Enabling financial health

Small business support

Whether you work for a small business or rely on one for the things you need, we all understand the critical role that startups and growing businesses play in our communities and our lives. That’s why we continue to partner with more than 3 million customers who are entrepreneurs and small business owners.

We highlight their stories of local lending and investing, personal ingenuity, and a passion to create and retain jobs and offer new products and services. Learn more.

Working with small businesses to drive communities forward

Bank of America continues to lend to small businesses across the U.S. In 2016, more than $11.6 billion in new credit was originated to small business owners, resulting in total small business lending of nearly $26.7 billion. Of the total amount, $16 billion, or nearly 60 percent, was extended to smaller businesses with less than $1 million in revenue or less than $5 million in revenue in low- and moderate-income (LMI) communities.1 2

As of the end of 2016, we have approximately 2,100 Small Business specialists to help bring our small business expertise closer to our clients in local markets and financial centers.

We continue to be a top lender in the U.S. SBA’s 504 Program, which provides small businesses with long-term, fixed-rate financing to foster community-based economic development—originating $278 million in new first- and second-trust deed loans with long-term, fixed-rate financing in fiscal year 2016.3 In addition, we offer SBA 7(a) and Express loans for clients, originating nearly $100 million in SBA 7(a) loan volume in fiscal year 2016.

As of 2016, we have more than 2.5 million active online and mobile banking users among small businesses who bank with us.

Beginning in 2012, we have produced a semiannual small business owner survey called the Bank of America Small Business Owner Report to provide research and insights for the small business community about the concerns, aspirations and perspectives of small business owners in the US. View infographic.

In 2015, we debuted an unsecured line of credit product to focus on the smaller end of the credit spectrum for small business owners.

As part of our commitment to small business, Bank of America works with local communities to promote business diversity and access to capital in a variety of ways. We support the growth of diverse businesses through our supplier relationships with minorities, individuals with disabilities, and businesses owned by veterans, women, and the LGBT community through our supplier diversity program.

For many of these reasons, in 2016, Greenwich Associates, the leading global provider of market intelligence to the financial services industry, named Bank of America as a Best Small Business Brand.

Merrill Lynch Financial Advisors work with small business owners to serve their retirement plan needs. Merrill Lynch Wealth Management’s Advisor Alliance™ platform gives businesses of different sizes access to affordable recordkeeping and retirement plan administration services. The Merrill Edge Small Business 401(k) enables small businesses to provide an important benefit to their employees.

1 Includes both new originations and renewals.
2 Internal Bank of America Small Business Data base a/o 02/23/2017
3 2015 ESG Report

Merrill Edge® is available through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), and consists of the Merrill Edge Advisory Center (investment guidance) and self-directed online investing.

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