Bank Of America Extends $3.4 Billion To Small Businesses In First Quarter
Written by Ken Gaebler
Bank of America has shown strong lending in the first quarter, particularly to small businesses.
In its latest Lending and Investing Initiative Report, Bank of America announced that is has extended nearly $150 billion in credit in the first quarter of 2010. A reported $3.4 billion of that credit was extended to small businesses. The bank says it is also supporting economic recovery through home loan modification and the financing of Community Development Financial Institutions.
"Now more than ever, I am confident that our economic recovery is fully underway," Bank of America president and CEO Brian T. Moynihan said. He added that the bank "contributed to this recovery ... by extending almost $150 billion in credit across both the consumer and commercial sectors."
The boost in lending to small businesses isn't the only good news for entrepreneurs from Bank of America. The bank has also announced a freeze on small business credit card interest rates for existing balances. In addition, the bank's Clarity Commitment has been extended to small business card customers.
According to the bank's website, its Clarity Commitment document is "a simple, one-page loan summary written in plain language" to clarify what lenders are getting. The summary is given out at the beginning of the loan process.
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