Financial institution of America right this moment introduced the launch of a Small Enterprise Down Cost Grant Program to drive enterprise progress and assist create generational wealth alternatives for minority and girls enterprise homeowners.
Launching in choose markets with plans to broaden in 2023, this system will lengthen credit score to traditionally deprived small enterprise debtors and supply assist to make buying industrial actual property extra inexpensive, based on a press launch.
“At the moment, many enterprise homeowners of various backgrounds lack the entry to capital and technical help wanted to qualify for industrial loans, which will help safe transferable property that construct fairness throughout generations,” stated Jill Calabrese Bain, Small Enterprise Integration and Transformation government at Financial institution of America.
“We’re dedicated to addressing inequalities in enterprise possession by offering entrepreneurs with the entry to experience, sources and capital crucial to realize their monetary targets.”
This system shall be accessible for eligible ladies and minority enterprise homeowners making use of for Small Enterprise Administration (SBA) 504 and seven(a) industrial actual property loans. Business actual property properties should be primarily based in Alternative Zones in Atlanta, Chicago, Charlotte, Dallas and Los Angeles, as outlined by the U.S. Treasury. Eligible enterprise homeowners can apply for down fee grants, masking as much as 50% of required injection (capped at $25,000).
Program eligibility necessities additionally necessitate 51% ladies or minority enterprise possession and proprietor occupancy, and a 5% minimal down fee from the applicant. Moreover, Financial institution of America small enterprise specialists will staff up with native small business-centric non-profit companions to offer monetary training companies.
Financial institution of America is dedicated to serving to small enterprise homeowners in native communities throughout the nation by means of quite a few sources past the Small Enterprise Down Cost Grant Program, together with:
– Secured Credit score Choices: The beforehand introduced Financial institution of America Secured Enterprise Benefit Credit score Line launched final week, providing a credit score line from $1,000 to $50,000 to enterprise homeowners. Earlier this yr, Financial institution of America additionally debuted the Enterprise Benefit Limitless Money Rewards Mastercard® Secured bank card as a brand new instrument to assist enterprise homeowners set up, strengthen or rebuild their enterprise credit score — all whereas offering cardholders with the advantages that matter most to their enterprise. The credit score line ranges from $1,000 to $10,000, incomes limitless 1.5% money again on all purchases.
– Entry to Capital Listing: A complete database designed in partnership with Seneca Girls to assist ladies and minority entrepreneurs be taught extra about navigating the capital panorama and figuring out potential sources of funding, similar to fairness, debt and grant capital.
– Begin a Enterprise Heart: A useful resource for consolidated content material to assist potential and new enterprise homeowners discover ways to begin or develop their enterprise. The digital expertise gives sources similar to marketing strategy templates, companions for crucial companies and entry to Financial institution of America Small Enterprise specialists. Shoppers can make the most of ideas and issues on matters similar to writing a marketing strategy, enterprise authorized constructions, advertising technique and enterprise financing choices.
– Small Enterprise Sources: As a part of Financial institution of America’s ongoing dedication to assist our small enterprise purchasers and their monetary priorities, we proceed to broaden our digital academic content material. The location options instruments, insights, and skilled recommendation to assist entrepreneurs run and develop their companies. The academic hub offers ideas and options for all features of enterprise possession, masking matters together with enterprise technique, buyer relations, financing choices, optimizing operations, managing money move and extra.
To be taught extra about our small enterprise sources, obtain the Financial institution of America app or go to bankofamerica.com/smallbusiness.
In associated information, Financial institution of America additionally introduced right this moment it’s providing a zero down fee, zero closing value mortgage answer in choose markets. The brand new
Group Reasonably priced Mortgage Answer
goals to assist eligible people and households acquire an inexpensive mortgage to buy a house. It’s now accessible to first-time homebuyers buying in choose Black/African American and/or Hispanic-Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami. This new program enhances the prevailing $15 billion Financial institution of America Group Homeownership Dedication,
which offers inexpensive mortgages, grants and academic alternatives with the purpose of serving to 60,000 low-to-moderate earnings people and households into inexpensive properties by 2025.