Dowd , president, Bank of America Asheville . "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."

The funding builds on previous support Bank of America has provided to Western North Carolina through organizations helping families and small businesses, including: $1 million donation for immediate support to organizations providing hurricane relief in the southeast that included $200,000 in funding to both the Asheville Area Chamber of Commerce Foundation and Manna Food Bank.

Bank employees have spent thousands of hours volunteering to assist with Hurricane Helene recovery.  In the initial weeks following Helene, nearly 500 bank teammates were on the ground across the Western North Carolina region completing more than 5,000 damage assessments for the American Red Cross, which allowed financial assistance to flow to families more quickly.  Additionally, bank volunteers partnered with Habitat for Humanity building tiny homes as well as rebuilding homes for families whose homes were destroyed, among other necessary activities.

Bank of America is the largest private CDFI investor in the U.S., with more than $2 billion in loans, deposits, capital grants and equity investments across more than 250 CDFI partners. Bank of America partners with CDFIs in all 50 states and the District of Columbia to fund projects that strengthen families, businesses and entire communities.

CDFIs helping to rebuild Western North Carolina
Self-Help Ventures Fund's mission is to create economic opportunity for all. With a 34-year presence in Western North Carolina , SHVF operates an array of community development programs-- that includes an affordable home loan secondary market purchasing program that has supported $1.4 billion in responsible home loans.

Mountain BizWorks aims to build a vibrant entrepreneurial community in Western North Carolina by helping entrepreneurs grow strategically and create jobs. Its WNC Strong: Helene Business Recovery Fund was created to provide rapid recovery loans to small businesses suffering economic losses related to the hurricane's impacts. More than 700 recovery loans have been provided since the hurricane.

Partner Community Capital is committed to providing flexible capital and advisory services to small businesses, non-profits, and farms with a strong market presence in Western North Carolina . Alongside loans, Partner Community Capital connects its clients with valuable business advisory services aimed at empowering them to thrive.

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 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 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 4 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 more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts .

Reporters may contact
Catherine Page , Bank of America
Phone: 1.704.519.7314
catherine.page@bofa.com

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SOURCE Bank of America Corporation