Bank of America 2006 Annual Report Download - page 23

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MARK J. HOGAN,
PRESIDENT, SMALL
BUSINESS BANKING
Our
Innovations
CEO LINDA DORN-CARTER
AND TREASURER LATOYA S.
CREIGHTON OF THE BUSINESS
COACH VISIT ONE OF THEIR
CLIENTS, TRILLIONAIRE, A LOS
ANGELES SPECIALIST IN
HIP-HOP-STYLE SHOES
AND ACCESSORIES.
E
■ Free online banking for small businesses with BillPay™
■ Integrated payroll, credit, payment and insurance
services with Business 24/7™
■ Fast access to credit with Business Credit Express™
Bank of America 2006 21
Serving Small Businesses
Brings Big Opportunities
Even as our economy becomes more global,
it is increasingly driven by neighborhood enter-
prises — shops, home-based businesses and
local wholesalers and manufacturers with
$2.5 million or less in annual revenue. These
“mass-market” small businesses are growing
three times faster than the number of U.S. house-
holds and generating three out of four new jobs.
With 75 percent of these enterprises in our
footprint — nearly 23 million in all — the bank
has brought the same integrated operating
model and focus on innovation to this market
that it has to its consumer business.
“We are No. 1 in deposit market share,”
said Small Business Banking President Mark
Hogan. “Our big growth opportunity lies in
providing business owners with easier access
to capital and credit and helping them simplify
management processes.”
In 2006, we introduced Business 24/7TM,
a suite of small business services, including
Business Credit ExpressTM, a card-based service
that helps qualified customers get credit easily,
as they need it. We also offer an online payroll
program, automated invoicing and bill payment,
and access to health-insurance providers
specializing in plans for small employers. And in
many markets, our small business specialists
bring the opportunities to the entrepreneurs.
■ Small businesses are growing three times
faster than the U.S. population.
■ 58 million people work for small firms.
■ 22.4 percent of small businesses in our
footprint are our customers.
The
Opportunity