Bank of America is Top SBA Lender in California and Los Angeles District.LOS ANGELES--(BUSINESS WIRE)--Nov. 4, 1999-- 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. made more Small Business Administration (7a) loans in California and 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 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 October 1, 1998, and September 30, 1999, the bank made 910 SBA (7a) loans to firms in California. The next highest number of loans extended by a single lender was 319. In addition, Bank of America led three of the state's six districts in SBA (7a) lending, including: the Los Angeles district with 409 loans, double the amount of the next highest lender; the 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. district with 187 loans, more than triple the amount made by the next highest lender; and 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 177 loans. The bank extended the second largest number of SBA loans in the San Diego and Fresno districts. "Supporting California small businesses is a primary focus for Bank of America," said Jim Roby, Bank of America Community Development Banking Group's senior vice president, small business executive. "Our volume underscores our continuing commitment to provide funding for small business growth." With an average SBA 7(a) loan amount of $63,000, Bank of America is providing funding to many of the state's smallest businesses. "Bank of America's determination to meet the diverse needs of California's small businesses is illustrated not only by our lending volume, but also by our willingness to make small loans," said Roby. "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." |
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