Why is Bank of America Really Hiring?
Bank of America Corp. (NYSE:BAC) is focusing on small business by hiring over 80 small business bankers on the West Coast, according to a company press release.
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As a part of the firm’s previous pledge to hire 1,000 new small business bankers nationwide, Bank of America has hired 70 new small business bankers in Northern California and 15 small business bankers in Oregon. According to statistics from the U.S. Small Business Administration, California is home to over 3.4 million businesses, while Oregon houses approximately 336,072.
In California, Bank of America hired the bulk its new bankers in the Bay Area. Across the state, the company has increased its first-quarter small business lending by 12 percent from the prior year, extending $669.2 million in credit. During the same period, Bank of America increased its small business lending in Oregon by 19 percent, offering a total of $47.6 million in small business loans across the state.
Bank of America has also provided $200 million to support Community Development Financial Institutions, an organization aimed at helping small businesses that are unable to qualify for traditional loans.