BofA Loans US$25.9bn to SMEs in 3Q10
As part of its support of small and medium-sized enterprises (SMEs) and their role in job creation, Bank of America (BofA) has loaned US$25.9bn to these businesses in 3Q10.
In the first nine months of 2010, the bank loaned a total of US$71.2bn to SMEs – those with less than US$50m in annual revenues. That amount represents an increase of US$12.6bn over the same period last year.
“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,” said David Darnell, president of global commercial banking for BofA. “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.”