BofA has included 30 more small business bankers in its already existing list to provide guidance to small businesses in Greater Chicago area. The additions are a part of the bank’s commitment to hire 1,000 small business bankers throughout U.S.
Small business owners seek personalized guidance from banking relationship and this effort of hiring new bankers is to make things really happen. As new bankers are hired, they would be interacting with small business owners in Chicago. By doing so, they will be able to understand their cash flow needs better. Then what will happen is small business entrepreneurs will be able to find products and services that are most required by their business.
Chicago small businesses are found to be self-sufficient according to a study of 29 percent small businesses operating in Chicago. But they may still have financial vacuum and other loopholes. To fill in this gap, small business bankers are inducted by BofA so that local entrepreneurs can find a dedicated resource and expertise to solve the problems of their business.
Bank of America has been instrumental in making loans to small businesses. It actively offered grants to small enterprises ranging to $292.1 million during first half of 2012. The landed sum includes $115.2 million and it is because of this granted amount the BofA could meet the small business lending pledge that it made to White House and SBA.
Bank of America also supports CDFIs for which it made $200 million available so as to finance small businesses to qualify for loan grants. Also, ‘2011 SBA Report’ has found that there are over 171,000 small businesses operational in Chicago. The residents working for businesses count to 3.6 million in Chicago.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org