Bank of America announced that in the third quarter of 2010, an overall total of $25.9 billion were prolonged to small and medium sized businesses in the States. The program was meant to support businesses move their business ahead and to generate more jobs for the locals.
An overall total of $71.2 billion was borrowed to small and medium-sized businesses (which had less than $50 million in yearly revenues) from January to September of 2010. This relates to an overall total increase of $12.6 billion in loans as compared to the similar time in 2009. In December 2009, Bank of America had pledged to multiply lending by $5 billion in 2010. In 2009, a total of $81.4 billion was released.
President of Global Commercial Banking for Bank of America, David Darnel, said that small and medium sized businesses are vital to the country’s continuing recovery because these business will help create new work. In addition to lending, Bank of America also presented other related programs.
