As part of its commitment to small business, Bank of America today announced that it has reached its goal of hiring more than 1,000 small business bankers nationally. In addition, Bank of America announced that it has extended nearly $8.7 billion in new credit to small businesses in 2012 – an increase of 28 percent over 2011. The bank’s combined new and renewal small business lending totaled nearly $20 billion.
“With the creation of the small business banker role, Bank of America responded directly to what our clients asked for – locally based small business experts who provide small businesses with the financial solutions necessary to sustain and grow their business,” said Robb Hilson, small business executive for Bank of America. “Making local expertise more accessible and enabling our clients’ growth through new credit are essential to how we help them succeed.”
Three Brothers Bakery in Houston, Texas, has been a client of Bank of America for the past six years and points to how the bank has helped them build their business. “Bank of America has been great in helping us to grow, and we’ve expanded so much that we have opened another store,” said Robert Jucker, owner and manager of Three Brothers Bakery. “They really came through - they treat us like people, not a transaction. As we continue to grow our business, we know that we have a bank that understands us and can help us along the way.”
Small business bankers provide personalized attention to small business owners by spending time with them at their place of business and by learning more about their companies. Small business bankers consult with each of their clients to assess all of their deposit, credit and investment needs.
“Our recent Small Business Owner Report shows that 69 percent of small business owners are reaching out to financial experts for help,” said Anna Colton, small business banker national sales executive for Bank of America. “Our approach is to get to know the business owner and their needs by investing time in developing a relationship with the small business. As a result, our bankers have met with more than 300,000 small business owners since the beginning of 2011.”
Other ways Bank of America is supporting small businesses:
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 53 million consumer and small business relationships with approximately 5,500 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
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