Small and rural businesses will have access to more than $3.7 million in loans from Community Development Financial Institutions according to the Wall Street Journal.
Bank of America Corporation announced that it has issued 40 grants to nonprofits that make such loans. The government created the Community Development Financial Institution designation to address the needs of small business owners and entrepreneurs who might not quality for traditional bank loans.
Community Development Financial Institutions will also gain access about $27.5 million in federal microloan programs and others from the U. S. Small Business Administration and the U.S.D.A.
More U. S. lenders are pursuing this speciality that, in return, gives them access to more funding sources.