Business & Tech

BofA Beefs up Lending Staff

'Small business' lenders part of lending strategy for bank.

Bank of America today announced that it is hiring three small business bankers in the Greenville-Spartanburg area in a nationwide plan to hire more than 1,000 such bankers aimed at working with small businesses.

"Today, we’re proud to announce that small businesses in the Carolinas will have access to a new level of expertise to help them grow and thrive," said Steve Turner, Southeast region sales executive for Bank of America. "By working with one of our small business bankers, small businesses will have more resources to help them better manage their cash flow so they can run their businesses more efficiently."

BofA will hire 45 of the small business bankers in the Carolinas. The effort is part of the bank's effort to connect with small business owners who need specialized lending. Scott Kopp is one of the small business bankers who will be serving small businesses across this area, according to BofA spokeswoman.

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

There are over one million small businesses in the Carolinas, according to the U.S. Small Business Administration. In South Carolina, small businesses represent over 97 percent of all employers and employ nearly 50 percent of the private-sector workforce. The majority — 77.8 percent — of South Carolina’s small businesses have fewer than 20 employees.

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Bank of America in 2011 loaned $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 U.S. Small Business Administration.


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