Bank of America pledged today to increase lending to small- and medium-sized businesses by at least $5 billion in 2010 over 2009’s results. This is what Bank of America Chief Executive Officer Kenneth D. Lewis committed to President Obama, following a meeting of some of America’s major bankers at the White House.
“Bank of America is determined to do our part to help the economy grow next year and reduce unemployment by making every good loan we can make,” Lewis said.
“We agree with the President that small and medium sized businesses are the lifeblood of the U.S. economy. Their ability to prosper and grow is key to job creation to help our nation recover from the economic slowdown,” Lewis said. “Our improved financial condition and our optimism about the economy will allow us to step up lending to support these clients. This is only one of the initiatives we are pushing, but it is a very important one.”
Through the first three quarters of this year, the company extended more than $12 billion in credit to small businesses (companies with revenue up to $20 million) and also helped 49,000 small business clients improve their cash flows through loan modifications. In addition, Bank of America originated more than $215 billion in commercial non-real estate loans to medium-sized companies during that period.
In Central Florida, Bank of America is the second-largest bank, with $5.5 billion in deposits and 71 branches.
