On Thursday, Shares of Bank of America Corporation (NYSE:BAC), lost -0.19% to $15.55.
Shares of Bank of America (NYSE:BAC) were the recipient of a large growth in short interest in September. As of September 15th, there was short interest totaling 111,590,424 shares, a growth of 9.9% from the August 31st total of 101,541,328 shares, Marketbeat reports. Presently, 1.1% of the company’s stock are sold short. Based on an average daily volume of 75,839,199 shares, the short-interest ratio is presently 1.5 days.
Today, Bank of America declared the launch of an online community development financial institution (CDFI) directory to connect small businesses to more capital. This nationwide directory, www.bankofamerica.com/cdfi, will enable entrepreneurs and small business owners to find a CDFI in their community, creating an opportunity to access funding to assist grow their businesses.
Many small business owners and others are unaware that CDFIs are nearby and can provide capital and technical support counting business plan development, marketing basics, administration training and more. CDFIs are private-sector local loan centers that offer financing for small businesses, affordable housing and other economic revitalization projects, primarily within low- and moderate-income communities. CDFIs are often a good source of capital for those who may not qualify for a traditional bank loan.
“Through our more than $1 billion investment in CDFIs and our small business banking referrals, there’s potential to provide more capital to assist small businesses grow across the nation,” said Andrew Plepler, Corporate Social Responsibility executive, Bank of America. “Ideally, with raised awareness and tools like our searchable directory, more people will come to understand and use CDFIs as viable sources of funding.”
The directory comprises about 120 CDFIs that are financially supported by Bank of America and lend to small businesses across the United States. The directory enables users to enter their location and desired loan amount, resulting in a list of local CDFIs from which to choose. A potential applicant can easily initiate contact and start the loan application process.
“In addition to the local expertise we provide and the many ways we work with small business owners throughout the country, offering access to local CDFIs is another way we try to assist entrepreneurs grow their business,” said Robb Hilson, Small Business executive, Bank of America. “Whether it’s through deposit and cash administration solutions, access to credit or our connections to CDFIs and other small business resources in our local markets, we provide holistic support for small business owners.”
In addition to promoting sources of funding for small business owners, Bank of America presents other opportunities to get capital into the hands of those who need it most, counting women entrepreneurs. For example, the Tory Burch Foundation Capital Program (formerly Elizabeth Street Capital), a Tory Burch Foundation and Bank of America initiative launched in 2014, provides $10 million in affordable loans for eligible women entrepreneurs, in conjunction with mentoring support and networking opportunities. CDFIs leveraging this funding are identified in the directory.
Bank of America Corporation is a bank holding company. The company, through its auxiliaries, operates through Consumer and Business Banking; Consumer Real Estate Services; Global Wealth and Investment Administration; Global Banking; Global Markets; and Other segments. It’s Consumer and Business Banking segment offers a range of credit, banking, and investment products and services counting traditional and money market savings accounts, CDs and IRAs, noninterest- and interest-bearing checking accounts, investment accounts and products, and credit and debit cards.
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