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 is 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 2018, $8.6 billion in new credit was originated to small business owners, resulting in total small business lending of $34.7 billion. Of the total amount, over $15 billion 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 2018, we have approximately 2,300 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—with more than $275 million in combined 504 and 7(a) loan volume in 2018.

Additionally, we invested $1.5 billion in 260 community development financial institutions to finance affordable housing, small businesses and economic development.

As of February 2019, more than 1.6 million small business clients are active users of the Bank of America mobile banking app, an increase of 23 percent since July 2017.

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 U.S. View infographic.

With loan amounts as low as $10,000, our Business Advantage Line of Credit and Term Loan products 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. Through strategic collaborations, we include diverse suppliers in our procurement practices, resulting in nearly $2 billion spent during 2018 to support diverse-owned businesses.

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

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.

Commercial banking activities are performed by banking affiliates, including Bank of America, N.A. Securities, strategic advisory and other investment banking activities are performed by investment banking affiliates, including, Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Includes both new originations and renewals.

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