Bank of America Extends $45.4 Billion in Loans to Small and Medium-Sized Businesses in First Half of 2010

Published on Tuesday, 27 July 2010 08:34 Written by TradersHuddle Staff

CHARLOTTE, N.C.-( Business Wire )-

In its ongoing commitment to small and medium-sized businesses and their efforts to create jobs, Bank of America today announced that it loaned $45.4 billion to these businesses in the first half of 2010. This amount represents an increase in lending of nearly $9 billion over the same period last year.

Last December, Bank of America pledged to increase lending to small and medium-sized businesses by $5 billion in 2010. The company loaned $81.4 billion to those businesses in 2009, and this year it loaned $19.4 billion in the first quarter and more than $26 billion in the second quarter.

“Small and medium-sized businesses are central to the nation’s economy and will be a critical part of the recovery – both as an economic engine for production and growth and as a source of good jobs,” said David Darnell, president of Global Commercial Banking for Bank of America. “In large measure, these businesses have weathered enormously difficult conditions. During that time, they have very clearly told us that while getting loans is important, what they continue to need most is more demand for their goods and services. We are working to help business owners in many different ways.”

Bank of America serves approximately 4 million small businesses across the U.S. In addition to lending, the bank has pledged to increase its spending with small, medium-sized and diverse businesses by purchasing $10 billion in products and services from those suppliers over the next five years. Other efforts to help small businesses include recent improvements to the bank’s 2 million small business credit card accounts – such as no rate increases on existing balances – and enhancements to the Advisor Alliance™ retirement plan platform, which serves more than 900,000 people from more than 40,000 businesses.

“Every large corporation in the U.S. should commit to helping small and medium-sized businesses in this difficult time as part of their responsibility to aid the American recovery,” Darnell said. “At Bank of America, we are doing as much as we can and are looking for ways to do more.”

On July 29, Bank of America also will release its Lending and Investing Initiative report for the second quarter of 2010, which outlines the credit extended in areas critical to the nation’s economic recovery. In addition to small business lending, the report will detail residential mortgage activity, home loan modifications, commercial and corporate lending, and financing to Community Development Financial Institutions (CDFIs). The report will be available at http://bankofamerica.com/opportunity.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed

www.bankofamerica.com

Reporters May Contact:Jefferson George, Bank of America, This e-mail address is being protected from spambots. You need JavaScript enabled to view it.