Bank of America announced Wednesday that it extended nearly $8.7 billion in new credit to small businesses in 2012, an increase of 28 percent over 2011. The bank also reached its goal of hiring more than 1,000 small business bankers nationally – part of a pledge Bank of America CEO Brian Moynihan made to the White House in late 2010 to increase lending to small businesses.
Both efforts are part of the Charlotte bank's broader push to increase services and lending for small businesses.
Though small business lending is still a relatively small piece of the bank, Bank of America reports its combined new and renewal small business lending totaled nearly $20 billion.
According to Bank of America's recent Small Business Owner Report, 69 percent of small business owners are reaching out to financial experts for help.
The bank has met with more than 300,000 small business owners since the beginning of 2011, says Anna Colton, small business banker national sales executive for Bank of America, in a statement.