Connecting Small Businesses to Growth: Bank of America’s Access to Capital Connector Platform”.

Bank of America (BofA) has recently launched an online platform known as the Access to Capital Connector, which aims to connect entrepreneurs and small business owners with local Community Development Financial Institutions (CDFIs) and other business support organizations. The platform offers access to capital, mentoring, and support for small businesses. The program was developed in collaboration with the Community Reinvestment Fund, USA (CRF), a non-profit CDFI that pre-qualifies small business applicants and directs them to the most suitable platform for their specific needs. With over 150 CDFIs and support groups offering funding and tools on the platform, small business owners have access to a wide range of resources to help them succeed.

The new platform is designed to strengthen relationships between startups, entrepreneurs, and financial partners through established collaborations that promote innovation, job creation, and economic growth. Sharon Miller, Head of Bank of America’s small business division, emphasized the importance of addressing the challenges faced by small businesses such as a lack of funding, resources, and connections. The Access to Capital Directory launched in 2021 has evolved into a platform that provides grant funding, debt financing, equity financing solutions among others. Currently boasting over 25 thousand users and 120 thousand views.

Pam Seagle senior vice president of Inclusive Entrepreneurship at BofA highlighted the role of CDFIs in reaching a broader audience providing businesses with necessary tools for success. Bank of America has been a significant investor in CDFIs for over 25 years with $2 billion in loans deposits capital grants equity investments made through more than 250 CDFI partners.

According to the FDIC Bank of America is currently the largest lender to small businesses in the U.S., with a total loan portfolio of $43.7 billion as of year-end 2023. With specialized support tailored specifically to its 11 million business owner clients BofA remains committed to empowering small businesses and driving economic growth across communities nationwide