Small Business Finance News
Bank Exec Touts Increase In Small Business Lending
Written by Jenna Weiner
BofA has increased lending by $9 billion from same period last year.
While many critics have called out the banking industry for not lending enough money to small business owners, one bank executive is bringing attention to the steps his company is taking to increase the number of loans.
Bank of America's president of global commercial banking, David C. Darnell, made news for entrepreneurs recently when he told TheStreet.com that BofA had increased the amount of lending it does. Darnell told the news provider that it had loaned $45.4 billion in the first half of the year, a $9 billion increase from last year.
"I think we can all see that so far the economy is not growing at a pace that we would all like to be seeing. I think it's reflected in business demand for credit, which is down," said Darnell in an interview with the news source. "And the general economic trends are certainly less than we would expect at this stage of the cycle."
Bank of America has also stepped up its involvement in microloans. The bank announced that it would make $10 million in grants available to Community Development Financial Institutions, which it said could spur as much as $100 million in low-cost financing to small and rural businesses.
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