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USHCC Applauds Bank of America's Small Business Engagement

WASHINGTON, Jan. 24, 2013 (GLOBE NEWSWIRE) -- The United States Hispanic Chamber of Commerce (USHCC) today commended Bank of America for its extraordinary support of small businesses across the country in 2012. Bank of America has hired more than 1,000 small business bankers nationally and has expanded credit access to small businesses by $8.7 billion over the past year, with combined new and renewal small business lending reaching nearly $20 billion. Bank of America is a longstanding partner of the USHCC and the more than 3 million Hispanic Business Enterprises on whose behalf the USHCC advocates.

"Bank of America's commitment to helping small businesses grow and thrive represents the best of the American enterprise system - when good ideas are brought to the marketplace and entrepreneurs have the resources they need, we all benefit through a more prosperous economy," said USHCC President & CEO Javier Palomarez.

Already a top lender in the U.S. Small Business Administration's (SBA) 504 program, Bank of America also pledged recently to the White House and SBA to increase new small business lending by a total of $20 billion through 2013.

"Bank of America has also illustrated its commitment to small business by participating in the USHCC's own Million Dollar Club, which celebrates those corporations with strong supplier diversity practices that spend tens and even hundreds of millions of dollars a year with Hispanic-owned businesses" added Palomarez.

"As Hispanic firms are the fastest-growing segment of American business, they continue to make greater economic contributions. We are delighted by the commitment to small businesses that Bank of America has displayed, which will allow our economy to recover at a faster pace and sustain its growth," said USHCC Chairman Marc Rodriguez.

About the USHCC

Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of over 3 million Hispanic-owned businesses across the United States that contribute in excess of $465 billion to the American economy each year. It also serves as the umbrella organization for more than 200 local Hispanic chambers and business associations in the United States and Puerto Rico. For more information, visit www.ushcc.com.

CONTACT: Andres Pena 202.715.0474Source:United States Hispanic Chamber of Commerce