BANKS AIMING TO GET LOW-INTEREST LOANS TO COMPANIES SLAMMED BY SANDY
By Beth Fitzgerald/NJBIZ
December 28, 2012
Bank of America and Provident Bank are helping make low-interest loans available to small businesses hurt by Hurricane Sandy by partnering with community development financial institutions — nonprofit lenders that promote economic development in low and moderate income communities.
Bank of America said it will provide $20 million in new funding for CDFIs that make low-cost loans to small businesses and homeowners in New Jersey and New York that need cash to rebuild. Bank of America will provide the funds to CDFIs at a 0 percent interest rate.
Among the New Jersey-based CDFIs being funded by Bank of America are New Jersey Community Capital, in New Brunswick, and the Regional Business Assistance Corp., of Camden.