Small Business Finance News
BofA Announces Lending Total For 3Q
Written by Jenna Weiner
Published: 11/5/2010
Bank has lent $173 billion since start of 2010
One of the largest banks in the country made news for entrepreneurs recently when it announced additional progress in its small business lending program.
Bank of America announced that it had lent a total of $173 billion to both individuals and businesses in the third quarter of 2010, bringing the bank's total to $500 billion since the beginning of the year. The bank said in a statement that it was working to invest in 10 different areas in order to stabilize the U.S. economy, one of which includes a small business-focused program.
"As people across America continue to push our economic recovery forward, we continue to do our part," said Bank of America president and CEO Brian Moynihan. "During the first nine months of this year, Bank of America has loaned nearly half a trillion dollars to individuals and businesses, and invested billions more in our communities."
One of the institutions benefiting from the increase in lending is the Kentucky Highlands Community Development Corporation. Business Lexington reports that the KHCDC received a grant worth $125,000 from Bank of America to help small businesses get loans.
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