Bank of America 2003 Annual Report Download - page 10

Raising the Bar for Small Business
2,000,000
Bank of America’s small busi-
ness experts have cut the
time needed to process a
Small Business Administra-
tion (SBA)–backed loan by nearly two-
thirds while more than doubling the
number of loans originated. Our per-
formance in 2003 capped a two-year
effort that reduced wait time 59%,
from 61 days to 25, and quadrupled the
number of SBA loans.
To retain our number-one national
ranking in SBA lending for the second
straight year, Bank of America
increased the use of Six Sigma tools
and practices to streamline the end-
to-end loan process. In addition to
being the national leader, Bank of
America was named the number-one
SBA lender in 26 of the 35 SBA
districts in our franchise and the num-
ber-one SBA lender for minorities.
At just over $34,000, our average
SBA loan size was among the smallest
of any bank’s, allowing us to offer
more small businesses financial sup-
port. SBA loans play a key role in
helping businesses to get started and
keep growing. Bank of America also
provides a wide variety of financing
opportunities for small businesses,
from conventional loans to credit card
financing. Maintaining leadership in
originating such loans attracts new
and expanding businesses and helps
us maintain our position as America’s
number-one small business bank.
Our dramatic improvement in the
way we process government-backed
loans is an example of the bank’s over-
all effort to save time and increase
services for our 2 million small busi-
ness customers. As unique as each
small businesses is, research has
shown that they do share similarities:
limited staffs, a lack of time, a need for
access to financing and a strong desire
to receive the same specialized services
available to larger businesses.
Responding to the hectic schedules
of small business owners, we’ve made
it possible for our customers to access
the best advice possible at their con-
venience. Depending on their relation-
ships with us, customers can access
financial solutions through dedicated
client managers who understand their
business in depth, world-class call
centers, specially trained associates in
our banking centers, or the number-
one-ranked online banking Web site
for small business.
The success of our efforts to attract
new small business customers is also
underscored by 2003’s fivefold increase
in net new business checking accounts.
In addition, more than 100,000 new
businesses signed up for one of seven
different business credit cards, some
of which provide added value to busi-
ness owners in the form of discounts,
frequent flier miles and other benefits.
Nearly 500,000 small
business owners now turn
to www.bankofamerica.com/
smallbusiness—more than
any other financial institution.
For the second year in
a row, in 2003, Bank of
America was named the
number-one Web site for
single-owner, home-operated
and micro-sized businesses
by Gomez, Inc., a leader
in monitoring performance
on the Internet. “Bank of
America did not rest on its
laurels,” the Gomez report
said, citing “more robust
imaging” of checks, deposit
slips and statements, among
other enhancements.
Additionally, small business
owners can use the bank’s
innovative Online Resource
Center to learn about
starting or growing a
business, securing and
managing financing and
finding the right account
to fit their needs. The
center also features a
special section to help
business owners protect
themselves against fraud.
BANK OF AMERICA 2003 17
Call Centers Offer
Expert Help
In 2003, Bank of
America small business
call centers handled
3.2 million customer
inquiries. More than
90% of these customers
reported that they were
highly satisfied with
the service they received.
Bank of America call
centers offer extended
hours six days a week,
and call center associ-
ates receive specialized
training to deal directly
with the wide range of
inquiries generated by
small business owners.
customers make Bank of America the
nation’s number-one small business bank
The Best in the Business
■We are maintaining our position as America’s number-one small business bank.
■SBA loans doubled in 2003 and net new small business checking accounts increased fivefold.
■More than 90% of our small business customers say they are “highly satisfied” with our call center service.
Highlights