BofA to Boost Small-Business Lending

Bank of America said Tuesday that it will increase loans to small California businesses up to 25%--to $1.8 billion--in a program aimed at boosting the state’s lackluster economy.

The bank also plans to help small businesses by discounting financial services through May 31, speeding up loan processing and sponsoring small-business seminars.

Richard Rosenberg, chairman and chief executive, said the intention is to “provide programs to help stimulate key markets in California--small businesses, residential housing and emerging minority-owned and women-owned enterprises--in an effort to hasten the state’s economic recovery.”

The bank said it plans 20 seminars on budgeting, bookkeeping, marketing and other topics.

“We’re taking these steps to support the growth and job-creation abilities of this vitally important sector of the state’s economy,” said Jerry Bowman, executive vice president for BofA’s Business Banking Division.