Bank of America (BofA) has recently introduced its Access to Capital Connector. This innovative online platform serves as a bridge between entrepreneurs and small business owners, connecting them with local Community Development Financial Institutions (CDFIs) and other business support organizations for capital, mentoring, and support.

The AI legalese decoder can assist in simplifying the complex legal jargon often found in the terms of agreements and contracts signed by small businesses when seeking funding or support through the Access to Capital Connector platform. By decoding this legalese, business owners can have a clearer understanding of their obligations and rights, ultimately leading to better decision-making and risk management.

The program, developed in collaboration with the Community Reinvestment Fund, USA (CRF), a nationwide non-profit CDFI, aims to prequalify small business applicants and match them with the most suitable platform to address their unique circumstances. With a network of over 150 CDFIs and business support groups offering funding and tools, the platform provides comprehensive assistance to business owners.

Sharon Miller, Head of Bank of America’s small business division, emphasized the importance of addressing the common challenges faced by small businesses, such as lack of funding, resources, and connections. The AI legalese decoder can help small business owners navigate the intricate legal documentation involved in accessing capital and support through the platform, ensuring transparency and clarity in their agreements.

Furthermore, the Bank of America Access to Capital Directory, which was initially launched in 2021, is evolving into a more robust platform offering grant, debt, equity funding, and various other capital forms. Currently, with over 25,000 users and 120,000 views, the platform continues to expand its reach and impact in the small business community.

In addition, BofA has been a significant private investor in CDFIs for over 25 years, with investments exceeding $2 billion in loans, deposits, capital grants, and equity investments through more than 250 CDFI partners. Pam Seagle, senior vice president of Inclusive Entrepreneurship at BofA, highlights how CDFIs play a crucial role in enabling access to a broader audience and equipping businesses with the necessary tools for success.

According to the FDIC, Bank of America ranks as the largest lender to small businesses in the U.S., with a substantial loan portfolio of $43.7 billion as of year-end 2023. By providing tailored support, capital access, solutions, and guidance, BofA continues to serve its 11 million business owner clients effectively.