X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHARLOTTE, N.C. – While credit unions have recently been given open access to the Small Business Administration 7(a) loans, Bank of America has been busy and is now ranked as the nation’s No. 1 SBA lender to minority groups. According to Bank of America, one-in-three SBA loans granted by the bank last fiscal year went to minority-owned businesses. The ranking follows on the heels of the bank being named the top overall SBA lender in the country, with 3,917 loans granted in fiscal year 2002 (October 2001 through September 2002). Figures supplied by the SBA indicate that the bank directed 1,319 SBA 7(a) loans, and 28% of its total SBA loan dollars, to minority-owned businesses. “We believe in helping business owners of every background achieve their dreams, and this most recent honor is concrete proof that our efforts are succeeding,” said Dana Drago, Bank of America small business segment executive. “Experience teaches us that strengthening businesses also strengthens communities, and that’s one reason we worked so hard to achieve our SBA minority lending leadership rank.” Nationwide the bank’s SBA 7(a) loans to Hispanics placed second while lending to African Americans, Native Americans and Asians ranked first.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.