Bank of America 2004 Annual Report Download - page 17

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’02 ’03 ’04
4,251
9,263
11,758*
ITH NEARLY 6,000 BANKING CENTERS, BANK OF AMERICA IS LITERALLY A NEIGHBOR TO MILLIONS
of small businesses—the storefront boutiques, machine shops and corner grocery stores that provide basic services,
create jobs and contribute diversity and personality to communities across America.
Bank of America is the leading small business bank in the diverse urban markets where smaller firms drive the
economy, grow two to three times faster than business overall, and create breakthrough opportunities for newcomers
to the United States. One in four U.S. consumers is a small business owner. This represents both a tremendous
opportunity and responsibility for Bank of America to provide a broad range of business services through banking
centers, online and telephone channels, and a new segment, Business Banking, where client managers can respond to
even the most complex financial needs.
These customers rely on our night drops, merchant tellers and face-to-face services on a daily basis. Many use
personal credit cards and home equity lines to manage operating expenses. In addition, small business specialists in many
banking centers and business bankers are trained to connect with capabilities anywhere in Bank of America to provide
credit, deposit, transaction and investment services; credit and debit card services; cash management; payroll services—
even employee benefit plans.
Small business specialists and business bankers are able to provide guidance for every stage in the life of a
small business, along with the capital to fuel growth. They can help arrange retirement and succession planning when
a mature business needs to change ownership. Additional services are available by phone from our specialized small
business call center and online through our small business Web site, which was ranked best in overall quality and ease
of use for three straight years by Gomez, Inc., a leading firm in tracking Internet performance.
Through our relationship approach, we also meet the personal needs of business owners, their families and
employees. Business owners can leverage their personal and company banking relationships to get favorable pricing.
In 2004, for the third consecutive year, Bank of America was the nation’s leading Small Business Administration
(SBA) lender, providing more SBA loans to minority and nonminority borrowers than any other lender by a significant
margin. Through our banking centers, we serve neighborhood firms of varying size and complexity, but most impor-
tant, we consider no business too small for our services. In 2004, our customers’ small business loans ranged from
several thousand to tens of millions of dollars, and our average loan size was around $30,000.
Portrait of a Small Business Bank
Entrepreneurs choose Bank of America
for experience, skill and attention to their needs.
16 BANK OF AMERICA 2004
(Number of loans)
*includes Fleet
SBA Loan Growth
W