Bank of America Hires 90 Small Business Bankers Across the Carolinas and Georgia

Bank of America today announced that it is hiring 90 small business bankers across North and South Carolina and Georgia to provide guidance and counsel to local small business owners. The additions are part of the company’s previously announced plan to hire 1,000 small business bankers across the nation by mid-2012.

Through a relationship with a Bank of America small business banker, clients will have 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 educate them on solutions to help with all facets of their operations including deposit, credit and cash management needs.

These new hires are in the following cities:

North Carolina

• Charlotte area – 12 hires
• Triangle area – eight hires
• Piedmont Triad – five hires

South Carolina

• Charleston area – four hires
• Columbia – three hires
• Greenville-Spartanburg – three hires

Georgia

• Metro Atlanta – 35 hires
• Augusta – two hires
• Savannah – two hires

According to the U.S. Small Business Administration, there are over one million small businesses in the Carolinas. In North Carolina alone, these businesses represent 98 percent of all employers and approximately 1.6 million employees. The Metro Atlanta Chamber of Commerce says there are 130,408 total businesses in Atlanta. Of these, 127,104 have fewer than 100 employees.

According to the U.S. Small Business Administration, businesses with fewer than 100 employees account for 54 percent of the total workforce in Atlanta, and two-thirds of the city’s job growth can be attributed to small business. Across the state of Georgia, there are 167,864 companies with fewer than 500 employees.

Bank of America continued to actively lend to small businesses across the U.S. in 2011, extending $6.4 billion in new originations to small businesses. This increased new credit to small businesses by 20 percent in 2011, enabling the bank to exceed its small business lending pledge to the White House and the SBA.

Bank of America is the leading bank supporting Community Development Financial Institutions (CDFIs), providing more than $200 million to finance small businesses that cannot qualify for traditional loans. The CDFI grant program, created in 2010 to unlock low-cost capital for small businesses, has allowed CDFIs to access more than $93 million, serving over 8,700 local businesses and helping to retain more than 13,000 jobs.