BofA Commits $12 Million for Western North Carolina Residents and Small Businesses Impacted by Hurricane Helene
BofA Commits $12 Million for Western North Carolina Residents and Small Businesses Impacted by Hurricane Helene |
| [23-September-2025] |
Funding to Support Housing, Home Repairs and Small Business Loans as Hurricane Recovery Continues ASHEVILLE, N.C., Sept. 23, 2025 /PRNewswire/ -- As the Western North Carolina community continues its efforts to rebuild, Bank of America is announcing $12 million in zero-interest loans to Community Development Financial Institutions (CDFI) to support homeowner recovery and small business assistance. The loans will be managed through three CDFIs integrally involved in the region's disaster recovery efforts following the devastating impact of Hurricane Helene.
"As we in Western North Carolina continue our long-term recovery, these disaster loan funds will make a meaningful difference in the lives of our families and business owners," said David Dowd, president, Bank of America Asheville. "This is part of Bank of America's continued commitment to keeping Western North Carolina strong. We encourage people to join us in being part of our region's comeback story by visiting, supporting small businesses, and enjoying all that our beautiful mountains have to offer." The funding builds on previous support Bank of America has provided to Western North Carolina through organizations helping families and small businesses, including: $1 million donation for immediate support to organizations providing hurricane relief in the southeast that included $200,000 in funding to both the Asheville Area Chamber of Commerce Foundation and Manna Food Bank. Bank employees have spent thousands of hours volunteering to assist with Hurricane Helene recovery. In the initial weeks following Helene, nearly 500 bank teammates were on the ground across the Western North Carolina region completing more than 5,000 damage assessments for the American Red Cross, which allowed financial assistance to flow to families more quickly. Additionally, bank volunteers partnered with Habitat for Humanity building tiny homes as well as rebuilding homes for families whose homes were destroyed, among other necessary activities. Bank of America is the largest private CDFI investor in the U.S., with more than $2 billion in loans, deposits, capital grants and equity investments across more than 250 CDFI partners. Bank of America partners with CDFIs in all 50 states and the District of Columbia to fund projects that strengthen families, businesses and entire communities. CDFIs helping to rebuild Western North Carolina Mountain BizWorks aims to build a vibrant entrepreneurial community in Western North Carolina by helping entrepreneurs grow strategically and create jobs. Its WNC Strong: Helene Business Recovery Fund was created to provide rapid recovery loans to small businesses suffering economic losses related to the hurricane's impacts. More than 700 recovery loans have been provided since the hurricane. Partner Community Capital is committed to providing flexible capital and advisory services to small businesses, non-profits, and farms with a strong market presence in Western North Carolina. Alongside loans, Partner Community Capital connects its clients with valuable business advisory services aimed at empowering them to thrive. Bank of America 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
SOURCE Bank of America Corporation | ||
Company Codes: NYSE:BAC |
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