Bank of America Corp. and a local redevelopment group on Monday launched a $1 million revolving loan fund to spur small-business and economic growth on former military bases.

The Defense Conversion Revolving Loan Fund will be administered through the East Bay Conversion and Reinvestment Commission, a group established by Congress in 1993 to promote economic redevelopment near six closed military bases in Alameda County, Calif. Charlotte, N.C.-based Bank of America contributed $650,000, the approximate cost of capitalizing and operating the fund for three years.

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