Bank of America Corp. has pledged $10 million for grants to nonprofit lenders with the expectation that those groups could leverage the money tenfold.
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B of A said Thursday that it will issue grants so that groups such as community development financial institutions can match funds available from the Department of Agriculture and the Small Business Administration.
The goal would be for the institutions to create more than $100 million in low-cost, long-term capital in the form of small-business microloans in the next 12 months. The average microloan is $13,000, B of A said.
