Bank of America announced $1,124,000 in economic development grants given to 52 nonprofits that help stimulate local business and neighborhood revitalization in communities across Los Angeles. Nonprofits receiving the funds provide services ranging from affordable housing and community development resources to small business support and arts and culture programs that stimulate the local economy.
“By investing in these nonprofits, Bank of America aims to create economic opportunity for entire communities through programs ranging from neighborhood revitalization to scaling small business micro-lending support. As the economy continues to boom, we want to help ensure Los Angeles’ position as a desirable – and attainable – place to live, work and conduct business for all Angelinos,” said Raul Anaya, Los Angeles Market President for Bank of America.
Among these grant recipients is Opportunity Fund, which provides micro-loans to businesses and micro-enterprises that may not yet qualify for traditional bank credit. A west coast Community Development Financial Institution (CDFI) that supports underserved businesses and communities across the nation, Opportunity Fund has seen rapid expansion of its services into Southern California, with nearly one-third of its lending going to Los Angeles entrepreneurs this year alone. While Bank of America is a long-time investor lending capital to Opportunity Fund, this $20,000 grant will help the nonprofit with its staffing and capacity to achieve its goal of investing $22 million with Los Angeles entrepreneurs in 2019, stimulating $43 million in new economic activity across California.
“Talent and toil should be enough for determined entrepreneurs to succeed. But access to capital remains a central challenge. Opportunity Fund is building a more inclusive financial system and this support from Opportunity Fund ensures that we can say ‘Yes’ to more business owners in Los Angeles, especially women, immigrants, and minority business owners,” said Iosefa Alofaituli, Southern California Regional Director for Opportunity Fund.
Other organizations receiving grants include: A Community of Friends, Abode Communities, Affordable Living for the Aging, American Red Cross, Asian Americans Advancing Justice, Asian Pacific Islander Small Business Program Incorporated, Business Resource Group, Autry Museum of the American West, Bridge Housing Corporation, California Housing Consortium, Center Theatre Group, Corporation for Supportive Housing, Discovery Cube, East LA Community Corporation, Greater Los Angeles Zoo, Habitat for Humanity of Greater Los Angeles, Hollywood Community Housing Corporation, Homes for Families, Huntington Library, La Opera, La Plaza De Cultura Y Arte Foundation, LA River Revitalization Corporation, LABC Institute, Los Angeles County Museum of Art, Latino Business Chamber of Greater Los Angeles Foundation Inc., LINC Housing Corporation, Long Beach Symphony, LTSC Community Development Corporation, Museum of Contemporary Art, Museum of Latin American Art, National Association of Women Business Owners Los Angeles, Neighborhood Housing Services of Los Angeles County, NHMLA County Museum of National History, Opportunity Fund, Outfest, Pasadena Symphony, Plaza de La Raza, San Diego Region Small Business Development Corporation, San Gabriel Valley Habitat for Humanity, Inc., Search to Involve Pilipino Americans, Self Help Graphics, Shalom Center, Skirball Cultural Center, Southern California Association of Non-Profit Housing, The Skid Row Housing Trust, The Valley Economic Alliance, Treepeople Inc., University of California Los Angeles, Valley Economic Development Center, Vermont Slauson Local Development Corporation, West Angeles Community Development Corporation and West Hollywood Community Housing Corporation.
Advancing economic mobility through community development partnerships is just one example of Bank of America’s commitment to responsible growth and shared success as it works to improve the financial lives of individuals and families in the Inland Empire. Earlier this year, the bank awarded $2.2 million in grants to 83 nonprofits addressing workforce readiness, emergency shelter and basic needs such as hunger and other barriers to economic mobility for individuals and families.