Bank of America 2010 Annual Report Download - page 14

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From business checking and business
loans, to employee retirement planning,
to access to capital markets worldwide,
there’s nothing growing companies can’t
find through Bank of America. This gives
us a significant opportunity to deepen
relationships among the hundreds of
thousands of companies we already serve,
including small businesses, mid-sized
companies, and some of the largest multi-
national corporations in the world.
Business Advantage Checking Business Card Easy Online Payroll®
Even small businesses want big ideas, and no one can deliver like Bank of America.
We serve nearly four million small-business customers
— 12 percent of U.S. small
businesses
— more than any other bank. By supporting the unique needs of small
businesses, the backbone of the U.S. economy, we’re helping fuel economic stability
and job growth across our communities. Our commitment to small- and medium-sized
businesses is strong. In 2010, we extended $92 billion of credit to companies with
less than $50 million in revenues. We’ve also pledged to increase our own spending
with small- and medium-sized companies by $10 billion over the next five years, because
many small businesses told us their biggest challenge is not access to credit, but lack
of demand for their products and services. And we’ve funded grants and launched
partnerships with nonprofit lenders to help them deploy capital in underserved com-
munities. In the coming years, we intend to take our commitment even further, including
hiring more than 1,000 small business bankers. Based in communities across the
United States, these bankers will consult with small- business owners, spend time at
their offices and assess their companies’ deposit, credit and cash management needs.