Bank of America 2002 Annual Report Download - page 20

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By providing the best products, unbeatable convenience, superior service and world-class value
and financial advice, we’re becoming the small business bank of America.
Half our clients are in the key growth states of California and Florida, where we also enjoy the
leading overall banking market share. More than 20% of our small business relationships are with
minority or women owners. Small Business net income grew by an impressive 18% in 2002, and
deposits increased by nearly 7%.
Our company’s diverse business mix enables us to bring a wider array of products and services to
small business owners than many of our competitors. For example, small businesses increasingly need
treasury management and merchant services, as well as retirement planning. We bring the same
expertise to small businesses as we do to many of the nation’s commercial and corporate companies,
for whom we are a leading provider of financial services.
In 2002, we introduced Business Advantage, one of the most comprehensive and competitive value
packages in the market. It’s a preferred pricing and service account that rewards small business owners
for deepening their relationships with us. Unlike other providers’ products, Business Advantage gives
owners the ability to tailor products and services to their specific needs so they don’t have to pay for
a one-size-fits-all account.
Convenience also separates Bank of America from others serving small businesses. Our customers
have access to more than 4,200 banking centers, a corps of nearly 900 Small Business Banking client
managers and sales associates, business lending centers, call centers, and Merchant Card and
Treasury Management sales officers. Add more than 13,000 ATMs and award-winning Online Banking
with Bill Pay, and we provide the 24/7 access that small business owners require. More than 375,000
of our small business clients are active users of our online service, recently named the No. 1 small
business Web site by Gomez, an Internet publication.
A small business client said it best when he summed up his experience with Bank of America as
a “unique, small-town atmosphere with big-time benefits.”
18 BANK OF AMERICA 2002
Small business is big business at Bank of America. We have the deepest small business penetration
of any single banking institution in the nation. Two million small businesses — one in every five — bank
with us. By doubling our Small Business Administration loan originations to nearly 4,000, we became
the country’s No. 1 SBA lender for 2002 and the top SBA lender to minority business owners.