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Bank of America's Commitment to Texas Flood Recovery

In a significant move to support the recovery efforts following the devastating floods in Central and South Texas, Bank of America has committed more than $1 million in new funding. This funding aims to provide immediate relief and long-term recovery solutions for affected communities. Including previous allocations made after last year's flooding, the total regional support now amounts to an impressive $3 million.

Supporting Small Businesses

A major component of this funding is a $1 million grant earmarked for LiftFund, a Community Development Financial Institution (CDFI) dedicated to helping small businesses recover and stabilize. The operational focus is to assist local entrepreneurs in preserving jobs and ensuring their businesses can continue to operate amid the recovery phase. Along with this, Bank of America has also allocated $50,000 to the American Red Cross to address the immediate needs of those affected.

"Small businesses are vital to the fabric of Texas communities. They not only create jobs but also foster economic stability and growth," stated Ventura Perez, President of Bank of America San Antonio. “Our partnership with LiftFund plays a crucial role in enabling these businesses to access essential resources to stabilize and avoid permanent closures during such challenging times.”

The funds from LiftFund will help provide capital and support needed for small businesses to continue their operations, thus contributing to the longer-term recovery of the affected regions.

The Impact of Funding

The funding from Bank of America aims to deploy $800,000 to LiftFund's Small Business Disaster Recovery Resilience Fund. The remaining $200,000 is designated for LiftFund's operational needs, such as staffing and recovery advising, crucial for rapidly deploying assistance to small businesses in distress.

LiftFund has already begun mobilizing resources in affected areas and continues to work closely with businesses to deliver both financial support and recovery strategies. Amy Hereford, the president and CEO of LiftFund, emphasized the pressing need for financial aid post-disaster: "In the weeks following a disaster, having access to flexible capital is essential for businesses to stabilize operations and avoid permanent closures. Bank of America’s support recognizes that recovery is an ongoing process, extending well beyond the receding of floodwaters.”

In the aftermath of last year's severe flooding, businesses that received funding were able to maintain operational continuity and assist local residents in their rebuilding efforts. For example, Six Inch Nails Construction Services, a general contractor based in Kerrville, utilized their LiftFund disaster recovery financing to keep their teams active and facilitate repairs for damaged homes.

Long-Term Commitment

Bank of America is no stranger to supporting recovery in disaster-stricken areas. The recent funding expands on the company’s previous $2 million commitment made after last year's floods, demonstrating their long-standing dedication to assisting Texas communities in overcoming adversity. This multi-faceted approach will not only help small business owners but also create a sustainable recovery model that reinforces the social and economic foundations of these communities.

FAQs Regarding the Initiative

• - What is Bank of America announcing? Bank of America is providing over $1 million in new funding to support flood recovery efforts.
• - How much is the total commitment to Texas flood recovery? The total commitment now stands at $3 million.
• - How will LiftFund use this funding? $800,000 will be used for the Small Business Disaster Recovery Resilience Fund, while $200,000 will cover operational expenses.
• - Who qualifies for LiftFund's recovery programs? Small business owners in designated disaster areas following the floods may be eligible.
• - Why partner with LiftFund? The collaboration aims to empower small businesses and foster long-term recovery.

As Bank of America continues its partnership with LiftFund, the focus remains on revitalizing local economies and assisting in the enduring recovery of the Texas communities affected by these natural disasters. The banking giant's commitment showcases a robust strategy to uplift, support, and enable resilience in the face of adversity.

For more information on this initiative and ongoing support efforts, visit LiftFund.com and Bank of America’s newsroom.