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 funding will be distributed through three Community Development Financial Institutions (CDFIs) that are involved 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 for low-interest small business assistance loans, with no principal repayments required during the first year. Partner Community Capital will also receive $2 million to offer zero-percent interest loans focused on supporting small businesses for 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 previous support from Bank of America for organizations aiding families and small businesses in Western North Carolina. Earlier contributions included a $1 million donation for immediate hurricane relief efforts across the southeast United States, with $200,000 each going to the Asheville Area Chamber of Commerce Foundation and Manna Food Bank.
Bank employees have played an active role in recovery activities after Hurricane Helene. Nearly 500 staff members participated on the ground across Western North Carolina during the initial weeks following the hurricane, conducting more than 5,000 damage assessments for the American Red Cross. These assessments helped speed up financial assistance delivery to affected families. Volunteers from the bank also worked with Habitat for Humanity on building tiny homes and rebuilding houses destroyed by the storm.
Bank of America is recognized as the largest private investor in CDFIs nationwide, providing over $2 billion through loans, deposits, capital grants, and equity investments across more than 250 CDFI partners throughout all 50 states and Washington D.C.
The three CDFIs involved each play specific roles in regional economic development:
- Self-Help Ventures Fund has operated community development programs in Western North Carolina for 34 years and runs an affordable home loan secondary market purchasing program that has supported responsible lending totaling $1.4 billion.
- Mountain BizWorks focuses on fostering entrepreneurship and job creation within Western North Carolina; its WNC Strong: Helene Business Recovery Fund has provided over 700 rapid recovery loans since Hurricane Helene.
- Partner Community Capital offers flexible capital as well as advisory services aimed at helping small businesses, non-profits, and farms thrive locally.
Bank of America serves approximately 69 million consumer and small business clients through about 3,700 retail financial centers nationwide. The company provides banking services across more than 35 countries worldwide.
Reporters seeking further information can contact Catherine Page at Bank of America at 1.704.519.7314 or catherine.page@bofa.com.