Bank of America has maintained a long-standing partnership with CEDF (20+ years) with financial support provided through the Bank of America Charitable Foundation. This most recent grant provides matching funds to CEDF’s current SBA micro loan technical assistance grant supporting interrelated programs of guidance, coaching and instruction for 80 small business clients with a micro-loan and 2,000 entrepreneurs seeking small business capital and/or education. It will also provide vital support to the remaining 120 small business borrowers in CEDF’s portfolio which do not have a micro-loan. These services result in solid job growth and retention, avoidance of conditions leading to business closure and stronger economic vitality. This initiative will be increasingly important in recovery and resiliency planning post-COVID.
Community Economic Development Fund