Bank of America Community Development Bank Is Top SBA Lender in California.SAN FRANCISCO--(BUSINESS WIRE)--Dec. 14, 1998--Bank of America Community Development Bank made more Small Business Administration (7a) and 504 loans in California this year than any other lender, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. recent figures released by the SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government . Between Oct. 1, 1997, and Sept. 30, 1998, the bank made 1,445 SBA (7a) loans to firms in California. The next highest number of loans extended by a single lender was 295. In the previous year, the bank made 349 (7a) loans to small firms. In addition, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Community Development Bank led four of the state's six districts in SBA (7a) lending, including the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. district with 637 loans, triple the amount of the next highest lender; the San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden district with 276 loans, double the amount of the next highest lender; Santa Ana Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. with 278 loans; and Fresno with 95 loans. The bank extended the second largest number of loans in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , and the third largest in Sacramento. Additionally, Bank of America Community Development Bank made 36 percent of all SBA 504 loans in California, more than any other lender. "Supporting California small businesses is a primary focus for Bank of America," said Jim Roby, Bank of America Community Development Bank's senior vice president and manager of national small business sales, in San Diego. "This is the best year we've ever had, and our volume underscores our continuing commitment to providing funding for small business growth." With an average SBA (7a) loan amount of $57,000, Bank of America Community Development Bank is providing funding to many of the state's smallest businesses. "The bank's determination to meet the diverse needs of our small businesses is illustrated not only by its lending volume, but also by its willingness to make small loans," said Viola Canales, regional administrator, SBA Region 9. "Many of California's smaller concerns will one day become big businesses. We want to provide the initial funding, then grow right along with our customers," said Roby. |
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