New Bank of America platform connects small businesses with CDFIs [Yahoo! Finance]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: Yahoo! Finance
The banking giant has unveiled an online platform that links eligible small-business owners and entrepreneurs to community development financial institutions and other support organizations that provide capital, coaching and other resources. The platform — known as the Access to Capital Connector and developed in partnership with Community Reinvestment Fund USA, a national nonprofit CDFI — enables applicants to get pre-qualified for a loan by answering general questions about their business, and then connects them with CDFIs that can serve their needs. More than 150 CDFIs around the country are available on the platform, which aims to reduce some of the barriers that small-business owners face when they don't qualify for traditional bank loans. The CDFIs have been vetted by Bank of America and CRF, according to BofA "We believe this will really fill a gap" between self-funding and traditional bank-loan readiness, said Pam Seagle, senior vice president of inclusive entrepreneurshi
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