Small Business Finance News

Bank Of America Announces $19.4B In Small And Midsized Business Lending During First Quarter

Written by Jenna Weiner
Published: 5/6/2010

This week, Bank of America announced $19.4 billion in lending to small and midsized businesses in the first quarter of 2010, an increase of $3 billion from the same period last year.

In what could be important small business finance news, Bank of America announced this week that it had loaned $19.4 billion to small and midsized businesses during the first quarter of 2010. That amount was nearly $3 billion more than the bank loaned during the same period last year.

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A total of $81.4 billion was loaned to small and midsized businesses by Bank of America in 2009, and the bank has pledged to increase that amount by $5 billion this year.

Bank of America president and CEO Brian T. Moynihan said the additional money was committed "because small and medium-sized businesses are crucial jobs providers" for the economy. "We are making every good loan we can make," he said.

David Darnell, president of global commercial banking, said that while the bank has been happy to increase its lending, it has learned from client feedback that the lagging demand for products and services has been the greatest challenge for small and midsized businesses.

Bank of America made more news this week by pricing an expanded $900-million offering of credit card securities to the asset-backed market in the United States. Reuters reports that the the deal received good reception from investors.

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