Bank of America Maintains Top Ranking in Small Business Lending
Bank of America has proudly secured the title of the leading small business lender in the United States for the 17th consecutive quarter, as reported by the Federal Deposit Insurance Corporation (FDIC). This accomplishment reflects the company's steadfast commitment to supporting small enterprises. The FDIC regularly publishes data on U.S. business loan balances, focusing on original loan amounts of up to $1 million. Bank of America has excelled in this sector for over four years, achieving a remarkable total of $46.7 billion in small business loan balances.
Driving Small Business Success
Sharon Miller, president of Bank of America Business Banking, emphasizes the importance of small businesses, stating, "As the number one small business lender, we are deeply committed to helping businesses and local communities thrive. Whether you operate locally or nationally, we're in your corner and on your corner, providing small businesses with opportunities and access to capital, managing risk, and optimizing liquidity to foster growth at every stage of their journey." This statement underlines Bank of America's dedication to not just lending but actively participating in the success of small businesses.
The Backbone of the Economy
Small businesses represent a critical component of the U.S. economy. Serving nearly 4 million small business households nationwide, Bank of America understands that these clients encounter unique challenges. The bank provides tailored advice and solutions to meet the diverse needs of small business owners.
With a dedicated network of local bankers situated in more than 200 communities across the United States, Bank of America offers a personalized banking experience. These bankers serve as a single point of contact for business owners, connecting them to a comprehensive suite of financial services, including credit products, treasury solutions, merchant services, workplace benefits, and wealth management strategies.
Global Recognition for Excellence
Bank of America’s efforts in bolstering small businesses have not gone unnoticed. The institution was recently honored as the "World's Best Bank for Small and Medium-Sized Enterprises" and recognized as "North America's Best Bank for Small and Medium-Sized Enterprises" by Euromoney for the tenth consecutive year.
About Bank of America
Bank of America stands as one of the premier financial institutions globally, servicing individual consumers, small and middle-market businesses, and large corporations with a comprehensive range of banking, investing, asset management, and risk management products. The institution is deeply involved in serving approximately 69 million clients across the U.S., supported by a robust network of about 3,700 retail financial centers and 15,000 ATMs. With nearly 59 million verified digital users, Bank of America has revolutionized digital banking, making services accessible and convenient.
The company is a leader in wealth management, corporate and investment banking, operating across a spectrum of asset classes to serve corporations, governments, institutions, and individuals worldwide. Moreover, with a focus on small businesses, Bank of America provides around 4 million households with innovative and user-friendly online banking solutions.
Contact Information
Inquiries can be directed to Don Vecchiarello at Bank of America. You can reach him via phone at 1.980.387.4899.
Frequently Asked Questions
What ranking has Bank of America achieved in small business lending?
Bank of America is ranked the number one small business lender in the U.S. for the 17th consecutive quarter.
How much in total small business loan balances does Bank of America hold?
The total small business loan balances for Bank of America amount to $46.7 billion.
What kind of support does Bank of America provide to small businesses?
Bank of America offers financial services, advice, and solutions that cater to the unique needs of small businesses, including capital access and risk management.
How many small business households does Bank of America serve?
Bank of America serves nearly 4 million small business households across the nation.
What are some recognitions that Bank of America has received?
Bank of America has been recognized as the "World's Best Bank for Small and Medium-Sized Enterprises" and designated as "North America's Best Bank " for the tenth consecutive time.
