Bank of America Loan Loss Reserve Program
Nor-Cal FDC recently developed a direct lending relationship with Bank of America utilizing the California Economic Development Lending Initiative (CEDLI) loan-to-lenders program format.
Bank of America provided Nor-Cal FDC with a grant used to create a special loan loss reserve that is pledged to CEDLI, that in turn forms the basis for accessing the CEDLI loan-to-lenders pool.
Similar to other direct lending efforts aimed at specific underserved markets, this program geographically targets economically disadvantaged businesses located primarily in San Francisco and Oakland.
Bank of America requested and Nor-Cal FDC agreed to assist this segment of the small business population in San Francisco and Oakland with financing requests that typically do not meet standard underwriting criteria or SBA lending guidelines.
Loans considered for this program will range in amounts from $50,000 to $100,000.