(RTTNews) -  Bank of America Corp. (BAC: News ) announced that it surpassed the $1 billion mark in loans and investments to more than 120 Community Development Financial Institutions or CDFIs in 37 states. CDFIs include credit unions, investment funds and niche banks that focus on low-income and disadvantaged communities.

According to Opportunity Finance Network, the leading network for CDFIs, these institutions provide more than $30 billion in capital to underserved communities with positive results every year. This funding goes to more than 9,000 small businesses, 57,000 affordable housing units, and almost 700 new community facilities, including schools, child care centers and health care facilities, and helps create more than 34,000 jobs.
Bank of America's work with CDFIs is part of its 10-year, $1.5 trillion lending and investing goal, which demonstrates its ongoing commitment to addressing the critical needs of local communities.

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by RTT Staff Writer

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