Even so, activity is still running behind the record pace set in fiscal 2021, when the government waived user fees and subsidized some monthly payments as part of its COVID relief efforts. The 7(a) program - under which SBA guarantees small-business loans made by banks, credit unions and a small group of nondepository lenders - is enjoying a banner year, with approvals topping $23 billion between Oct. "The less money they use for a down payment, the more entrepreneurs can put toward growing the business." Going from rented facilities to a building they own is a key milestone on the path to expansion for many small businesses, Turner said. "It's easier to provide an affordable, economic solution."
"They sometimes struggle with the up-front cash burden," Calabrese Bain said. Bank of America opted for a grant over a loan program because down payments typically constitute one of the biggest barriers blocking cash-strapped entrepreneurs from moving forward with their business plans, she added. Over half of women and Black business owners "report not having the same access to capital as other groups," Calabrese Bain said.
To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs.The down-payment program's goal, according to Jill Calabrese Bain, small-business integration and transformation executive at Bank of America, is to stimulate business activity and growth in disadvantaged neighborhoods - creating economic mobility and generational wealth opportunities entrepreneurs can share with their families. These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising. If you prefer that we do not use this information, you may opt out of online behavioral advertising. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Relationship-based ads and online behavioral advertising help us do that. We strive to provide you with information about products and services you might find interesting and useful. Programs, rates, terms and conditions are subject to change without notice. Credit and collateral are subject to approval. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. (MLLA) and/or Banc of America Insurance Services, Inc., both of which are licensed insurance agencies and wholly-owned subsidiaries of Bank of America Corporation.īanking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. Insurance Products are offered through Merrill Lynch Life Agency Inc. Both are indirect subsidiaries of Bank of America Corporation.
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