Bank of America is Top SBA Lender in California.SAN FRANCISCO--(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 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 . Bank of America is also the top SBA lender in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Between Oct. 1, 1998, and Sept. 30, 1999, the bank made 910 SBA (7a) loans to firms in California, three times the number extended by the number two lender. In addition, Bank of America led three 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 409 loans, more than double 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 177 loans; and the Santa Ana district with 187 loans, more than three times the amount of the next highest lender. Bank of America extended the second largest number of loans by any bank in the SBA's 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, in San Diego. "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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