Bank of America Funds $20 Million Investment to Support Hurricane Sandy Rebuilding Efforts

  Bank of America Funds $20 Million Investment to Support Hurricane Sandy
  Rebuilding Efforts

 Low-Cost Financing Available for Small Businesses and Residents Impacted by
                                  the Storm

Business Wire

NEW YORK -- December 10, 2012

Bank of America today committed $20 million in new funding for 13 Community
Development Financial Institutions (CDFIs) to provide financing for small
businesses and residents affected by Hurricane Sandy. CDFIs are private sector
financial institutions that finance affordable housing, small businesses,
community facilities, and economic revitalization programs.

The investment will fund CDFIs that provide low-cost loans to small businesses
and homeowners, as part of rebuilding efforts in hardest hit areas. To make
the loans affordable, Bank of America will provide the capital to CDFI
participants at a zero percent interest rate, as well as defer principal
repayments.

“There was a ripple effect. When we were displaced from our office and unable
to use the transportation system to contact businesses, we had a hard time
addressing the financial needs of our customers,” said Paul Quintero, CEO,
Accion East and Online. “Today, we are back and fully focused on the
rebuilding effort ahead. Because of Bank of America’s proactive outreach, we
were able to secure the capital to help businesses get the financial support
they need.”

The storm’s timing is particularly challenging for small businesses trying to
serve customers during the holiday rush. For example, a Chinese restaurant
located in Manhattan was impacted by the storm, resulting in thousands of
dollars in damages and loss of sales. The business owners will use CDFI
funding for repairs and to restock inventory, enabling them to reopen during a
busy time of year.

“As the nation’s leading CDFI investor, we know these organizations can help
provide much needed capital to small businesses, nonprofits and consumers
quickly to help them recover. We believe that expanding our funding offers an
efficient solution for extending financial support during this challenging
time,” said Dan Letendre, CDFI executive for Bank of America.

“Thousands of individuals, families and business owners were affected by the
storm, which caused widespread damage and shuttered storefronts,” said Wayne
Meyer, president, New Jersey Community Capital. “The rebuilding has only just
begun here in New Jersey, and capital from Bank of America is an important
part of our ability to help small business owners and communities impacted by
the storm.”

The following CDFIs are supported by Bank of America and currently operate
programs to assist residents or small businesses affected by Hurricane Sandy.

Small businesses and individuals requiring financial support as a result of
the storm should call or visit the websites listed below for more information.

Organization (CDFI)                        Contact
                                            Phone: 866-245-0783
Accion USA                                
                                            www.accionusa.org
                                            Phone: 212-979-8988
Asian Americans for Equality (AAFE)       
                                            www.aafe.org
Cooperative Business Assistance             Phone: 856-966-8181
Corporation (CBAC)                        
                                            www.cbaclenders.com
                                            Phone: 631-471-1215
CDC of Long Island                        
                                            www.cdcli.org
                                            Phone: 732-640-2061
New Jersey Community Capital              
                                            www.newjerseycommunitycapital.org
                                            Phone: 212-284-7121
Enterprise Community Partners             
                                            www.enterprisecommunity.com
                                            Phone: 212-682-1106
Grow America Fund                         
                                            www.nationaldevelopmentcouncil.org
                                            Phone: 212-455-9800
LISC                                      
                                            www.lisc.org
                                            Phone: 212-509-5509
Low Income Investment Fund                
                                            www.liifund.org
                                            Phone 800-923-2504
New York Business Development Corp        
                                            www.nybdc.org
                                            Phone: 212-868-6710

Nonprofit Finance Fund                     Phone: 973-642-2500

                                            www.nonprofitfinancefund.org
                                            Phone: 212-964-6022
Renaissance EDC                           
                                            www.renaissance-ny.org
                                            Phone: 908-527-1166
UCEDC                                     
                                            www.ucedc.com

The bank’s other efforts to help support Hurricane Sandy relief include a $1
million donation from the Bank of America Charitable Foundation, and a $2
million commitment as part of the recently announced recovery loan fund
program to help small businesses in the New York area. Also, the bank refunded
certain fees for Consumer and Small Business customers in select states, and
established an Employee Disaster Relief Fund to provide employees with
financial grants for expenses such as food, clothing, lodging and basic
transportation.

Bank of America Corporate Social Responsibility

Bank of America’s commitment to corporate social responsibility (CSR) is a
strategic part of doing business globally. Our CSR efforts guide how we
operate in a socially, economically, financially and environmentally
responsible way around the world, to deliver for shareholders, customers,
clients and employees.Our goal is to help create economically vibrant regions
and communities through lending, investing and giving.By partnering with our
stakeholders, we create value that empowers individuals and communities to
thrive and contributes to the long-term success of our business.We have
several core areas of focus for our CSR, including responsible business
practices; environmental sustainability; strengthening local communities with
a focus on housing, hunger and jobs; investing in global leadership
development; and engaging through arts and culture. As part of these efforts,
employee volunteers across the company contribute their time, passion and
expertise to address issues in communities where they live and work. Learn
more at www.bankofamerica.com/about and follow us on Twitter at
@BofA_Community.

Visit the Bank of America newsroom for more Bank of America news.

                            www.bankofamerica.com

Contact:

Reporters May Contact:
Noelle Bell, Bank of America, 1.646.855.0824
noelle.bell@bankofamerica.com
 
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