Bank of America Offers $45.4 Billion in Small Business Loans to Help Promote Job Creation in 2010
Posted on | July 28, 2010 | No Comments
Recently, Bank of America announced that they have lent $45.4 billion in small and medium-sized business loans in the first half of 2010 to help promote job creation in 2010. When compared to the same period in 2009, Bank of America has stepped it up to the tune of $9 billion.
At the end of 2009, the Charlotte based bank made promises to increase small business lending by $5 billion in 2010. They have already backed up this promise in the first half of the year if they can continue to meet the goals for the second half of 2010. While this is not a guarantee of job creation it is a very good start.
In addition to lending to small businesses, Bank of America also plans to increase spending when it comes to this small to medium sized businesses throughout the United States. BoA plans to spend at least $10 billion in services from small and medium sized businesses over the next 5 years.
While many Americans have a bad perception of Bank of America it is obviously the case that they are stepping up to the plate when it comes to job creation. If the 2010 strategy continues, Bank of America will have greatly increased lending to small and medium sized businesses in 2010.
Author: Heather Best
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