Solidarity Microfinance announced it has received a grant from Bank of America that will allow the Des Moines-based organization to further invest in Iowans working toward personal financial goals and entrepreneurial expansion, through $300,000 in additional funding spanning three years.
Solidarity Microfinance, a nonprofit program of Iowa Community Capital, creates economic opportunities through providing small business loans, training and support, and savings services. Recognizing that many Iowans face barriers in the success of their operations, including imperfect credit histories, language barriers, immigration status and educational background, the program has served more than 400 Iowans, resulting in over 1,400 issued loans.
This newest initiative builds on Bank of America’s work in Iowa to address the underlying social issues individuals face in gaining access to capital and reach economic success, particularly in communities of color, who have been disproportionately affected by the current health crisis. The grant is also part of the bank’s expanded $1.25 billion, five-year commitment to advance racial and ethnic equality and create economic opportunity, which it announced in March 2021.
Read Business Record story, Feb. 2