Small businesses throughout the United States got a major boost in the third quarter of 2010, thanks to one of the largest banks in the country.
Bank of America announced recently that it lent a total of $25.9 billion to small businesses in the third quarter of 2010, bringing the total amount of credit extended to $71.2 billion for the first nine months of the year. Additionally, the bank reported that this represented an increase of $12.6 million from the same period last year.
"In this challenging economy, small and medium-sized businesses are vital to the nation's ongoing recovery. Without their help, creating new jobs will continue to be a challenge," said David Darnell, president of Global Commercial Banking for Bank of America when speaking about the news for small business. "While we continue trying to make every good loan we can, demand for new credit among smaller businesses remains limited."
Earlier this month, Bank of America was in the news after awarding $3.7 million in grants to Community Development Financial Institutions. The money will help provide microloans to small businesses throughout the U.S.
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