Bank of America reported that in the 3rd quarter of 2010, an overall total of $25.9 billion were prolonged to small and medium-sized businesses in the US. The program was meant to assist businesses move their businesses forward and to yield more jobs for locals.
A total of $71.2 billion was borrowed to small and medium-sized businesses (which had under $50 million in annual revenues) from January to September of 2010. This pertains to an overall total increase of $12.6 billion in loans compared to the same period in 2009. In December of 2009, Bank of America had pledged to increase lending by $5 billion in 2010. In 2009, a total of $81.4 billion was released.
David Darnel, president of Global Commercial Banking for Bank of America, said that small and medium-sized businesses are vital to the nation’s ongoing recovery because these business will produce new jobs. Besides lending, Bank of America also presented other related programs.
