Posted: 10/14/2011By: Lindsey Graham
As part of Bank of America's national outreach program intended to stimulate small business growth in the down economy, 36 new small business bankers are set to be hired in New Jersey, NJBIZ reports.
Bank of America small business banker manager Tim McDonald notes that the new hires will have a background in cash flow and lending needs. They will travel to business locations to meet with entrepreneurs who run companies that have between $250,000 and $5 million in annual revenue - many of which has less than 100 employees.
"Last year, Bank of America lent $92 billion to small businesses nationwide, and we expect to top that by $5 billion by the end of 2011," said McDonald, as quoted by the news source.
Earlier this month, New Jersey Governor Chris Christie announced that the state's Economic Development Authority will receive an additional $33.8 million in federal funding to assist small businesses. The money will come from the State Small Business Credit Initiative, which is part of the Small Business Jobs Act of 2010.