berry - Bank of America hires 75+ Small Business Bankers

As part of its plan to hire over 1,000 new small business bankers across the nation, Bank of America? hired more than 75 small business bankers in the mid-Atlantic area, including Baltimore, Washington, D.C., Philadelphia and southern New Jersey.

The Baltimore-Washington, D.C. area was among the first three markets to begin hiring, along with Dallas and the greater Los Angeles area.

In Washington, D.C. alone, there are 14,664 firms with fewer than 100 employees, representing 87 percent of the district?s employer-based firms, according to the U.S. Census Bureau. These small business owners are often faced with unique and complex financial demands that require personalized guidance from a small business banker who understands a business owner?s unique needs.

Through a relationship with a Bank of America small business banker, customers will have convenient access to local small business expertise and a dedicated resource who knows their business. Small business bankers will consult with small business owners at their place of business and assess their companies? deposit, credit and cash management needs.

To lead the hiring and management of the effort, Bank of America has named Raj Kochhar as Small Business Banker region executive for the Northeast. In this newly created role, Kochhar will oversee the small business banker sales force across the area.

As a part of its ongoing commitment to small business, Bank of America extended $18 billion of credit to small businesses in 2010, up from $16.5 billion in 2009. As the nation?s largest investor in Community Development Financial Institutions, Bank of America last August began awarding $10 million in grants to nonprofit lenders for use as loan loss reserves required to access federal microlending capital. As of March 31, 2011, 96 grants totaling more than $6.4 million have gone to nonprofit lenders who have used the funds to access over eight times that amount, $53 million, in microloan capital, enabling them to make more than 3,000 microloans to small businesses and start-ups, helping to retain or create more than 7,000 jobs in local communities across the nation.

As of June 2010, Bank of America has also increased its spending with small, medium-sized and diverse businesses through a commitment to purchase $10 billion in products and services from those suppliers over five years. In 2010, Bank of America has already spent $4.1 billion with small, medium-sized and diverse businesses, tracking ahead of schedule to meet its goal.

Other efforts to help small businesses include recent improvements to the bank?s two million small business credit card accounts, such as no penalty rate increases on existing balances, and enhancements to the Advisor AllianceTM retirement plan platform, which serves more than 900,000 people from more than 40,000 businesses. Advisor Alliance combines Merrill Lynch investment and advisory services with a choice of diverse, committed partners to provide competitive recordkeeping and plan administration services for businesses? retirement plan needs.

Source: http://dcsmallbiz.com/dmv/bank-of-america-hires-75-small-business-bankers/

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Source: http://edura.livejournal.com/13067.html

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