Bank of America launched the Small Business Down Payment Grant Program to make commercial real estate purchases more affordable for minority and women-owned business enterprises (WMBEs).
The program is open to women and minority business owners applying for Small Business Administration (SBA) 504 and 7(a) commercial real estate loans. The properties purchased must be located in Opportunity Zones in Los Angeles, Dallas, Charlotte, Chicago and Atlanta. Eligible owners can apply for down payment grants capped at $25,000. The program requires a 5% minimum down payment from the applicants.
Jill Calabrese Bain, a Small Business Integration and Transformation executive at Bank of America, said the program would help diverse business owners who lack the access to capital and technical assistance needed to qualify for commercial loans. She added that Bank of America is committed to addressing inequalities in business ownership by providing entrepreneurs with the access to expertise, resources and capital necessary to achieve their financial goals.
Aside from the down payment grant, Bank of America also offers a zero-down payment, zero closing cost mortgage solution in select markets. It is open to first-time homebuyers purchasing in select Black/African American or Hispanic/Latino neighborhoods in Miami, Detroit, Dallas, Los Angeles and Charlotte.