Bank Of America Commits over $1 Million To Liftfund to Support Hill Country Flood Recovery

Rhea-AI Summary

Bank of America (NYSE:BAC) has announced a significant commitment of over $1.1 million to LiftFund to support small businesses affected by the Texas Hill Country floods. The commitment includes $1 million in lending capital and an additional $100,000 for operational funding.

The funding will provide 0% interest rate loans to small businesses in 15 Texas counties declared as disaster areas. This initiative comes as federal assistance deadlines from FEMA and Disaster Unemployment Assistance have closed. The total funding raised for LiftFund's relief efforts now exceeds $5 million.

Small business owners in affected areas can apply for assistance through LiftFund's program website or by calling 888-215-2373.

Positive

• Commitment of $1.1 million to support small business recovery
• 0% interest rate loans available for affected businesses
• Additional $100,000 allocated for operational support and technical assistance
• Program covers 15 disaster-declared counties in Texas

Negative

• Limited funding availability on first-come-first-serve basis
• Federal assistance programs have already closed their deadlines

News Market Reaction – BAC

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Funding Bolsters Small Business Relief in Texas Disaster Areas as Other Aid Deadlines Close

SAN ANTONIO, Sept. 24, 2025 /PRNewswire/ -- LiftFund, a leading nonprofit small business lender, today announced a significant 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 over $5 million.

This critical investment comes as the deadline for federal assistance from FEMA and Disaster Unemployment Assistance (DUA) 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 4th 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 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

LiftFund is one of the nation's most trusted and experienced nonprofit small business lenders, dedicated to empowering entrepreneurs and advancing economic prosperity. For over 30 years, LiftFund has driven billions in economic impact by providing responsible loans, managing impactful grant programs, and delivering accessible financial education. With a commitment to listening, partnering, and offering flexible, mission-driven support, LiftFund helps entrepreneurs build strong businesses and resilient communities. For more information, visit LiftFund.com and follow us on social media or @LiftFundUS.

Bank of America

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. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact

Carla Molina, Bank of America        
Phone: 1.512.397.2402
carla.molina@bofa.com

Caitlin Cowart-de Leon, LiftFund       
Phone: 1.210.609.5109
ccowart-deleon@liftfund.com

 

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SOURCE Bank of America Corporation

FAQ

How much did Bank of America commit to Texas flood recovery through LiftFund?

Bank of America committed $1.1 million, consisting of $1 million in lending capital and $100,000 for operational funding to support small businesses affected by the Texas Hill Country floods.

Which counties are eligible for BAC's flood recovery assistance program?

The program covers 15 counties declared as disaster areas: Bandera, Coke, Comal, Concho, Gillespie, Kendall, Kerr, Kimble, Llano, Mason, McCulloch, Menard, Reeves, San Saba, and Tom Green.

What type of loans is Bank of America offering through LiftFund for flood recovery?

Through LiftFund, affected small businesses can access 0% interest rate loans while funding remains available.

How can small businesses apply for BAC's flood recovery assistance?

Small business owners can apply through LiftFund's program website or call 888-215-2373 for assistance.

What is the total amount raised for LiftFund's flood relief efforts?

The total funding raised for LiftFund's relief efforts now exceeds $5 million, including Bank of America's recent commitment.