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Bank Of America Commits over $1 Million To Liftfund to Support Hill Country Flood Recovery

1. BAC contributed $1 million for Texas small business disaster relief. 2. Total funding for disaster relief efforts now exceeds $5 million. 3. 0% interest loans are available for affected small businesses. 4. BAC aims to support economic recovery in devastated regions. 5. This backing underscores BAC's commitment to community and economic stability.

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FAQ

Why Bullish?

Investment in local recovery efforts may strengthen BAC's position in community banking, similar to previous actions that positively influenced investor sentiment.

How important is it?

This funding showcases BAC's strategic role in economic recovery, enhancing its public image and possibly affecting stock prospects positively.

Why Short Term?

The funding supports quick recovery for small businesses, leading to increased transactions and customer reliance on BAC's services in the near term.

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Funding Bolsters Small Business Relief in Texas Disaster Areas as Other Aid Deadlines Close , /PRNewswire/ -- LiftFund, a leading nonprofit small business lender, today announced a significant commitment from Bank of America to support small businesses recovering from recent devastating floods in Texas's Hill Country. The bank's contribution of $1 million in lending capital and an additional $100,000 for LiftFund disaster relief operations brings the total funding raised for LiftFund's relief efforts to over $5 million. This critical investment comes as the deadline for federal assistance from FEMA and Disaster Unemployment Assistance (DUA) closed earlier this month, and now continues to provide access to capital for small businesses as they navigate the long-term recovery process. LiftFund's 0% interest rate loans remain open and available to those affected by the disaster. The funding is available to small businesses in all counties declared disaster areas by the State of Texas following the July flooding. These counties include Bandera, Coke, Comal, Concho, Gillespie, Kendall, Kerr, Kimble, Llano, Mason, McCulloch, Menard, Reeves, San Saba, and Tom Green. "The support from Bank of America is a powerful statement of commitment to our communities," said Amy Hereford, President and CEO of LiftFund. "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 additional $100,000 for LiftFund operational funding is crucial to the success of the mission. This support covers essential expenses to help LiftFund maintain adequate staff to provide hands-on technical assistance and underwriting, ensuring the quality and accountability of the funds distributed. "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," said Ventura Perez, Bank of America San Antonio. "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." Small business owners affected by the Hill Country floods are encouraged to visit the program website to apply or call 888-215-2373 for assistance. Applications for the 0% interest loans will remain open while funding is available. LiftFund LiftFund is one of the nation's most trusted and experienced nonprofit small business lenders, dedicated to empowering entrepreneurs and advancing economic prosperity. For over 30 years, LiftFund has driven billions in economic impact by providing responsible loans, managing impactful grant programs, and delivering accessible financial education. With a commitment to listening, partnering, and offering flexible, mission-driven support, LiftFund helps entrepreneurs build strong businesses and resilient communities. For more information, visit LiftFund.com and follow us on social media or @LiftFundUS. Bank of America Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC). For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts. Reporters may contact Carla Molina, Bank of America         Phone: 1.512.397.2402[email protected] Caitlin Cowart-de Leon, LiftFund       Phone: 1.210.609.5109[email protected] SOURCE Bank of America Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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