The Bank of America Institute today released its findings from its first Small Business Checkpoint, a new publication which aims to provide a holistic and real-time estimate of Small Business financial activity, spending and financial well-being, leveraging the breadth and depth of Bank of America proprietary data from its approximately three million small business households.

Highlights of the publication:

• Small Business aggregate credit and debit card spending was up 16% year-over-year in April; within this, April growth in credit card spend (20%) outpaced growth in debit card spend (12%)
• Total payments across all types up 14% per client year-over-year, demonstrating both spending growth and the impact of inflation on expenses
• In April, Small Business clients saw strong deposit balance growth at 16% year-over-year
• Travel spending was 57% higher year-over-year as the pandemic impact continued to fade
• Automated Clearing House (ACH) and Wire payments grew 24% and 18% respectively, often representing bigger ticket items like rent, car loans/leases, and payroll

“Small Businesses remain a key driver of the U.S. economy” said David Tinsley, senior economist for the Bank of America Institute. “While the pandemic represented a substantial period of economic disruption to Small Businesses, they have bounced back convincingly and seem relatively well-placed to deal with a slowdown in the economy.”

Read the full Small Business Checkpoint for additional details.

Bank of America Institute

The Bank of America Institute is dedicated to uncovering powerful insights that move business and society forward. Established in 2022, the Institute is a think tank that draws on data and analyses from across the bank and the world to provide timely and original perspectives on the economy, Environmental, Social and Governance (ESG), and global transformation. The Institute leverages the depth and breadth of the bank’s proprietary data, from 67 million consumer and small business clients, 54 million verified digital users, $3.8T in total payments in 2021 and $1.4T in consumer and wealth management deposits. From this robust data set, the Institute provides a unique perspective on the health of the economy. It also elevates thought leadership from throughout the bank that addresses long-term trends and shares these findings with the general public.

Bank of America

Bank of America is one of the world’s leading 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 67 million consumer and small business clients with approximately 4,100 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 54 million verified digital users. Bank of America is a global leader in wealth management, 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 households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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Reporters may contact:

Melissa Anchan, Bank of America
Phone: 1.646.532.9241
melissa.anchan@bofa.com