Bank of America has announced a commitment of $12 million in zero-interest loans to support recovery efforts for 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 active in the region’s disaster response.
Self-Help Ventures Fund (SHVF) is set to receive $8 million to provide flexible home loans via its credit union network and other lending partners. 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, which will be used to offer zero-percent interest loans for the first year, focusing on small business support.
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 round of funding builds on previous aid provided by Bank of America to organizations helping families and small businesses in the area. Past support included a $1 million donation for immediate hurricane relief efforts across the Southeast, with $200,000 each going to the Asheville Area Chamber of Commerce Foundation and Manna Food Bank.
In addition to financial assistance, Bank of America employees have volunteered thousands of hours for Hurricane Helene recovery efforts. Nearly 500 bank employees conducted more than 5,000 damage assessments for the American Red Cross in the weeks after the hurricane, enabling faster distribution of aid. Volunteers also worked with Habitat for Humanity on building tiny homes and repairing houses destroyed by the storm.
Bank of America states it is currently the largest private investor in CDFIs nationwide, with over $2 billion invested across more than 250 CDFI partners throughout all 50 states and Washington D.C.
The three CDFIs receiving this latest round of funding each play distinct roles in local 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 program that has supported $1.4 billion in responsible home loans.
– Mountain BizWorks created its WNC Strong: Helene Business Recovery Fund to quickly provide recovery loans to local businesses impacted by Hurricane Helene; over 700 such loans have been issued since the disaster.
– Partner Community Capital provides capital and advisory services to small businesses, non-profits, and farms in Western North Carolina and connects clients with business advisory resources.
Bank of America serves about 69 million consumer and small business clients across approximately 3,700 retail financial centers and offers digital banking services used by nearly 59 million verified users. The company operates both nationally and internationally.
For further information or media inquiries regarding this initiative, contact Catherine Page at Bank of America.
