Bank of America Commits $10M in Small-Business Grants

Bank of America Corp. on Thursday will commit $10 million in grants to nonprofit organizations that lend to small and rural businesses.

A host of nonprofit lenders, such as Community Development Financial Institutions, or CDFIs, have been struggling to make loans throughout U.S. communities. Those entities typically receive their lending funds from federal agencies, but recession-driven funding restraints have limited the ability of these organizations to lend.