The Bank of America announced that in the third quarter of 2010, a total of $25.9 billion were extended to small and mid-sized businesses in the States. The program was designed to assist companies move their businesses ahead and to generate more employment for locals.
A total of $71.2 billion was loaned to small and medium-sized businesses (which had less than $50 million in annual revenues) from January to September of 2010. This applies to an overall total increase of $12.6 billion in loans compared to the same time in 2009. In December of 2009, Bank of America had pledged to increase lending by $5 billion in 2010. In 2009, $81.4 billion was released.
David Darnel, president of Global Commercial Banking for Bank of America, said that small and medium-sized companies are vital to the country’s ongoing recovery because these business will help produce new work. In addition to lending, Bank of America also launched other related programs.
