- Bank of America has expanded its online services to small business owners by providing additional chat associates who provide online assistance and by recently re-launching its Small Business Community website, where thousands of small business owners come together to share ideas and resources.
- In addition, Bank of America has enhanced its core offerings for small businesses – Business Fundamentals TM and Business Advantage – by allowing them to choose the combination of products/services that best meet their business needs, while offering additional ways for them to receive a monthly fee waiver on their account. Bank of America also offers rewards to small business owners through its Business Platinum Privileges program.
- Bank of America is among 13 banks that have pledged to the White House and the SBA to increase new small business lending by a total of $20 billion through 2013. In 2011, the bank increased its new lending activity by $1.083 billion, surpassing its commitment. In 2012, Bank of America increased its new lending activity by an additional $1.9 billion.
- Bank of America is a top lender in the SBA 504 program. In the 2012 fiscal year, Bank of America originated more than $584 million in new first- and second-trust deed loans with long-term, fixed-rate financing. The bank also offers SBA 7(a) and Express loans for clients.
- Bank of America is also a leading bank supporting Community Development Financial Institutions (CDFIs), providing more than $200 million to finance small businesses that cannot qualify for traditional loans. The CDFI grant program, created in 2010 to unlock low-cost Federal micro-capital for small businesses, has allowed CDFIs to access more than $117 million, serving over 10,000 local businesses and helping to retain more than 16,000 jobs.
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.Visit the Bank of America newsroom for more Bank of America news. www.bankofamerica.com