Bank of America Corp on Monday said it has created a new unit to make $5 million to $25 million secured loans to mid-sized businesses. The new unit will be called the Business Finance Division, and be part of Bank of America Business Capital, a unit of the second-largest US bank by assets.
Bank of America said it is creating the division following its $21 billion acquisition six months ago of Chicago-based LaSalle Bank NA from ABN Amro Holding NV. The division will serve "the smaller end" of middle-market companies.