Bank of America Corp. on Monday said it plans to increase lending to small- and medium-sized businesses by at least $5 billion in 2010 over 2009's results.
The banking firm said in a statement that it had extended more than $12 billion in credit to small businesses, or companies with revenue up to $20 million, during the first three quarters of this year. The bank also said it had originated more than $215 billion in commercial, non-real-estate loans to medium-sized companies during the period.
Bank of America's statement that it plans to increase lending comes as leaders in the banking industry meet with President Barack Obama to discuss industry changes.
