Bank of America commits $10 million for wildfire recovery efforts

Bank of America has committed $10 million in zero‑interest capital to support long‑term wildfire recovery and rebuilding efforts in the Los Angeles area, particularly following the Eaton and Palisades fires in January 2025. The funding is aimed at helping residents, small businesses, and nonprofits rebuild homes, facilities, and local economies in hard‑hit communities.​

What the $10 million will do

• The $10 million is being provided as zero‑interest loans to several Community Development Financial Institutions (CDFIs) that specialize in community recovery and affordable lending.​

• These CDFIs will channel the capital into housing reconstruction, nonprofit facility rebuilding, and small business assistance in impacted Los Angeles neighborhoods such as Altadena and Pacific Palisades.​

Who benefits

• Residents whose homes were damaged or destroyed can access more affordable financing, often layered with insurance and public aid, to close rebuilding gaps.​

• Small businesses can obtain recovery loans (often in the roughly $10,000–$100,000 range through programs like RESTORE LA) to replace equipment, repair premises, and cover payroll and operating costs during recovery.​

• Local nonprofits serving fire‑impacted communities can finance repairs or new facilities so they can continue delivering services during and after rebuilding.​

How it fits into broader relief

• Bank of America reports that this $10 million capital commitment builds on at least $3.5 million in philanthropic grants already distributed to Los Angeles nonprofits for wildfire and small‑business support.​

• The bank is also rebuilding its own destroyed financial centers in affected areas and offering specialized mortgage “Rebuild Solution” assistance for qualifying clients, positioning the commitment as part of a broader disaster recovery strategy rather than a one‑time action.