#United States #San Antonio #Bank of America #LiftFund #Texas Floods

Bank of America’s Commitment to Texas Flood Recovery

In a robust effort to support small businesses devastated by the recent floods in Texas's Hill Country, Bank of America has pledged over $1 million to LiftFund, a prominent nonprofit small business lender. This significant commitment includes $1 million in lending capital and an additional $100,000 dedicated to LiftFund's disaster relief operations, bringing the total funding raised for these efforts to more than $5 million.

The floods, which occurred in July, have taken a toll on numerous small businesses, threatening their very existence while leaving many communities in disarray. The funding from Bank of America comes at a critical time, following the closure of federal assistance deadlines from FEMA and Disaster Unemployment Assistance.

LiftFund’s innovative approach includes offering 0% interest loans to affected small businesses in all counties designated as disaster areas by the State of Texas. Counties such as Bandera, Coke, Comal, and Kerr, among others, will significantly benefit from this support.

A Strategic Response to Ongoing Challenges

Amy Hereford, President and CEO of LiftFund, emphasized the importance of this funding. "The support from Bank of America is more than just financial aid; it's a testament to their commitment to our communities. This funding ensures that small business owners, who represent the backbone of our local economies, have the resources they need to recover when other assistance may be dwindling."

The additional operational funding of $100,000 is crucial for LiftFund’s mission, as it will assist with essential expenses and allow for adequate staffing to provide direct support to business owners during the application process for the loans. With this backing, LiftFund can maintain its high standards of accountability and quality in managing funds.

A Partnership for Recovery

“The Texas Hill Country Floods were a disaster that affected many lives, altering homes and livelihoods. As the region works to restore itself, Bank of America stands firm beside Texans in these times of need, reaffirming our role as a community partner,” commented Ventura Perez of Bank of America San Antonio. “Small businesses are integral to the economic recovery of the Hill Country, and as the leading lender to small businesses in the U.S., it is vital that we provide direct access to capital through organizations like LiftFund.”

How Small Businesses Can Get Involved

Small business owners who were impacted by the Hill Country floods are encouraged to explore this opportunity. Applications for the 0% interest loans will remain open while funds are available, making this a vital chance for many to regain their foothold in a challenging market environment. Interested individuals can visit the program's website or contact LiftFund directly at 888-215-2373 for assistance.

About LiftFund and Bank of America

LiftFund has become one of the nation's trusted nonprofit small business lenders, dedicated to enhancing economic prosperity by empowering entrepreneurs. For over three decades, LiftFund has facilitated billions in economic impact through responsible lending, grant management, and financial education.

On the other hand, Bank of America is recognized globally as a pioneering financial institution, providing a myriad of financial services and products to individuals and businesses alike. With around 69 million clients, it is committed to fostering community ties and economic growth through initiatives aimed at supporting small businesses.

This collaboration between LiftFund and Bank of America exemplifies the power of community engagement and commitment to recovery efforts, ultimately paving the way for a stronger future for Texas's Hill Country.