Bank of America Extends Nearly $11 Billion in New Credit to Small Businesses in 2013
Announces Plans to Hire More Than 200 Additional Small Business Bankers in 2014
Bank of America announced today that it extended $10.7 billion in new loans to small businesses in 2013 – a 24 percent increase over 2012. In addition, the bank has seen new monthly small business originations increase year-over-year for 36 consecutive months. In 2013, the bank’s combined new and renewal small business lending totaled more than $23 billion.
“We are very pleased that for the third consecutive year, we have increased our new lending to small businesses by more than 20 percent,” said Robb Hilson, Bank of America Small Business executive. “Our continued loan growth shows the commitment Bank of America has to working with small business owners and helping them grow their businesses.”
In keeping with its commitment to provide high-quality support and more personalized attention to small business owners across the country, Bank of America also announced plans to expand its small business presence by hiring more than 200 new small business bankers in key markets throughout the nation in 2014. Bank of America significantly increased its small business presence beginning in late 2010 by hiring 1,000 small business bankers. It will continue to expand this presence throughout 2014.
“Our most recent Small Business Owner Report indicates that small business owners who meet with their banker at least three times a year are more optimistic they will increase revenue over the next 12 months,” said Anna Colton, Small Business Banker National Sales executive, Bank of America. “Hiring 200 additional small business bankers this year will help us enhance personal connections, provide more local expertise and continue to support the needs of small business owners throughout the country.”
Bank of America has a nationwide network of banking centers and professionals that are committed to its more than 3 million small business clients and their local communities. The personal connection of small business bankers, client managers and practice solutions specialists contribute to the success of small businesses and their communities by making expertise more accessible. The resources of Bank of America help small business owners succeed by offering convenient interactions and comprehensive banking, credit and investing solutions. Bank of America is among 13 banks that pledged to the White House and the SBA to increase new small business lending by a total of $20 billion through 2013. The bank exceeded its portion of the commitment goal by more than $6 billion.
Bank of America is the largest investor in community development financial institutions (CDFIs), which extend low-cost capital to small businesses that may not qualify for traditional loans. The bank’s $12 million CDFI loan program, created in 2010 to provide low-cost Federal micro-capital to small businesses, has allowed CDFIs to access more than $121 million, serving over 10,000 local businesses and helping to create and retain more than 16,000 jobs.
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 50 million consumer and small business relationships with approximately 5,100 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users and more than 14 million mobile 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 listed on the New York Stock Exchange.
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Reporters May Contact:
Don Vecchiarello, Bank of America, 1.980.387.4899