Commitment to Action

Scaling Community Advantage Capital for Small Business

Commitment by

Accion Texas Inc., Justine Petersen, Montana CDC, U.S. Small Business Administration, Bank of America Corporation

In 2014, Bank of America, the U.S. Small Business Administration (SBA) and eight leading Community Development Financial Institutions (CDFIs) committed to a collective strategy to significantly scale up small business lending under the SBA Community Advantage Loan Program in the 'missing middle' range of $50,000 to $250,000. This capital is critical to small business growth, supporting the expansion of operations, hiring of more workers, and securing access to new markets. Supported by philanthropic grants, loan capital, business referrals, and technical assistance offered by Bank of America, as well as loan guarantees, streamlined procedures, and training opportunities from the SBA, participating CDFIs commit to reach a small business lending volume of $100 million per year by 2017. Through this direct effort, $175 million will be loaned to approximately 1,750 small businesses, creating or retaining more than 23,000 jobs.

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Overview
Summary

Commitment

Scaling Community Advantage Capital for Small Business

Launched

2014

Est. Duration

3 years

Estimated Total Value

$175,000,000

Region

Northern America

Countries

United States

Commitment by

Accion Texas Inc., Justine Petersen, Montana CDC, U.S. Small Business Administration, Bank of America Corporation