BoA Pledges $750B in Development Loans

Bank of America, Charlotte, N.C., has announced that it aims to become the "nation's No. 1 community development lender" while pursuing a goal of lending and investing $750 billion for economic development over the next 10 years, primarily in low- and moderate-income communities.BoA said the nationwide initiative focuses on four key areas, including affordable housing, small business/small farm loans, consumer loans, and economic development, and "will entail a corporate-wide, cross-functional effort to drive more than $205 million in community development activity every day." The goal is to invest $500 billion in affordable housing, $125 billion in small business and small farm loans, $75 billion in consumer loans, and $50 billion in economic development.