Bank of America announced today that it extended $10.9 billion in new loans to small businesses in 2013 — a 26 percent increase over 2012.
In addition, the bank has seen new monthly small business organizations increase year-over-year for 36 consecutive months. In 2013, the bank’s combined new and renewal small business lending totaled more than $22 billion.
“We are very pleased that for the third consecutive year, we have increased our new lending to small businesses by more than 20 percent,†said Robb Hilson, Bank of America Small Business executive. “Our continued loan growth shows the commitment Bank of America has to working with small business owners and helping them grow their businesses.â€
In keeping with its commitment to provide high-quality support and more personalized attention to small business owners across the country, Bank of America also announced plans to expand its small business presence by hiring more than 200 new small business bankers in key markets throughout the nation in 2014. Bank of America significantly increased its small business presence beginning in late 2010 by hiring 1,000 small business bankers. It will continue to expand this presence throughout 2014.
“Our most recent Small Business Owner Report indicates that small business owners who meet with their banker at least three times a year are more optimistic they will increase revenue over the next 12 months,†said Anna Colton, Small Business Banker National Sales executive, Bank of America. “Hiring 200 additional small business bankers this year will help us enhance personal connections, provide more local expertise and continue to support the needs of small business owners throughout the country.â€