Charlotte, N.C. (PRESS RELEASE – December 16, 2009) — Bank of America today announced that it has pledged to increase lending to small- and medium-sized businesses by at least $5 billion in 2010 over 2009’s results.
The pledge was made to President Obama by Bank of America Chief Executive Officer Kenneth D. Lewis at a meeting of key bankers at the White House today.
Through the first three quarters of this year, the company extended more than $12 billion in credit to small businesses (companies with revenue up to $20 million) and also helped 49,000 small business clients improve their cash flows through loan modifications. In addition, Bank of America originated more than $215 billion in commercial non-real estate loans to medium-sized companies during that period.
“Bank of America is determined to do our part to help the economy grow next year and reduce unemployment by making every good loan we can make,” Lewis said.
“We agree with the President that small and medium sized businesses are the lifeblood of the U.S. economy. Their ability to prosper and grow is key to job creation to help our nation recover from the economic slowdown,” Lewis said. “Our improved financial condition and our optimism about the economy will allow us to step up lending to support these clients. This is only one of the initiatives we are pushing, but it is a very important one.”
Bank of America also is already delivering on the country’s largest community development commitment: $1.5 trillion over 10 years to low- and moderate-income households and businesses.
(For more information on Bank of America’s lending activities, click on www.bankofamerica.com/ahead.)
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 53 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 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 more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 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.