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BoA Boosts Rural Small Business Loans

 

Bank of America (NYSE:BAC) has made a $5 million investment to provide financing to small businesses in rural areas across New York state. The investment in the Enterprise Center, an affiliate of Rural Opportunities, a non-profit development organization, will go toward loans for working capital, building and equipment expenses. Customers in Upstate New York will receive the greatest share.

The $5 million investment, championed by Sen. Hilary Clinton (D-N.Y.), comes in the form of a Program Related Investment, a below-market rate loan The Enterprise Center will use to re-lend to small and micro businesses.

This isn't the first Bank of America collaboration with Rural Opportunities. Between 2005 and 2006, the bank gave $350,000 in grants to expand the New York Capital Access Network through the non-profit group. Bank of America has a 10-year $750 million goal for community development nationwide.
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