Real Estate Professional Network

Bank of America pledges to spend $10 billion with small businesses

Bank of America Corp. today pledged to increase its spending with small-, medium-sized and diverse businesses over the next five years.

The Charlotte bank committed to purchase $10 billion in products and services from these companies over that period. The bank said it spent $1.9 billion with these firms in 2009. It expects that to increase to $2.5 billion in 2014.

The bank’s spending with these companies ranges from advertising to cleaning to home inspections. Bank of America said it hopes other companies make similar pledges.

Bank of America has also promised to increase its lending to small- and medium-sized businesses by $5 billion this year. In the first quarter, the nation’s biggest bank loaned $19.4 billion, up nearly $3 billion from the same period last year. The bank loaned $81.4 billion to small- and medium-sized businesses in 2009.

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