Bank of America Corp (NYSE: BAC) announced that it will increase the amount of money that it spends on purchasing from small and mid-sized businesses and has pledged to to purchase $10 billion in products and services from them over the next half-decade.

Bank of America Corp (NYSE: BAC) President of Global Commercial Banking David Darnell said that “Our clients are telling us that until they see sales pick up, they are reluctant to hire and invest in their businesses.”

CEO Brian Moynihan said that the pledge was “the right thing to do” and he hopes that other companies will take similar steps to push for smal business job growth.

“We see an opportunity to expand on that mission by helping all small and medium-sized businesses create more jobs in this challenging economy,” said Moynihan.

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