The Microfinance Company Solidarity Receives 300 Million USD From The Bank Of America
Solidarity Microfinance, Iowa Community’s non-profit program, creates opportunities for economic growth by giving loans to small businesses, training and support, and services through savings. However, Iowa faces many hurdles in the journey of growth. They face loss because of imperfect credits, immigrant status, language barriers, and educational background, the community has provided 400 residents with 1400 issued loans.
The latest initiative builds on Bank of America’s ongoing activity in Iowa to address the underlying social threats in the path of an individual’s economic success, particularly in communities of different color amidst the pandemic.
The grant of 1.25 billion USD is for ethnic and racial equality and creating economic opportunity.
Heidi Parkhurst, the president of Bank of America, said, “Bank of America is devoted to helping build on the achievements of meaningful organizations who create real change in our communities and serve those who may otherwise not have adequate access to financial education and resources,”
“This grant will help provide the tools needed for those of all backgrounds who are seeking to start or grow their business,” he said further.
The amount will be distributed to clients such as Monica Akuein of Des Moines, who operates the business of local catering. When Akuein immigrated to Iowa in the year 1998, she understood the need for such services in the Des Moines metro. Thereafter, she participated in various programs through microfinance.
She said that the Covid 19 pandemic has hit the small businesses, which made it difficult for families to run their expenses. She thanked me for the p[art she received from the bank.
Akin said, “Solidarity Microfinance has given me several opportunities to build revenue from something which was previously only a hobby”.
She added, “I cannot say enough positive things about how important it has been to have an approachable source who cares about my success as I continue to embrace my passions.”
An owner of a small food business, Juana Castellanos said, “After joining Solidarity Microfinance, I was able to buy more equipment, and my business grew by more than 60%,” said Castellanos. “This grant from Bank of America will further help those in my position grow their businesses as well.”
Trujillo, another small business owneratSussyBienestar y Salud, a skincare and nutrition business said, “I was given the opportunity to rent a location and grow my business because of this program,”. “Not only have I been able to expand my education and receive a certificate to offer more services, but I have also gained valuable skills in business administration.”
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