Greenville, SC | Monday, September 14, 2020 –
Bank of America has committed to financially invest in local organizations, including CommunityWorks, with the mission of advancing racial equity and economic opportunity in the Upstate. The $100k CommunityWorks received from Bank of America will go toward the mission of financial equity by furthering CommunityWorks’ small business efforts including empowering women entrepreneurs through the Women’s Business Center.
On September 3rd, The U.S. Small Business Administration Administrator, Jovita Carranza, along with state and local representatives visited the CommunityWorks office for a grand opening of the CommunityWorks Women’s Business Center. This exciting celebration included addresses from Administrator Carranza, South Carolina’s Lt. Gov. Pamela Evette, and Greenville’s Mayor Pro Tem Lillian Flemming. Several CommunityWorks woman-owned, small business clients had the opportunity to participate in a roundtable to discuss their experience as small business owners with Administrator Carranza before the ribbon-cutting.
”Bank of America has been a long-time partner of CommunityWorks,” said Tammie Hoy Hawkins, CEO of CommunityWorks. “This contribution signifies their ongoing support to promote equitable access to capital and financial stability for underserved and underrepresented small businesses.”
“Bank of America has a clear purpose to help make financial lives better. Investing in programs like the CommunityWorks Women’s Business Center improves access to jobs and support for women-owned small businesses by creating more pathways to employment and support for entrepreneurs in the Upstate,” said Stacy Brandon, Upstate Market President for Bank of America.
CommunityWorks continues to support small businesses that have been affected by COVID-19 through ongoing financial relief efforts. The lending team helped nearly 200 small businesses by closing over $2.6 million in Paycheck Protection Program Loans. Additionally, CommunityWorks has developed several in-house products to aid entrepreneurs and small business owners as they seek growth.
CommunityWorks was established in 2008 as a local housing trust fund through a partnership between the City of Greenville, United Way of Greenville County and Greenville County Redevelopment Authority. CommunityWorks’ mission is to build a brighter future for underserved families and communities through financial education, lending, and investing. In 2011 CommunityWorks was certified by U.S. Treasury as a Community Development Financial Institution (CDFI) which operates a community loan fund that supports community economic development.
Since its inception, CW has generated over $269 million in local economic impact and has served 5,502 families, provided over $4.6 million loans to startups and existing small businesses, and deployed over $7 million in affordable housing and community loans that have created or preserved over 891 affordable housing units.
About Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).
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