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Bank of America Commits $10 Million to Support L.A. Wildfire Recovery

Funding Focused on Residents and Small Businesses

Funding to Three CDFIs Provides Essential Assistance

LOS ANGELES, Dec. 22, 2025 /PRNewswire/ — In the aftermath of devastating wildfires in Los Angeles, Bank of America has announced a significant commitment of $10 million aimed at providing ongoing support to residents and small businesses affected by these natural disasters. This capital will specifically be distributed as zero-interest loans to Community Development Financial Institutions (CDFIs) that are directly involved in the region’s recovery efforts. The resources allocated are vital as the community grapples with the long-term implications of the Eaton and Palisades fires.

Impact of the Fires and Response Efforts

The recovery process in Los Angeles is multifaceted, necessitating financial support not just for housing but also for small businesses and nonprofit organizations. The designated funding will assist three prominent CDFIs on the west coast, each playing a crucial role in the recovery initiative:

Clearinghouse CDFI (CCDFI)

CCDFI plans to utilize its funding to facilitate property acquisition and the development of single-family homes through nonprofit collaborations. The organization’s efforts include providing much-needed capital for small businesses struggling with rebuilding costs that exceed what their insurance can cover. This is critical as many local businesses aim to resume operations in a tough post-fire landscape.

Genesis LA

Genesis LA focuses on enhancing homeownership and stimulating economic development, particularly in the Altadena and Pasadena areas. The CDFI is collaborating with local stakeholders to secure vacant lots for redevelopment. This initiative will not only help rebuild homes but also aid local businesses in restoring their storefronts, thereby revitalizing entire neighborhoods. Such community-centric projects are essential for fostering a resilient local economy.

Pacific Community Ventures

Pacific Community Ventures’ RESTORE LA Fund is offering invaluable no-fee loans ranging from $10,000 to $100,000 at a low 3% interest rate. These funds can be directed toward replacing damaged property, retaining workers, or meeting various recovery necessities. In addition to monetary support, businesses will benefit from pro bono technical assistance and access to PCV’s climate resilience lending program, reinforcing their capacity to withstand future challenges.

Comprehensive Commitment from Bank of America

Raul Anaya, Head of Local Markets Strategy and President of Bank of America Los Angeles, emphasized the bank’s extensive experience in disaster recovery, stating, "Bank of America is uniquely positioned with the expertise, capital, and connections to support LA’s next chapter. Today’s $10 million will be allocated by our CDFI partners, who are integral to supporting these affected communities."

In total, Bank of America has engaged in over $2 billion in loans, deposits, grants, and equity investments, making it the largest private CDFI investor in the nation. They are committed to adapting their resources for vital disaster recovery needs, including previous allocations for areas impacted by Hurricane Helene and floods in Texas.

Expanding Relief Efforts

These financial commitments are an extension of Bank of America’s ongoing efforts to meet the evolving needs of clients and communities. The bank recently introduced its Rebuild Solution to assist qualifying mortgage holders in reconstructing their homes. Additionally, they will be rebuilding financial centers in both Altadena and Pacific Palisades, while awarding approximately $3.5 million in grants to local nonprofits focused on fire support and business recovery.

For more in-depth information on Bank of America’s various relief initiatives, visit BankofAmerica.com/LARebuild.

How AI legalese decoder Can Help

In navigating the complexities of disaster recovery and the related financial assistance programs, many residents and small business owners may find themselves confronted with intricate legal jargon and documentation. This is where the AI legalese decoder becomes an invaluable resource.

This AI tool simplifies complex legal language, making it easier for individuals to understand loan agreements, terms of grants, and other legal obligations associated with recovery efforts. By breaking down the legalese, the AI legalese decoder empowers individuals and small business owners to make informed decisions about their financial options and responsibilities during the recovery process.

In summary, the combination of financial support from Bank of America and accessible legal guidance through AI technologies can significantly aid both residents and small business owners in overcoming the challenges posed by the recent wildfires.

About Bank of America

Bank of America is recognized as one of the foremost financial institutions globally, catering to a diverse clientele that includes consumers, small and middle-market businesses, and large corporations. The bank offers a comprehensive array of banking, investing, asset management, and risk management services. With nearly 70 million consumer and small business clients, Bank of America operates approximately 3,600 retail financial centers and 15,000 ATMs across the United States.

For any media inquiries, please contact:

Colleen Haggerty, Bank of America
Phone: 1.213.621.7414
Email: [email protected]

The bank’s stocks are publicly traded on the New York Stock Exchange under the ticker symbol BAC.

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