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Bank of America Announces $2.5 Million Line of Credit, $50,000 Donation
ACCION New Mexico celebrated the record-setting philanthropic spirit of its financial contributors Tuesday during the organization’s 2006 Funders Extraordinaire Dinner.

The event at the Petroleum Club of Albuquerque brought together more than 140 leaders in business, philanthropy and the community who helped make 2005 one of the nonprofit small business lender’s most successful fundraising years yet.

The evening was capped by Bank of America New Mexico President Rick Wadley’s announcement of a $2.5 million line of credit at 3 percent interest that his institution is extending to ACCION to help fund the dreams of New Mexico’s hardworking entrepreneurs. Wadley also announced the bank will become a Clear Vision Funder, pledging $50,000 to the organization in operating capital over the next two years.

“Bank of America has supported ACCION New Mexico for many years in many capacities. We are proud to announce our most recent support, in the form of our subsidized interest loan and our commitment to the 20/20 Clear Vision Campaign,” Wadley said. “Through our support of ACCION New Mexico, we are enabling entrepreneurs in communities throughout New Mexico to realize their potential in becoming successful business partners and recognizing their ability to create positive social and economic change.”

With Bank of America, ACCION has welcomed 12 Clear Vision Funders since the program began in April 2005. With more than a year and a half left in the campaign, ACCION is already more than halfway to its goal of 20 Clear Vision Funders by the end of 2007.

“In 2005, the demand for ACCION’s services continued to grow significantly,” said Lynn Trojahn, ACCION New Mexico’s vice president of advancement. “The organization’s microloan portfolio grew to more than $8 million, a 40 percent increase over the year before. The support of outstanding community leaders, including those at Bank of America, allows us to capitalize on that growth and help New Mexico’s economy grow at the most grassroots level through small business.”

ACCION New Mexico raised a total of $1.91 million in 2005. The organization benefited from the generosity of a range of contributors in New Mexico and from across the country, including individuals, foundations, companies and banks. More than 180 contributors gave an average of $10,555 to produce this stellar result.

Contact:
Leslie Hoffman
ACCION New Mexico Communications Director
(505) 243-8844 ext. 238
(505) 270-0285 cell