The Bank of America reported that in the 3rd quarter of 2010, an overall total of $25.9 billion were extended to small and mid-sized businesses in America. The program was intended to assist companies move their business forward and to yield more employment for locals.
A total of $71.2 billion was loaned to small and medium-sized businesses (which had less than $50 million in annual revenues) from January to September of 2010. This relates to a total increase of $12.6 billion in loans 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, a total of $81.4 billion was discharged.
David Darnel, president of Global Commercial Banking for Bank of America, said that small and medium sized businesses are vital to the nation’s continuing recovery because these business will help create new work. In addition to lending, Bank of America also presented various other related programs.
