Bank of America Vows to Boost Lending

The Business Review (Albany) reports: Bank of America has pledged to increase lending to small and medium-sized businesses by at least $5 billion in 2010.

Kenneth Lewis, CEO of the Charlotte, North Carolina-based bank, made the promise to President Barack Obama at a meeting of key bankers at the White House today.

Through the first three quarters 2009, Bank of America extended more than $12 billion in credit to small businesses, and also helped 49,000 small-business clients improve their cash flows through loan modifications. It also originated more than $215 billion in commercial 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. Our improved financial condition and our optimism about the economy will allow us to step up lending to support these clients.”