North American SMEs are leveraging innovation and digital finance to sustain growth in an increasingly competitive environment.
Regional Winner | Bank of America
Bank of America (BofA) serves about one in three small businesses in the United States, lending this group a total of roughly $7.4 billion in 2024. It also serves more than 20,000 midsize businesses. By the end of 2024, BofA had ranked as a top small-business lender for 14 consecutive quarters.
BoA offers US Small Business Administration loans and other financing options to its customers, including lines of credit, secured credit products, and other products. Relationship managers, working out of some of the bank’s roughly 3,700 branches, help deliver lending, trade, foreign exchange, and equipment financing solutions. Midsize businesses can also take advantage of the bank’s secured and unsecured loans and lines of credit. Additional financing offerings target those operating franchises; dental, medical, and veterinary practices; and other specific business types.
The bank offers a host of digital services and reports that roughly 86% of its customers are digitally active. The Business Advantage 360 platform provides a single dashboard that enables SMEs to view their account balance, track cash trends, categorize expenses, and integrate this information with their own accounting software. The platform lets SMEs view their credit scores. Mobile check deposits and digital cash transfer capabilities are also offered. Another app, CashPro, addresses the more complex needs of midsize businesses. It aids corporations in managing liquidity, optimizing supply chains, securing trade finance, and more.
To help businesses grow, the bank offers SMEs its online Center for Business Empowerment. The center provides information on strategy and planning, employee management, marketing, operations, and other relevant topics.
