Bank of America softens loans criteria for small businesses amid coronavirus

BofA relaxes criteria for small business pandemic loan

On Saturday, Bank of America has decided to enlarge the eligibility criteria for government supported program, especially for those who were severely affected by the pandemic Coronavirus, to offer loans for small businesses.

The action badly criticized by the clients of Bank of America that the country’s 2nd biggest bank didn’t have proper applications process and failed to serve adequate services at the beginning of the program on Friday.

Bank of America softens loans criteria for small businesses amid coronavirus

In a statement, Bank of America said that it’s an important step to validate the clients’ eligibility criteria to apply for loans that became the reason for the client’s anger.

Moreover, the bank also added that it will only approve applications forms from those who had business or individual checking accounts for February 15, and applicants shouldn’t have any credit or borrowing contact with other banks.

FOX News reported that Bank of America’s client said that they must turn away from the government program in case if they lack stricter criteria such as business connections with the bank.

On Friday, in a tweet, Mr. President admired the Bank of America’s struggle by claiming that the bank’s officials are doing a remarkable job by issuing loans, although there are many complaints.

It is ambiguous for people why Trump chooses Bank of America as the leading bank of the country. Furthermore, it’s the first company that started the government program on Friday morning.

Brian Moynihan, CEO, and Chairman of the BofA, told in an interview that the company holds more than one million business clients with borrowing contacts, and the important thing is that we have to provide a system for our customers first.

He added that Bank of America is supporting those business clients that have contacts with other banks, to apply in the program through those institutions.

Moynihan continued and said that if you borrow from other institutions, then please go back and deal with them. Furthermore, he told the clients that you should go to your core banks, and they know the best and fast procedure.