Bank of America Opens New Door For Small Business Owners
Posted by Shannon Suetos on December 16, 2009 in Business Financing, Financial Services [ 0 Comments ]
Credit cards and business cash advance options are the go-to source for small businesses looking to get the financing they desperately need as of late. Yesterday Bank of America pledged to give $5 billion to small businesses in 2010. The announcement comes after Obama put pressure on America’s larger banks who received large sums from the bail out. Obama says we need to start, “finding ways to help credit-worthy small and medium-size businesses get the loans that they need to open their doors, grow their operations and create new jobs.” He goes on to say, “This is something I hear about from business owners and entrepreneurs across America — that despite their best efforts, they’re unable to get loans.”
In response to Obama Bank of America’s CEO Ken Lewis says, “Bank of America is determined to do our part to help the economy grow next year and reduce unemployment by making every good loan we can make.” Lewis goes on to say, ““Our improved financial condition and our optimism about the economy will allow us to step up lending to support these [small businesses] clients.”
Hopefully this money will be able to help the struggling small business owners and entrepreneurs in 2010. Being able to get the funds they need will help small businesses put more money into their marketing efforts and web design to help gain more exposure for their business.
I guess we will all have to wait until next year to see the major benefits, if any Bank of America will give to small businesses. Until then merchant cash advance, credit cards and factoring services will be there to help entrepreneurs get the financial backing they deserve and desperately need in this weak economic climate.