Small Business Loans - Bank Of America Continues To Increase Total Value Of Loans Issued

The Bank of America recently announced that it had given out around $25.9 billion to small and medium sized businesses in the third quarter of 2010, and that the total value of loans given out by the Bank of America to these businesses so far this year is $71.2 billion, around $12.6 billion more than during the same period in 2009. This means that the Bank of America is well on the way to fulfilling the pledge it made last year to increase lending to small and medium sized businesses by $5 billion. This pledge was made due to the fact that the Bank of America recognizes the contribution made by small and medium sized businesses across the United States in creating jobs and stimulating the economy.

David Darnell, the President of Global Commercial Banking for Bank of America, made the following statement regarding the Bank of America’s efforts to assist small and medium businesses in America, and also highlighted some of the difficulties being faced by small and medium businesses in these difficult times: “In this challenging economy, small and medium-sized businesses are vital to the nation’s ongoing recovery. Without their help, creating new jobs will continue to be a challenge. While we continue trying to make every good loan we can, demand for new credit among smaller businesses remains limited. Business owners instead have told us their greatest need is more demand for their goods and services.”