2004 Annual Report: Portrait of a Bank: Portrait of a Small Business Bank

Small business owners want to work with bankers who provide a one-stop shop for a broad range of financial services and who also understand their challenges well enough to help them plan and make critical decisions.

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.