Excellence in leadership in North America 2020: Bank of America
Awards for Excellence 2020
Community Development Finance Institutions (CDFIs) play a unique role in the US, but they were not included in the earliest Covid-19 stimulus packages. So it was vital that big banks helped them to reach those that needed loans the most.
For its work in supporting CDFIs, Bank of America is recognized by Euromoney for excellence in leadership in North America.
Financing projects and businesses in lower-income and minority communities across the country, CDFIs are able to combine grants and private-sector capital to make loans and serve communities that the leading main street banks do not.
BofA is no stranger to CDFIs. It has the largest portfolio of financing to CDFIs in the country, using its deposits to help them on-lend. By the end of 2019 that portfolio had reached $1.6 billion, invested in some 255 CDFIs.
That relationship meant that when Covid-19 hit, and lockdown paralyzed small businesses around the country, the bank was aware of the role CDFIs could play in helping build resiliency in their communities.