Rochester, NY — U.S. Senator Hillary Rodham Clinton, Bank of America and Rural Opportunities, Inc. (ROI) today announced Bank of America has made a $5 million investment to provide much-needed financing to small and micro businesses across New York state.

The investment in The Enterprise Center, an affiliate of ROI, will provide loans to area businesses for a variety of uses, including working capital and building and equipment expenses. Small businesses located in Upstate New York will receive the greatest share of the investment.

The announcement was made today during ROI’s 38th Annual Community Luncheon at the Crowne Plaza in Rochester, N.Y. About 300 people attended the luncheon.

“This is precisely the type of financing that will give a boost to small business enterprises in New York state. I am very grateful to Bank of America for again leading the way in this critical area and I am so pleased that they are partnering with ROI,” Senator Clinton, D-N.Y., said in advance of the announcement. “We have to remind ourselves that 65 percent of all New York businesses are small and employ four or fewer employees. ROI staff are experts in working with small business in the state and have successfully provided management training, technical assistance and financing to hundreds of these companies.”

ROI, based in Rochester, operates community development programs in seven states and Puerto Rico. ROI established The Enterprise Center in 1997 to enhance the economic self-sufficiency and quality of life of individuals and communities through entrepreneurial training, technical assistance and access to financing for new and expanding businesses.

“This is a huge boost to our small business assistance program, operated through The Enterprise Center, and to the entire region. Experience tells us there are far more worthy business ventures in this region of New York seeking funds than are available,” said ROI President and CEO Stuart J. Mitchell. “We are very grateful that Bank of America has agreed to make this important investment in ROI. I also want to express my appreciation to Senator Clinton for her unwavering support for ROI and for working with ROI and Bank of America on this particular effort.”

Bank of America’s $5 million investment will be provided in the form of a Program Related Investment (PRI), a below-market rate loan ROI will use to relend to small and micro-businesses.

“As a leader in community development, Bank of America recognizes the vital role that ROI plays in supplying capital to entrepreneurs and small businesses in emerging and underserved markets,” said Elizabeth Ferrer, Bank of America Global Community Impact national programs executive. “Through ROI, Bank of American can fuel the economic engine of this vital region and increase opportunities for more New Yorkers. We are proud to be part of this initiative with Senator Clinton and ROI.”

The Bank of America program related investment builds on the bank’s strong relationship with ROI in assisting small business owners. Between 2005-06, The Bank of America Charitable Foundation made $350,000 in grants to expand the New York Capital Access Network (NY-CAN!) through ROI, which supports economic development training and lending programs, as well as training of staff from network partners in other areas of New York state. These contributions and investments are part of the Bank of America 10-year $750 million goal for community development nationwide.

“We are particularly interested in sectors of our regional economy that would benefit from having alternative financing opportunities available to them,” said ROI Senior Vice President Lee Beaulac. “Small farm wineries, for example, are having a tough time attracting the financing they need. Considering that the farm winery sector is the engine that drives much of the economy of the Finger Lakes, closing this gap in venture capital has become a critical element in the revitalization of the upstate area of New York.”

Joining Beaulac and Dana Brunett, ROI’s senior director for economic development and president of The Enterprise Center, in making the announcement, were Sarah Anderson Clark, regional director for Senator Clinton, and Joe Rulison, Bank of America’s market president for Rochester.

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