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Released: January 03, 2012
BofA severing some small-business credit lines
Source: E. Scott Reckard, L.A.Times (Free Registration)
Bank of America Corp. under pressure to raise capital and cut risks, is severing lines of credit to some small-business owners who have used them to stay afloat.
The Charlotte, N.C., bank is demanding that these customers pay off their credit line balances all at once instead of making monthly payments. If they can’t pay in full, they are being offered new repayment plans for as long as five years, but with far higher interest rates than their original credit lines had.
Read Full Article: BofA severing some small-business credit lines
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