Apr 3, 2011

Banks Step Up Small Business LendingBy Mike PerraultMyDesert.com

As the economy begins to regain its footing, national and local banks say they are stepping up efforts to lend to small businesses.

In Riverside County, $94.7 million in Small Business Association loans were made in the first quarter of fiscal 2011, up from $48.3 million during the first quarter a year ago.

Bank of America plans to hire five small business bankers for the Coachella Valley, part of a wider effort to hire 70 such positions through the remainder of the year across Southern California.

That’s in addition to 110 small business bankers already hired in the greater Los Angeles area, Bank of America officials said.

Lynn Fernandez, small business banker region executive for Bank of America’s Pacific Southwest region, said small business bankers understand small business owners’ specific needs and offer solutions to better manage their finances and help them operate more efficiently.

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