SAN ANTONIO — LiftFund, a leading nonprofit small business lender, Sept. 24 announced a commitment from Bank of America to support small businesses recovering from recent devastating floods in Texas’s Hill Country.
The bank’s contribution of $1 million in lending capital and an additional $100,000 for LiftFund disaster relief operations brings the total funding raised for LiftFund’s relief efforts to more than $5 million.
This critical investment comes as the deadline for federal assistance from FEMA and Disaster Unemployment Assistance closed earlier this month and now continues to provide access to capital for small businesses as they navigate the long-term recovery process. LiftFund’s 0% interest rate loans remain open and available to those affected by the disaster.
The funding is available to small businesses in all counties declared disaster areas by the State of Texas following the July flooding. These counties include Bandera, Coke, Comal, Concho, Gillespie, Kendall, Kerr, Kimble, Llano, Mason, McCulloch, Menard, Reeves, San Saba and Tom Green.
“The support from Bank of America is a powerful statement of commitment to our communities,” said Amy Hereford, President and CEO of LiftFund. “This funding ensures that small business owners, who are the backbone of our local economies, have the last-mile resources they need to get back on their feet when other doors for assistance may be closing.”
The additional $100,000 for LiftFund operational funding is crucial to the success of the mission. This support covers essential expenses to help LiftFund maintain adequate staff to provide hands-on technical assistance and underwriting, ensuring the quality and accountability of the funds distributed.
“The July 4 Texas Hill Country floods profoundly devastated our state, taking homes, livelihoods and loved ones. As the region rebuilds, Bank of America stands with Texans as a partner in community and in recovery,” said Ventura Perez, Bank of America San Antonio.
“We understand that small businesses are a vital part of the Hill Country’s economic future,” Perez said, “and as the number one lender to small businesses in the U.S., how important it is to provide access to capital directly and through organizations like LiftFund, a longstanding partner to Bank of America.”
Small business owners affected by the Hill Country floods are encouraged to visit the program website to apply or call 888-215-2373 for assistance. Applications for the 0% interest loans will remain open while funding is available. LiftFund is one of the nation’s most experienced nonprofit small business lenders, dedicated to empowering entrepreneurs and advancing economic prosperity.
For more than 30 years, LiftFund has driven billions in economic impact by providing responsible loans, managing impactful grant programs and delivering accessible financial education.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
“This funding ensures that small business owners, who are the backbone of our local economies, have the last-mile resources they need to get back on their feet.”
— Amy Hereford President, CEO of LiftFund
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