Daily News: January 23, 2013

BofA Extends $8.7B New Credit to Small Businesses

As part of its commitment to small business, Bank of America announced that it has reached its goal of hiring more than 1,000 small business bankers nationally. In addition, Bank of America announced that it has extended nearly $8.7 billion in new credit to small businesses in 2012 – an increase of 28% over 2011. The bank’s combined new and renewal small business lending totaled nearly $20 billion.

“With the creation of the small business banker role, Bank of America responded directly to what our clients asked for – locally based small business experts who provide small businesses with the financial solutions necessary to sustain and grow their business,” said Robb Hilson, small business executive for Bank of America. “Making local expertise more accessible and enabling our clients’ growth through new credit are essential to how we help them succeed.”

“Our recent Small Business Owner Report shows that 69 percent of small business owners are reaching out to financial experts for help,” said Anna Colton, small business banker national sales executive for Bank of America. “Our approach is to get to know the business owner and their needs by investing time in developing a relationship with the small business. As a result, our bankers have met with more than 300,000 small business owners since the beginning of 2011.”

To read the Bank of America news release click here.