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2003 Annual Report: Raising the Bar for Small Business


2,000,000 customers make Bank of America the nation's number-one small business bank

Bank of America's small business experts have cut the time needed to process a Small Business Administration (SBA)-backed loan by nearly two-thirds while more than doubling the number of loans originated. Our performance 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 number-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 support. 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.
Call Centers Offer Expert Help
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 associates receive specialized training to deal directly with the wide range of inquiries generated by small business owners.
Highlights << Previous | Page 1 of 3 | Next >>
  • 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.
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