Kweisi Mfume, president of the National Association for the Advancement of Colored People (NAACP), and Michael H. Dulan, Bank of America Community Development Banking president, today announced a five-year, $6 million initiative to help increase homeownership among traditionally underserved populations, as well increase small business loans to businesses that serve urban communities.

”This alliance is one small step toward helping to create economic empowerment for underserved populations, where there is a lack of access to capital and credit," said Mfume. "When people can get mortgages and loans for small businesses, they not only improve their lives but also the overall wellbeing of the community."

"We believe that this grassroots approach will provide greater homeownership opportunities to the underserved," said Michael H. Dulan, Bank of America Community Development Banking president. "The small business component will not only build small business ownership but help create jobs. Through this alliance, Bank of America and the NAACP will be able to leverage our respective resources."

The homeownership program is joint effort between local NAACP branches, the national office of the NAACP and Bank of America. NAACP local offices will provide homeownership education through the Bank of America homeownership center. The homeownership program is being launched in six communities: Atlanta, Georgia; Austin, Texas; Baltimore, Maryland; Columbia, South Carolina; and Longbeach, California. Ten additional cities to participate in the program will be identified during the next several months.

Plans are being completed for the small business counseling program. Six communities will be named to participate in that program.

The $6 million in funding will be used to help provide homeownership and small business counseling and education, and pay for operational costs.

Founded in 1909 in New York City by a group of black and white citizens committed to social justice, the NAACP is the nation's largest and strongest civil rights organization. The NAACP's principal objective is to ensure the political, educational, social and economic equality of minority group citizens of United States and eliminate race prejudice. The NAACP seeks remove all barriers of racial discrimination through democratic processes. This mission is accomplished by seeking the enactment and enforcement of federal, state and local laws securing civil rights, and by informing the public of the adverse effects of racial discrimination.

Bank of America, with total assets at the end of the first quarter of $656 billion, is the largest bank in the United States. It has full-service operations in 21 states and the District of Columbia and provides financial services to 30 million households and two million businesses, as well as providing international corporate financial services for business transactions in 190 countries. The company's stock is listed on the New York, Pacific, and London stock exchanges and certain shares are listed on the Tokyo Stock Exchange.

For people and businesses interested in the program, a toll-free number has been established. That number is 1-877-622-2798.

Bank of America Corporation

Bank of America Corporation

/

More from Bank of America Corporation