As Los Angeles continues its efforts to rebuild, Bank of America is announcing $10m in zero-interest loans to Community Development Financial Institutions (CDFI) for ongoing housing, non profit facilities and small business assistance. The loans will be managed through three west coast CDFIs involved in the region’s disaster recovery efforts following the devastating Eaton and Palisades fires.

As the nation’s largest private CDFI investor, with $2bn in loans, deposits, capital grants and equity investments across more than 250 CDFI partners, Bank of America this year began to use its CDFI lending platform to allocate capital for disaster recovery needs in Asheville following Hurricane Helene and following the floods in Texas Hill Country.

These capital investments by Bank of America build on the company’s ongoing efforts to address the evolving needs of impacted clients and communities, most recently announcing its Rebuild Solution to help qualifying mortgage clients rebuild their homes. The bank will also rebuild its destroyed financial centres in Altadena and Pacific Palisades; and continues to award grants.

So far, $3.5m in philanthropic grants have been distributed to local non profits for fire and business support, in addition to thought leadership and employee volunteerism provided to foundations and non profits.