Bank of America hands out low-cost loans
November 18, 2011
Through its Energy Efficiency Finance Program, Bank of America announced Tuesday that it had selected a number of different community development financial institutions around the country to receive $55 million in low-interest financing.
In its release, the financial institution said it was handing out the money to the following firms: Community Investment Company, in Chicago; Boston Community Capital, in Boston; Enterprise Community Partners, with locations nationwide; Low Income Investment Fund; and the Reinvestment Fund, in Baltimore and Philadelphia.
Andrew Plepler, an executive corporate social responsibility and consumer policy at Bank of America, said the affordable loans were part of the institution's effort to have a positive effect on communities.
“Bank of America engages with CDFIs to develop creative and effective approaches to addressing the critical issues of energy efficiency and serving the needs of low-income communities,” said Plepler.
BofA has been making other news after it ended its support of a nonprofit fundraising
initiative in the wake of a child rape scandal. Bank spokesman T.J. Crawford said that the bank would no longer be a donor to The Second Mile foundation following allegations against its founder, Penn State's former assistant football coach Jerry Sandusky.