Bank of America (NYSE: BAC) announced yesterday the status of its 10-year $1.5 trillion community development lending program. The program recently passed the 1- year mark and has thus far provided $168.2 billion in community development lending.
The lending initiative is the largest community development goal ever established by a U.S.-based financial institution and aims at helping low to moderate income communities.
“The importance of extending credit and making direct investments into America’s underserved communities cannot be overstated, as our nation’s economic recovery depends on the stability of these neighborhoods,” said Andrew D. Plepler, Bank of America’s Global Corporate Social Responsibility and Consumer Policy executive.
Results from the first year include; a $147 billion in minority single family mortgages, loan modifications and financing of construction in low to moderate income communities. Small business lending of $12.8 billion, which includes traditional small business loans and funding to small business investment companies. As well as, $4.5 billion in consumer lending through auto loans and personal loans and lines of credit.
“Working with our community-based partners across the country was critical to exceeding our community development goal expectations during these economically challenging times and provides momentum to continue moving the economy forward.”
The goals set out in the current $1.5 trillion program build on and replace initiatives from the bank’s $750 billion business lending program launched in 2004.