Bank Of America To Raise Small-Biz Loans

Reuters reports that the Bank of America Corp has pledged to loan an additional $5 billion to small businesses in 2010, after the top executives for the largest U.S. banks met U.S. President Barack Obama.

Bank of America Chief Executive Ken Lewis pledged the bank will make at least $5 billion in additional loans to small business — which the bank defines as clients with businesses posting less than $20 million in annual revenue — next year.

“We understand that small business owners have been especially hard hit by the decline in economic conditions,” said Bank of America spokeswoman Anne Pace. “Its time to do more.”

Photo by Bank of America Corp.

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