If You Live In This State You Could Be Eligible For A $25K Business Grant

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If you’re a business owner and live in Atlanta, Chicago, Charlotte or L.A. you might be in luck. Starting today, September 2, Bank of America Corp. is now offering grants of up to $25,000 to help minority and women based small businesses make their down payment on commercial real-estate loans.

Program eligibility requirements for the down payment grant include 51% women or minority business ownership, owner occupancy, and a 5% minimum down payment from the applicant. The grant covers up to $25,000 for half of the minimum 10% down payment in loans issued under Small Business Administration guidelines. The minority business owners covered in the program include Black or African-American, Hispanic or Latino, Native American, Asian-American and Pacific Islander.

“We commend the regulatory agencies for working together to modernize the framework for CRA,” said Jill Calabrese Bain, small business integration and transformation executive at Bank of America, an in interview. “We support the CRA’s objectives as an effective tool for fostering economic opportunity and meeting the credit needs of underserved communities.”

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