Bank of America has pledged over $1 million to LiftFund, a nonprofit small business lender, to help businesses in Texas’s Hill Country recover from severe flooding that occurred in July. The bank’s contribution includes $1 million in lending capital and an additional $100,000 to support LiftFund’s disaster relief operations. This brings the total funding for LiftFund’s relief efforts above $5 million.
The new funding comes after federal aid programs such as FEMA and Disaster Unemployment Assistance closed their application periods earlier this month. With these programs no longer available, the Bank of America funds are intended to provide ongoing access to capital for affected small businesses during the long-term recovery process.
LiftFund continues to offer 0% interest loans for businesses impacted by the disaster. The financial assistance is available in counties declared disaster areas by the State of Texas following the July floods, including 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 extra $100,000 dedicated to operational costs will allow LiftFund to maintain enough staff for technical assistance and underwriting services so that distributed funds are managed responsibly.
Ventura Perez from Bank of America San Antonio commented: “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.”
Business owners affected by the floods can apply for 0% interest loans while funding remains available through LiftFund’s program website or by calling 888-215-2373.
LiftFund has operated for more than three decades providing responsible loans and grants along with financial education aimed at supporting entrepreneurs nationwide.
Bank of America serves millions of consumers and businesses across its network in the United States and over 35 countries globally.
