Promoting small business health

Small businesses create jobs and anchor our communities. With our targeted products and personalized service, we do everything we can to help small business owners grow and realize their dreams.

Millions of small business owners in the U.S. run their companies with our banking, credit and cash management services. They can access thousands of specialists on our team in person as well as via phone, video and chat. Our specialists get to know the owners personally to help them meet their current and future needs.

Across the small business sector, we lead the country in extending credit and investing in growth. We’re the nation’s largest small business lender and also the largest investor in Community Development Financial Institutions (CDFIs) that help startups in low- to moderate-income areas. And, we offer digital Center for Business Empowerment and a step-by-step guide to help those looking to start a new business.

Dr. Josh Sanabria with a puppy

Pursuing and enabling the dreams of entrepreneurs

Entrepreneurs enhance the character of cities and towns across our country. Take the founder behind Isla Veterinary Boutique Hospital. Dr. Josh Sanabria started his own veterinary hospital in Dallas, Texas – and we've supported his endeavors from day one.

Owner Josh is just one of the three million small business owners that we work with every year, helping them realize their potential.

Timely support

Since early 2020, we’ve come together across the company to help each other, our clients and our communities through a health and humanitarian crisis. In particular, we have stepped up to provide financial relief to clients in need, including through the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).

We were the first major bank to begin accepting PPP applications in early April. To achieve that, we redeployed and trained thousands of teammates and developed new technology—all in a matter of weeks. We asked our Market Presidents to be front-and-center in working with public officials and clients, helping them understand our ongoing commitment to supporting small businesses.

Through all of this hard work, we have helped more than 343,000 small business clients – in every industry, in every market – receive PPP loans. Bank of America has been reported by the SBA to be the largest PPP provider in the U.S. by number of approved loans, and we have delivered more than $25 billion in PPP loan funds to small businesses in need.

People talking and sitting with their laptops

Investing in minority- and women-led funds

We invest equity in minority- and women-led funds which, in turn, invest in diverse entrepreneurs to grow their businesses and drive economic opportunity in their communities.
Man working in store

Our CDFI partnerships - Bank of America

In all 50 states and the District of Columbia, we partner with community development financial institutions (CDFIs) to fund projects that strengthen families, businesses and entire communities in underserved areas.

CDFIs: promoting small businesses and economic development

As the largest investor in community development financial institutions, we're supporting local economies.
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