News from CRF
February 27, 2012
Community Reinvestment Fund, USA Receives an Additional $125,000 Lending Capital Reserve Grant from Bank of America
FOR IMMEDIATE RELEASE
For more information contact:
Community Reinvestment Fund, USA
Grant will help CRF continue to bring increased capital to small businesses in low-income communities across the country
MINNEAPOLIS - February 27, 2012, - Community Reinvestment Fund, USA (CRF), a non-profit organization that connects community development lenders with the capital resources of Wall Street, today announced it received another $125,000 lending capital reserve grant from the Bank of America Charitable Foundation.
This grant will be used to fund loan reserves for CRF's Small Business Administration (SBA) 7(a) small business lending program, allowing CRF to provide greater access to capital for small businesses in need of business equipment, facility improvements, working capital and debt refinancing. CRF's small business lending program helps businesses create jobs and improve the lives of people in underserved communities across the country. This is the second such grant that CRF has received from the Bank of America Charitable Foundation for this purpose.
On Monday, February 27, 2012, Dan Statsick, market director and senior vice president of U.S. Trust, Bank of America Private Wealth Management, was on hand at 9:30 a.m. to present the check for $125,000 to CRF.
"Without sufficient access to financing, small business owners would be unable to continue to grow and support their local economies," said Frank Altman, president and chief executive officer for CRF. "Bank of America's continued generosity will allow us to support the small businesses that are essential to the success of the economic recovery."
With market conditions affecting credit availability and more distressed communities seeking capital than ever before, CRF is uniquely able to initiate economic recovery at the grassroots level. Since 1988, CRF has helped drive more than $1.3 billion in private capital to underserved communities, directly benefitting more than 520,000 people, including creating or retaining more than 47,000 jobs.
"CRF has shown that it is an organization with a tremendous ability to promote small business growth," said Linda Lenza, senior vice president, Corporate Social Responsibility, Bank of America. "We are excited to continue to support CRF's efforts to provide capital for small businesses and improve the lives of people in low- to moderate- income communities."
Bank of America is the nation's leading investor in CDFIs, with more than $1 billion invested with 120 CDFIs in 37 states.
Community Reinvestment Fund, USA (CRF), a non-profit organization and certified Community Development Financial Institution (CDFI), is the nation's leader in bringing capital to public and private, non-profit community development lenders through the secondary market for community development loans. Formed in 1988, CRF has injected more than $1.3 billion into low-income and economically disadvantaged communities
around the country to help stimulate job creation and economic development, provide affordable housing, and support community facilities. CRF is headquartered in Minneapolis, MN. www.crfusa.com.
About Bank of America
Bank of America is one of the world's largest 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 -57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,750 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in 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 owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America
Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Posted by: CRFUSA