*Bank of America aims to help create generational wealth opportunities for BIPOC (Black, Indigenous people of color) and women business owners via its Small Business Down Payment Grant Program.
The initiative has launched in select markets with plans to expand in 2023. Per a press release, “the program will extend credit to historically disadvantaged small business borrowers and provide support to make purchasing commercial real estate more affordable.”
“Today, many business owners of diverse backgrounds lack the access to capital and technical assistance needed to qualify for commercial loans, which can help secure transferable assets that build equity across generations,” said Jill Calabrese Bain, Small Business Integration and Transformation executive at Bank of America.
“We’re committed to addressing inequalities in business ownership by providing entrepreneurs with the access to expertise, resources and capital necessary to achieve their financial goals.”
READ MORE: Black Banks Fall Behind in Assets Compared to Asian and Hispanic Banks
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Per the press release, here’s how the program works:
- The program will be available for eligible women and minority business owners applying for Small Business Administration (SBA) 504 and 7(a) commercial real estate loans. Commercial real estate properties must be based in Opportunity Zones in Atlanta, Chicago, Charlotte, Dallas and Los Angeles, as defined by the U.S. Treasury. Eligible business owners can apply for down payment grants, covering up to 50% of required injection (capped at $25,000).
- Program eligibility requirements also necessitate 51% women or minority business ownership and owner occupancy, and a 5% minimum down payment from the applicant. Additionally, Bank of America small business specialists will team up with local small business-centric non-profit partners to provide financial education services.
Bank of America also offers the following resources for small business owners in local communities across the country:
– Secured Credit Offerings: The previously announced Bank of America Secured Business Advantage Credit Line launched last week, offering a credit line from $1,000 to $50,000 to business owners.
– Access to Capital Directory: A comprehensive database designed in partnership with Seneca Women to help women and minority entrepreneurs learn more about navigating the capital landscape and identifying potential sources of funding, such as equity, debt and grant capital.
– Start a Business Center: A resource for consolidated content to help potential and new business owners learn how to start or grow their business.
– Small Business Resources: As part of Bank of America’s ongoing commitment to support our small business clients and their financial priorities, we continue to broaden our digital educational content.
To learn more, download the Bank of America app or visit bankofamerica.com/smallbusiness.
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