Bank of America (BofA) committed $10 million in zero-interest loans to aid recovery efforts following the devastating Eaton and Palisades wildfires in Los Angeles. The bank directs these funds to three Community Development Financial Institutions (CDFIs). The capital will support housing, nonprofit facilities, and small business assistance for affected residents.
BofA has also distributed $3.5 million in philanthropic grants to local nonprofits. These grants assist with immediate fire and business support. Furthermore, the bank plans to rebuild its own financial centers destroyed in the fires, specifically in Altadena and Pacific Palisades.
This initiative forms part of BofA’s broader strategy to utilize its CDFI lending platform for disaster recovery needs. Available reports noted no specific market reaction to the announcement. BofA’s stock, along with its peers, saw gains attributed to broad strength in the large diversified banking sector, not this specific news.