CHARLOTTE, N.C., Oct. 29 /PRNewswire/ -- Bank of America today announced that it has been named the top Small Business Administration (SBA) lender in the nation for the tenth consecutive year. Bank of America made 10,878 SBA 7(a) loans with an average amount of $30,863 and totaling $335,728,500 to entrepreneurs during the 2007 SBA fiscal year, which runs from October 1, 2006 to September 30, 2007.
"Bank of America''s #1 SBA status is just one example of our leadership position within the small business arena, highlighting the bank''s commitment to help support the success of our small business customers," said Mark Hogan, president, Small Business Banking, Bank of America. "With our scale and depth of resources, Bank of America offers small business owners unparalleled access to solutions to help run their businesses smoother, more profitably and with greater access to a wider business network."
Representing 99.7 percent of all employer firms, small businesses play a critical role in fueling U.S. economic growth. According to the SBA, small businesses employ nearly half of all private sector employees, pay more than 45 percent of total private payroll and create more than 50 percent of the gross domestic product (GDP).
Bank of America has relationships with nearly one in every four small businesses in its footprint - a number totaling more than 4.5 million, over 1.8 million of whom are active online customers, making Bank of America the largest small business bank in the country.
Last year, Bank of America introduced the Business 24/7(TM) portfolio of products that makes it easier for small businesses to manage their day-to-day business needs. Through the Business 24/7 portfolio, small business owners can obtain the credit they need to manage their cash flow, process their payroll, pay their employees using direct deposit, pay and file taxes electronically, manage invoices, pay vendors online, and improve their money management processes. Early this month, Bank of America unveiled the Small Business Online Community, a free and open forum available to all small business owners where users can network, share, learn and exchange business ideas with their peers and industry experts.
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 more than 57 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 ATMs and award-winning online banking with more than 23 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 99 percent of the U.S. Fortune 500
companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC - News) is listed on the New York Stock Exchange.
Source: Bank of America