Bank of America on Tuesday announced $10 million in zero-interest loans to Community Development Financial Institutions for housing, nonprofit facilities and small business recovery following the Eaton and Palisades wildfires.
The loans will be managed through three West Coast CDFIs involved in the region’s disaster recovery efforts.
— Clearinghouse CDFI will use its fire-designated funding to finance property acquisition or single-family home development by nonprofits. It will also make funds available to small businesses for rebuilding expenses that outpace insurance proceeds and for resuming operations
— Genesis LA will provide loans to support homeownership, economic development, and nonprofit facilities in the Altadena and Pasadena areas. It is working with various Altadena groups to acquire vacant lots for redevelopment, with nonprofit developers working with local residents to rebuild multiple homes simultaneously, and local businesses rebuilding their storefronts
— Pacific Community Ventures’ RESTORE LA Fund will offer no-fee loans to small businesses of $10,000 to $100,000 at a 3% interest rate that can be used to replace damaged property or equipment, support worker retention or payroll expenses, and fund other recovery needs. Businesses also receive pro bono technical assistance and access PCV’s climate resilience lending program.
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“Today’s $10 million capital investment will be allocated by our CDFI partners who have been on the ground supporting these impacted communities. As Angelenos continue our long-term recovery following the January fires, our zero-percent capital helps the CDFIs offer lower interest financing for families and business owners to recover and rebuild.”
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