BofA Commits $12 Million for Western North Carolina Residents and Small Businesses Impacted by Hurricane Helene

Rhea-AI Summary

Bank of America (NYSE:BAC) has announced a $12 million commitment to support Western North Carolina's recovery from Hurricane Helene through zero-interest loans to Community Development Financial Institutions (CDFIs). The funding will be distributed among three CDFIs: $8 million to Self-Help Ventures Fund for flexible home loans, and $2 million each to Mountain BizWorks and Partner Community Capital for small business assistance.

This initiative builds upon BAC's previous $1 million donation for immediate hurricane relief, including $200,000 each to the Asheville Area Chamber of Commerce Foundation and Manna Food Bank. The bank's employees have contributed thousands of volunteer hours, with 500 teammates completing over 5,000 damage assessments for the American Red Cross.

Positive

• Commitment of $12 million in zero-interest loans for hurricane recovery
• Strategic distribution through established CDFIs with local expertise
• Additional $1 million already donated for immediate hurricane relief
• Significant employee volunteer contribution with 5,000+ damage assessments completed
• Demonstrates BAC's position as largest private CDFI investor in U.S. with over $2 billion in investments

Negative

• Hurricane damage may require longer-term financial commitment beyond initial funding
• Recovery loans, while interest-free initially, may still burden affected businesses and residents

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.

• Self-Help Ventures Fund (SHVF) will receive $8 million to provide flexible home loans through its credit union network in the region and in partnership with other home lenders.
• Mountain BizWorks will receive $2 million to provide low interest small business funding assistance loans with no principal repayments during for the first year; and
• Partner Community Capital will receive $2 million to provide zero-percent interest loans for the first year focused on small business assistance.

"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
Self-Help Ventures Fund's mission is to create economic opportunity for all. With a 34-year presence in Western North Carolina, SHVF operates an array of community development programs-- that includes an affordable home loan secondary market purchasing program that has supported $1.4 billion in responsible home loans.

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
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

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
Catherine Page, Bank of America    
Phone: 1.704.519.7314
catherine.page@bofa.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/bofa-commits-12-million-for-western-north-carolina-residents-and-small-businesses-impacted-by-hurricane-helene-302564325.html

SOURCE Bank of America Corporation

FAQ

How much did Bank of America commit to Hurricane Helene recovery in Western North Carolina?

Bank of America committed $12 million in zero-interest loans through CDFIs, plus an additional $1 million in immediate relief donations.

How is BAC distributing the $12 million Hurricane Helene recovery funds?

The funds are distributed as: $8 million to Self-Help Ventures Fund for home loans, and $2 million each to Mountain BizWorks and Partner Community Capital for small business assistance.

What immediate relief did Bank of America (BAC) provide after Hurricane Helene?

BAC provided $1 million in immediate donations, including $200,000 each to Asheville Area Chamber of Commerce Foundation and Manna Food Bank, plus extensive volunteer support with 500 employees completing over 5,000 damage assessments.

How are Bank of America employees contributing to Hurricane Helene recovery efforts?

Nearly 500 BAC employees volunteered in Western North Carolina, completing over 5,000 damage assessments for the American Red Cross and participating in rebuilding efforts with Habitat for Humanity.

What is Bank of America's (BAC) total CDFI investment across the United States?

BAC is the largest private CDFI investor in the U.S., with over $2 billion invested across more than 250 CDFI partners in all 50 states and D.C.