Company Significantly Increased Lending to Small Businesses in 2019
On the first anniversary of the launch of Business Advantage 360, its one-stop digital dashboard for business owners, Bank of America today announced that it can now integrate data from key third-party business applications to provide a more complete financial picture for small businesses.
Complementing the existing offering, which provides a view of business cash flow and access to real-time expertise and guidance, Business Advantage 360 can now seamlessly integrate data into the dashboard from QuickBooks® Online1, RUN Powered by ADP®2, G Suite by Google Cloud, and Google Analytics3.
“One year after launching Business Advantage 360, we’re taking this solution to the next level to help our clients focus on the many other tasks that make their businesses successful,” said Sharon Miller, head of Small Business at Bank of America. “The insight and data integration upgrades create incredible convenience for entrepreneurs to manage their businesses’ complete financial picture.”
Since launching in February 2019, more than 1 million Bank of America business owner clients have engaged with the platform. Additionally, Business Advantage 360 received Aite Group’s 2019 Impact Innovation Award in Cash Management and Payments for Customer Experience for Small Businesses4.
“Business Advantage 360 has delivered an innovative and convenient solution for business owners to manage their cash flow,” said David Tyrie, head of advanced solutions and digital banking at Bank of America. “As we continue to cultivate strong client relationships through our high-tech capabilities combined with our high-touch approach, the integration of third-party applications provides an enhanced experience for business owners.”
Bank of America is committed to providing access to capital for the more than 30 million small business owners who fuel the nation’s jobs and economy. Bank of America originated $9.2 billion in new loans to small business clients in 2019, up 7 percent from 2018. According to the FDIC, Bank of America also maintained its position as the nation’s top small business lender at the end of the third quarter of 2019, with $37.6 billion in total outstanding small business loans (defined as business loans in original amounts of $1 million and under), up 8 percent year over year.
In addition to providing small business owners leading digital tools and access to capital to manage their businesses successfully, Bank of America provides its business clients rewards and solutions to grow their businesses through its Preferred Rewards for Business program. Preferred Rewards for Business members receive interest rate boosters on savings accounts, discounts on business loans, monthly maintenance fee waivers, and rewards bonuses on credit cards to supplement their everyday small business banking solutions.
4 Aite Group’s annual awards program, Impact Innovation Awards in Cash Management and Payments, recognizes innovation achieved by financial institutions that are introducing new products, capabilities, or levels of automation and effectiveness that bring the industry one step closer to next-generation banking. These are the financial institutions, regardless of size, that others will follow. The winners were selected by an 11-person panel that consisted of three Aite Group analysts and eight external judges. The identification of an Aite Group award winner or finalist is not an endorsement by Aite Group of any vendor, product, or service.
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 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,800 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 2,000 business centers; approximately 16,800 ATMs; and award winning digital banking with approximately 38 million active users, including approximately 29 million mobile 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 owners 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.
Reporters May Contact:
Don Vecchiarello, Bank of America