Bank of America says it has loaned $45.4 billion dollars to small businesses over the first six months of this year – an increase of nearly $9 billion compared with the first half of 2009.
That puts the company ahead of its own pledge – made last December – to increase small business lending by 5 percent in 2010. Bank of America gave out $81.4 billion in small business loans in 2009. If it continues lending at its current pace, the bank will give out nearly $91 billion by the end of the year.
“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.
The increased availability of credit would help entrepreneurs looking to file an LLC or expand an existing company. A recent study by Pepperdine University found that 78 percent of small business owners had growth opportunities, and needed financing to take advantage of them.
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