Business
BofA Commits $10 Million in Capital for Residents and Small Businesses Impacted by L.A. Wildfires
As Los Angeles continues its efforts to rebuild, Bank of America is announcing $10 million in zero-interest loans to Community Development Financial Institutions (CDFI) for ongoing housing, nonprofit facilities, and small business assistance. The loans will be managed through three west coast CDFIs involved in the region's disaster recovery efforts following the devastating Eaton and Palisades fires.
About this update from Bank Of America Corporation
[{"type":"text","content":"Funding to Three CDFIs Provides Additional Small Business Lending, Housing Assistance as Fire Recovery Continues","length":112,"tagName":"p","attribs":{}},{"type":"text","content":"LOS ANGELES, Dec. 22, 2025 /PRNewswire/ -- As Los Angeles continues its efforts to rebuild, Bank of America is announcing $10 million in zero-interest loans to Community Development Financial Institutions (CDFI) for ongoing housing, nonprofit facilities, and small business assistance. The loans will be managed through three west coast CDFIs involved in the region's disaster recovery efforts following the devastating Eaton and Palisades fires.","length":455,"tagName":"p"},{"type":"image","alt":"Los Angeles continues to rebuild following the wildfires","displaySize":"","headline":null,"caption":"Los Angeles continues to rebuild following the wildfires","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":279,"url":"https://media.zenfs.com/en/prnewswire.com/2b0f0398cf903f827c8fdd1779840151"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/b.ke93_DbC8.PDyIzXdmeQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTQ5MjtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/2b0f0398cf903f827c8fdd1779840151","width":400,"height":279}},"href":"https://mma.prnewswire.com/media/2849738/Bank_of_America_Habitat_Volunteers.html","hrefExternal":true,"rel":"nofollow"},{"type":"list","items":[{"val":[{"type":"text","content":"Clearinghouse CDFI (CCDFI) will use its fire-designated funding to finance property acquisition or single-family home development undertaken by nonprofit partners. It will also make capital available to small businesses for rebuilding expenses that outpace insurance proceeds and for the funding to resume operations.","length":317,"tagName":"p"}]},{"val":[{"type":"text","content":"Genesis LA makes loans to support homeownership, economic development, and nonprofit facilities in the Altadena and Pasadena areas. It is working with various Altadena stakeholders to acquire vacant lots for redevelopment, with nonprofit developers working with local residents to rebuild multiple homes simultaneously, and local businesses rebuilding their storefronts.","length":370,"tagName":"p"}]},{"val":[{"type":"text","content":"Pacific Community Ventures' RESTORE LA Fund offers no-fee loans to small businesses of $10,000–$100,000 at a 3%...