Bank of America and BMO Harris are leaning into real estate aid with programs designed to close the racial property ownership gap.
Bank of America launched two programs Tuesday — one to aid small-business owners and another aimed at future homeowners.
The Small Business Down Payment Grant Program extends credit to small-business borrowers within historically disadvantaged communities and offers them financial support to purchase commercial real estate. Women and nonwhite business owners applying for Small Business Administration (SBA) commercial real estate loans for opportunity zones in Atlanta, Chicago, Charlotte, Dallas and Los Angeles can access the grants, which can be used to cover up to half of the down payment, capped at $25,000.
