Bank of America Provides $10 Million in Zero-Interest Loans to CDFIs for Recovery Efforts
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: Newsfilter
- Funding Support: Bank of America announces $10 million in zero-interest loans to three West Coast CDFIs to assist with housing, nonprofit facilities, and small business recovery efforts, facilitating the rebuilding of Los Angeles post-fires.
- Small Business Assistance: The RESTORE LA Fund by Pacific Community Ventures offers no-fee loans ranging from $10,000 to $100,000 at a 3% interest rate, which can be utilized for replacing damaged property or equipment, supporting employee retention, and other recovery needs.
- Community Development: Clearinghouse CDFI will use its designated funding to finance property acquisitions or single-family home developments by nonprofit partners, aiding small businesses in covering rebuilding costs that exceed insurance payouts, thus promoting community economic recovery.
- Long-term Commitment: As the largest private CDFI investor, Bank of America has invested $2 billion across over 250 CDFI partners, demonstrating its unique capability and long-term commitment to support disaster recovery efforts.
BAC
$55.7+Infinity%1D
Analyst Views on BAC
Wall Street analysts forecast BAC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BAC is 58.79 USD with a low forecast of 55.00 USD and a high forecast of 70.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
19 Analyst Rating
18 Buy
1 Hold
0 Sell
Strong Buy
Current: 55.270
Low
55.00
Averages
58.79
High
70.00
Current: 55.270
Low
55.00
Averages
58.79
High
70.00
About BAC
Bank of America Corporation is a bank holding company and a financial holding company. Its segments include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets. Consumer Banking segment offers a range of credit, banking and investment products and services to consumers and small businesses. The GWIM includes two businesses: Merrill Wealth Management, which provides tailored solutions to meet clients' needs through a full set of investment management, brokerage, banking and retirement products and Bank of America Private Bank, which provides comprehensive wealth management solutions. Global Banking segment provides a range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services. Global Markets segment offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity, and equity businesses.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
