Bank of America Corp. pledged to buy $10 billion in goods and services from small and midsize businesses over the next five years.
The $2.3 trillion-asset Charlotte company said in a press release Thursday that it expects to increase such purchases by 5% annually over the course of the commitment.
B of A spent $1.9 billion with small and midsize businesses last year, it said. In the first quarter, it made $19.4 billion in loans to small and midsize businesses, or 18% more than a year earlier.
"What businesses of all sizes are telling us they need most right now is more business," Brian T. Moynihan, the company's president and chief executive, said in a release. "We want to increase our support by purchasing more of their products and services."