Bank of America is a renowned financial institution that has successfully supported millions of consumers, and small and middle businesses with their asset management, investing, risk management, etc.
Bank of America promotes responsible growth and assists in addressing society’s most pressing issues. They majorly focus on tackling problems central to economic mobility. The organization has invested $2 billion over a ten-year period through the Bank of America Charitable Foundation.
The company has supported approximately three million small businesses, 67 million consumers, and around 4000 retail financial centers.
What is Bank of America Grant?
Bank Of America is associated with several nonprofit connections that include their grants and sponsorship program to help local groups better assist the financial lives of individuals and entire communities. They majorly focus on employee development and education, basic necessities such as food and shelter, and community development. The company is known to keep urgent needs as its top priority and those steps that facilitate long-term solutions to attain economic mobility.
What Is The Recent Bank Of America Grant for Businesses All About?
On 30th August 2022, Bank of America announced a new grant, namely the small business down payment grant to facilitate the growth of small businesses and encourage women entrepreneurs to take the front seat. With the plan to expand in the future, the program is now available for a specific market. Currently, it only aims to aid those businesses that are historically disadvantaged.
Who is Eligible For The Business Grant?
Some other rules are given below for an organization to be eligible for a Bank of America grant.
- The program will be offered for qualified women and minority corporate executives seeking Small Business Administration (SBA) 504 and 7(a) commercial real property mortgages.
- According to the U.S. Treasury, commercial real estate holdings must be located in Atlanta, Chicago, Charlotte, Dallas, or Los Angeles Opportunity Zones.
- Company owners who qualify can apply for down payment grant funding that will fund up to 50% of the needed injection (up to a maximum amount of $25,000).
- Businesses must support Bank of America’s financial goals for immediate concerns, employment services, and economic development.
- Organizations must be exempt from paying federal income taxes as per Internal Revenue Code section 501(c)(3), and they also cannot be categorized as private foundations.
- Companies must also be located in and assist the people in those markets.
What are Application Requirements?
Currently, there are no special requirements for the grant provided by Bank of America. All a person needs to do is to apply at their office or online. But there are some organizations specifically that are entirely ineligible for this grant and are given below:
- The memorial organizations
- Games, competitions, or other athletic endeavors
- Activities involving travel, such as field trips or student trips
- Creation of books, movies, television shows, or other media
- Folks, especially those looking for support with fellowships as well as scholarships
- Governmental, labor, social organizations, or community associations
- According to Bank of America, no group may receive any money to promote, discourage, or proselytize religious ideas. They will also assist in financing such organizations’ soup kitchens, homeless shelters, and other social service requirements. The group might be required to show documentation of the financing for the community project.
- Additionally, Bank of America made it clear that they would never give money to any group that promotes hatred or discriminates based on race, religion, color, gender, sexual preference, gender expression, age, national origin, ancestry, nationality, or veteran position.
How to Apply for a Bank of America grant application 2022?
The process of applying for the grant offered by Bank of America is relatively very straightforward. To know more regarding the details, you can visit https://www.bankofamerica.com/smallbusiness/. If you are facing a problem while applying for a grant, do contact their customer support at [email protected]. People can also be reached by call on 800.218.9946. They will guide you through the details of the application process and also give you an idea of if you will be eligible for the grant or not.
Benefits Of The Grant:
Bank of America is committed to assisting small company owners in local communities around the country by providing a variety of tools in addition to the Small Business Down Payment Grant Program, such as:
Secured Credit Offering
The Bank of America Protected Business Advantage Credit Line went live the other week, providing entrepreneurs with a credit line ranging from $1,000 to $50,000. The Business Advantage Unlimited Cash Perks Mastercard Secured credit card has also been introduced by Bank of America previously this fiscal year as a unique tool that will help entrepreneurs in establishing, enhancing, or rebuilding their credit facilities while also offering credit card holders the advantages that are particularly important to their particular industry. The credit card limit is between $1,000 and $10,000, and all transactions will always yield 1.5% money back.
Capital Directory Access:
To assist women and minority business owners in learning more about managing the financial landscape and locating viable financing options, such as equity, debt, and grant capital, Seneca Women and Seneca Women collaborated to build a comprehensive directory.
Beginning a Business Center
A repository of compiled information that may be used by aspiring as well as first entrepreneurs to understand how to launch or expand their businesses. Resources like sample company plans, partners for essential services, and connections to Bank of America Small Business experts are all available online. Clients can take advantage of advice and suggestions on subjects like developing a company plan, business legal systems, marketing techniques, as well as financing choices.
Resources for Small Enterprises:
As part of Bank of America’s continued dedication to helping its small business clients with their financial needs, The Bank of America keeps expanding the scope of its online instructional materials. The website offers resources, insights, and professional guidance to aid business owners in managing and expanding their enterprises. The informational hub offers advice and solutions for all facets of running a firm, including business planning, client interactions, financing choices, operational optimization, cash flow management, and more.
FAQs
How do I qualify for a bank of America grant?
Well, the eligibility criteria laid out by the Bank of America are as specified earlier in the article. The grant is meant for small businesses and for women who want to grow their businesses.
What is the bank of America grant income limit?
As of now, the maximum limit of grant set by Bank of America is 25000 $. The limit is for a year. The market and organization size affect the grant amounts. A sum in that range is a smart place to begin if the person’s organization has already been awarded a grant from the Bank of America Charitable Foundation. Although there are regional differences, as a rough reference, award payments in bigger markets can vary from around $5,000 to $50,000. Local or small markets may get a grant of $2,500 to $25,000.