BofA Announces Small Business Lending Figures.SAN FRANCISCO--(BUSINESS WIRE)--Oct. 8, 1997--Bank of America Wednesday announced that the federal government has released its first small business CRA See Community Reinvestment Act. Disclosure Statement, which provides detailed information on banks' small business lending activities. 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. the report, 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. NT&SA booked 40,349 loans and lines of credit for $1 million or less in California, totaling $2.5 billion, during 1996. In addition, divisions of BankAmerica Corp. in other states booked 24,437 small business and small farm loans for $1.7 billion in 1996, for a corporate total of 64,786 loans and $4.2 billion. "This is an excellent report and we're pleased with the results," said Don Mullane, executive vice president for corporate community development. "In fact, our results are even better than the report indicates, since the figures don't reflect the financing that we provide to many small businesses through consumer credit cards, home equity loans, and other means. "Our overriding (programming) overriding - Redefining in a child class a method or function member defined in a parent class. Not to be confused with "overloading". goal continues to be increasing the availability of financing to small business," Mullane said. "We increased our small business lending by 55 percent between 1995 and 1996. And we have pledged to keep increasing it." Bank of America recently announced the largest community lending commitment ever made by a U.S. banking institution -- a pledge of at least $140 billion in loans over 10 years to lower-income and minority borrowers and small business owners. Of that, $80 billion will be committed to small businesses. "Small businesses are driving the economic recovery and development of our communities and we are deeply committed to serving them," Mullane said. "Bank of America has taken a number of steps to make it as simple as possible for small business owners to get loans, and we will continue to do so." In the past two years, BofA has introduced a simple, one-page application for Advantage Business Credit (ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. ) lines and loans of $2,500 to $100,000, streamlined processing, and launched a toll-free telephone application channel. ABC is BofA's most popular credit product for small businesses. As a result, 92 percent of the bank's California small business loans covered by the report were for amounts of $100,000 or less. In addition, the report shows that 49 percent of the bank's small business loans in California went to businesses with gross revenue of less than $1 million. The small business CRA Disclosure Statement is a new requirement of revised Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. (CRA) regulations and is available for all financial institutions subject to CRA. Copies can be obtained through the Federal Financial Institutions Examination Council The Federal Financial Institutions Examination Council, or FFIEC, is a formal interagency body of the United States government empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of (FFIEC FFIEC Federal Financial Institutions Examination Council ). CONTACT: Bank of America Shannon Jones, 213/228-7824 |
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