LiftFund, a nonprofit small business lender, has received over $1 million in support from Bank of America to aid small businesses recovering from the recent floods in Texas’s Hill Country. The bank's contribution includes $1 million in lending capital and an additional $100,000 for disaster relief operations. This brings the total funding raised for LiftFund’s flood recovery efforts to more than $5 million.
The new funding comes after federal assistance programs such as FEMA and Disaster Unemployment Assistance closed earlier this month. The funds will provide continued access to capital for small businesses during the ongoing recovery process.
LiftFund is offering 0% interest loans to affected businesses. These loans are available to small businesses located in counties declared disaster areas by the State of Texas following the July flooding. The eligible 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 will help LiftFund maintain staff levels necessary for technical assistance and underwriting. This is intended to ensure quality and accountability in distributing funds.
Ventura Perez of Bank of America San Antonio stated: “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 impacted by the floods can apply for these loans via LiftFund’s program website or by calling 888-215-2373. Applications will remain open while funding lasts.
LiftFund has been providing responsible loans and financial education for over 30 years across various communities in the United States. Bank of America serves approximately 69 million consumer and small business clients through thousands of retail centers and digital platforms nationwide.