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Bank of America Commits $10M in Small Business Grants

One of the nation's largest financial institutions has agreed to commit $10 million in grants to nonprofit organizations that lend to small and rural businesses, which could lead to as much as $100 million in low-cost, long-term capital for small business microloans.

The grants will be used to bolster loan loss reserves needed to access funds from the U.S. Small Business Administration and the U.S. Agriculture Department. More than 175 nonprofit lenders participate in the SBA's program, which provides small loans, averaging $13,000. Based on those figures, Bank of America anticipates the grants will help nearly 8,000 businesses secure new loans.

Bank of America has been a long-time contender of supporting small businesses, and have most recently argued that large financial firms aren't doing enough to help small businesses.

Other banks, including Chase and Wells Fargo, are planning to launch similar programs. Their programs will also include a "second look" element that aims to approve small business loan applications that have already been rejected.

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