The Bank of America announced that in the 3rd quarter of 2010, a total of $25.9 billion were prolonged to small and medium sized businesses in America. The program was designed to support companies move their businesses forward and to yield more employment for the locals.
A 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 pertains to a total increase of $12.6 billion in loans as compared to the same time in 2009. In December of 2009, Bank of America had pledged to increase lending by $5 billion in 2010. In 2009, $81.4 billion was discharged.
David Darnel, president of Global Commercial Banking for Bank of America, mentioned that small and mid-sized businesses are vital to the country’s continuing recovery because these business will help produce new work. Besides lending, Bank of America also presented various other similar programs.
