Charlotte, N.C. (PRESS RELEASE – May 10, 2010) — Bank of America today announced that it loaned $19.4 billion to small and medium-sized businesses in the first quarter of 2010, which was nearly $3 billion more than during the same period last year.
Bank of America loaned $81.4 billion to small and medium-sized businesses in 2009, and the company has pledged to increase lending to those businesses by $5 billion in 2010. In addition, the bank announced that it spent more than $1 billion in 2009 for products and services from small and medium-sized firms – direct support that provides much-needed income for those businesses.
“We committed to an additional $5 billion in lending because small and medium-sized businesses are crucial jobs providers in our economy,” said Brian T. Moynihan, president and chief executive officer, Bank of America. “We are making every good loan we can make.”
David Darnell, president of Global Commercial Banking, said, “We are pleased that we have been able to help small and medium-sized businesses through increased lending. What’s been most instructive to us, though, is the message from clients that access to credit is not the biggest issue they are facing. What they are telling us – and what other business organizations have confirmed – is that lagging demand for their products and services continues to be their greatest challenge.”
In 2009, Bank of America spent more than $1 billion on products and services from roughly 33,000 small and medium-sized businesses. “In addition to what we do for companies by helping meet their capital and financing needs, we are deeply committed to using their services and looking for ways to provide them with greater opportunities to do business with us,” Darnell said.
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 58 million consumer and small business relationships with more than 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 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 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.
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