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New Funding Brings Total Regional Flood Support to $3 Million
Key points
- Bank of America is committing more than $1 million in new funding to support flood recovery efforts across Central and South Texas.
- The funding includes $1 million for LiftFund to help small businesses stabilize operations, preserve jobs, and rebuild, and $50,000 for the American Red Cross to address immediate community needs, bringing Bank of America's total regional flood support to $3 million.
- The LiftFund funding will provide capital and operational support aimed at helping small businesses preserve jobs, continue operating and contribute to long-term community recovery.
Following consecutive years of severe flooding that caused significant damage across Central and South Texas, Bank of America has announced more than $1 million in new funding to support immediate relief and long-term recovery in the region.
The funding includes $1 million to LiftFund, a Community Development Financial Institution (CDFI), to help local entrepreneurs recover, as well as a $50,000 grant to the American Red Cross to meet the immediate, on-the-ground needs of displaced individuals and families. These new funds build upon Bank of America's $2 million commitment made following last year's floods, bringing the total support for the region to $3 million.
"Small businesses are at the heart of the Texas Hill Country, creating jobs, supporting local economies, and bringing communities together," said Ventura Perez, President of Bank of America San Antonio. "Through our partnership with LiftFund, we are helping businesses access the capital and resources they need to stabilize operations, preserve local jobs and avoid permanent closures. Together, these efforts support the immediate response while helping to create a powerful ripple effect of recovery that can carry these communities through the long term."
Six Inch Nails Construction Services, a locally owned general contractor based in Kerrville, accessed LiftFund disaster recovery financing following the 2025 floods to keep their crews operational. The company is now utilizing those resources to repair water-damaged homes and help their neighbors rebuild.
"Bank of America's investment comes at a critical time for small businesses working to recover and rebuild," said Amy Hereford, president and CEO of LiftFund. "In the weeks following a disaster, businesses often need flexible capital to stabilize operations, retain employees, replace essential assets, and reopen before temporary setbacks become permanent closures. Bank of America's partnership recognizes that recovery doesn't end when the floodwaters recede, and we're grateful for their investment in the long-term strength of these businesses and the communities they serve."
To support small businesses as they recover and rebuild, $800,000 will be deployed in capital to LiftFund's Small Business Disaster Recovery & Resilience Fund, and $200,000 will support the specialized staffing, business recovery advising, outreach, compliance, reporting, and program administration required to rapidly deploy recovery assistance to affected small businesses.
LiftFund has already mobilized recovery efforts across the affected region and continues working directly with impacted businesses to deliver capital and recovery support.
Frequently asked questions
Question: What is Bank of America announcing?
Answer: Bank of America is providing more than $1 million in new funding to support flood recovery efforts in Central and South Texas, including $1 million for LiftFund and a $50,000 grant to the American Red Cross.
Question: How much has Bank of America committed to Texas flood recovery efforts overall?
Answer: This latest funding builds on the company's $2 million commitment following the 2025 floods, bringing total regional flood support to $3 million.
Question: How will the LiftFund funding be used?
Answer: Of the $1 million commitment, $800,000 will be deployed through LiftFund's Small Business Disaster Recovery & Resilience Fund, while $200,000 will support LiftFund's operating expenses.
Question: Who is eligible for support through LiftFund's recovery programs?
Answer: Eligible small business owners operating in select Texas counties declared disaster areas following the July 2026 flooding may qualify for support through LiftFund relief programs.
Question: Why is Bank of America partnering with LiftFund?
Answer: Bank of America has a longstanding partnership with LiftFund and is committed to supporting small businesses across the country. LiftFund is a nonprofit small business lender that helps entrepreneurs access capital and other resources. The partnership is designed to help small businesses recover, preserve jobs and support long-term economic recovery in affected communities.
Question: How has Bank of America's funding supported small businesses impacted by the floods?
Answer: Bank of America's funding has enabled LiftFund to support more than 500 small businesses impacted by the floods. As businesses continue assessing damage from the second flood, the need remains significant and more widespread, making Bank of America's support especially important to ongoing recovery efforts.
LiftFund
LiftFund is one of the nation's most trusted and experienced nonprofit small business lenders, dedicated to empowering entrepreneurs and advancing economic prosperity. For over 30 years, LiftFund has driven billions in economic impact by providing responsible loans, managing impactful grant programs, and delivering accessible financial education. With a commitment to listening, partnering, and offering flexible, mission-driven support, LiftFund helps entrepreneurs build strong businesses and resilient communities. LiftFund is nationally recognized for designing and administering small business disaster recovery programs that help communities recover more quickly and build long-term economic resilience. For more information, visit LiftFund.com and follow us on social media or @LiftFundUS.
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 more than 69 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 60 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. As the #1 small business lender in the United States (FDIC), 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 and/or jurisdictions. 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, visit the Bank of America newsroom and register for news email alerts.
Reporters may contact
Carla Molina, Bank of America
Phone: 1.512.397.2402
carla.molina@bofa.com
Devan Karp, LiftFund
Phone: 210-215-8355
dkarp@liftfund.com
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SOURCE Bank of America Corporation
