In addition to the Merrill Edge Small Business 401(k), Merrill Edge offers small business owners a range of cost-effective retirement plan solutions to help meet their needs, including a Savings Incentive Match Plan for Employees (SIMPLE) and Simplified Employee Pension (SEP) plans. Additionally, Merrill Lynch provides access to a host of solutions through its Advisor Alliance program, which delivers affordable recordkeeping and retirement plan administration services from a diverse selection of providers.
Beyond retirement plans, Bank of America is helping small businesses through a variety of other programs and services. The company extended $6.4 billion in new loan originations to small businesses in 2011, which increased new credit to small businesses by 20 percent. Bank of America is also the leading bank supporting Community Development Financial Institutions (CDFIs), providing more than $200 million to finance small businesses that can’t qualify for traditional loans. A CDFI grant program, created in 2010 to unlock low-cost capital for small businesses, has allowed CDFIs to access more than $93 million, serving more than 8,700 local businesses and helping create and retain more than 13,000 jobs.
Bank of America has also hired more than 700 small business bankers since late 2010 and plans to hire a total of approximately 1,000 across the U.S. by mid-2012. These bankers serve as a dedicated resource for small business owners, helping them assess their companies’ deposit, credit and cash management needs.
1 United States Government Accountability Office’s testimony before the Special Committee on Aging, U.S. Senate, March 7, 2012Merrill Edge Merrill Edge provides mass affluent customers and small business clients with access to professional investment guidance through Merrill Edge Financial Solutions Advisors™ in the Merrill Edge Advisory Center™ or in-person at select banking centers. For customers who prefer to invest on their own, Merrill Edge provides an online self-directed investing platform, with robust tools and resources to help them make informed investment decisions.
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