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Bank Of America Named Top SBA Lender The Bank of America has been named the number one Small Business Administration lender in the US, according to an announcement made by the bank on Monday, 30th October. This is the ninth consecutive year that the bank has been given the top spot for SBA lending. During the fiscal year 2006, the Bank of America made 13,089 SBA 7(a) loans, equaling a value of $405,512,350. This is a record amount of loans for the bank. President of Small Business Banking at the Bank of America, mark Hogan, says that their status as the number one SBA lender is "just one example of the bank's leadership in the small business arena". He says that the bank's goal is to "deliver the right financial solution". The Bank of America seeks to give loans that are at a size which will enable more small businesses to have access to the money they need. Their average loan amount is $30,981. Their status as the number one SBA lender may help the Bank of America as they seek to expand. There are rumours that the Bank of America is looking to move into the market in New York. There are also suggestions that the Bank of America may be looking to expand in the foreign market or become a player in the investment banking industry. Almost one fifth of small business has had some dealing with the Bank of America. They have over 1.4 million active online customers. As well as being the number one SBA lender in the US, they are also the number one SBA lender to small businesses owned by minority groups. They have clients in 175 countries and have more than 54 million clients. Ninety-eight percent of the US Fortune 500 companies and seventy-nine percent of the Global Fortune 500 companies deal with the Bank of America. |
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