Bank of America today announced the launch of a Small Business Down Payment Grant Program to drive business growth and help create generational wealth opportunities for minority and women business owners.
North Carolina’s largest corporation, Bank of America, received pushback after announcing last week they created a home loan program only available in black and Hispanic neighborhoods. Legal scholars told Carolina Journal that the program appears to violate federal civil rights laws by favoring certain racial groups over others. Bank of America, however, told Carolina Journal that the loans are legal under an exception in lending law.
A new Special Purpose Credit Program offers down payment grants for SBA 504 and 7(a) commercial real estate loans for women and minority business owners.