Bank of America's New Small Business Investment

Bank of America Corp. will invest $10 million in the Opportunity Finance Network to spark small-business development. The Opportunity Finance Network will use the funds to provide loans and investments to financial intermediaries known as community development financial institutions.

The intermediaries will lend to, and invest the funds in, small businesses in low- and moderate-income communities to create growth opportunities for business owners and local residents.
Financing will be distributed with an initial focus on California, expanding later to other markets.

The Opportunity Finance Network, formerly known as the National Community Capital Association, works through a financial network of 167 companies that finance job growth, affordable housing and community services.

More here.