BofA Directs Additional $1 Million to Los Angeles Nonprofits for Evolving Fire Recovery Needs
As Los Angeles hits six months since the onset of the January wildfires, Bank of America continues to support impacted clients, employees and communities and their evolving recovery needs. Most recently, BofA directed more than $1 million in additional philanthropic capital to local nonprofits that are providing resources, ranging from helping small businesses reopen and families navigate complex legal, insurance and debris removal needs to providing health and trauma counseling, as well as ongoing housing and supplemental food resources.
The latest round of giving brings BofA's total fire-related contributions to more than $3.5 million, in addition to helping thousands of its clients and hundreds of employees and their families with their recovery needs. These efforts have been led by Bank of America Business Banking president Raul A. Anaya, an Angeleno who was tapped by company CEO Brian Moynihan to focus full time on leading the company's recovery efforts.
'Having helped clients through disasters over many years, Bank of America has the expertise, capital and connections to help Los Angeles rebuild following this tragedy. From our immediate initial response to the fires in January to pivoting as needs change over time, our aim is to help all Angelenos recover. We're doing this together with the region's incredible public, private and nonprofit sectors,' said Anaya.
Small business relief and recovery have been a notable focus for the bank, including $400,000 recently directed to small businesses through three local Community Development Financial Institutions to provide technical coaching and low-cost microloans. This is in addition to funding and support to chambers of commerce and other business support entities, as well as awarding BofA grants directly to impacted small businesses.
Additionally, having two of its own financial centers destroyed by the fires in Altadena and the Pacific Palisades, BofA quickly opened a temporary mobile center and has committed to rebuilding new permanent financial centers in those communities. The company also leveraged its vast experience to successfully reunite more than 2,000 safe deposit box clients with their possessions from the two locations that were destroyed by the fires, thanks to a team of nearly 100 vault and safe box experts.
Bank of America leaders have also been working with government officials and other leaders on ways to help impacted homeowners and communities through issues ranging from insurance challenges to rebuilding needs.
Information was sourced from Bank of America. To learn more, contact colleen.haggerty@bofa.com.
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