Bank of America Maintains Top Position as No. 1 Small Business Lender for 17th Consecutive Quarter

According to the FDIC’s quarterly data on U.S.-based business loan balances, Bank of America has sustained its leadership position in the small business lending space since the second quarter of 2021. The bank boasts total small business loan balances reaching an impressive $46.7 billion, reinforcing its role as a vital partner for nearly 4 million small business households nationwide.

*"As the number one small business lender, we are deeply committed to helping businesses and local communities thrive,"* stated Sharon Miller, president of Bank of America Business Banking. She emphasized the bank's mission to provide small businesses with opportunities and access to capital, crucial for managing risks, optimizing liquidity, and fostering growth throughout their developmental stages.

Recognizing that small businesses are the backbone of the U.S. economy, Bank of America is dedicated to addressing the unique challenges these enterprises face. The bank has established a network of local bankers who serve in over 200 communities across the country. These bankers provide business owners with a single point of contact, facilitating access to an extensive array of offerings, including credit, deposit, treasury products, merchant services, workplace benefits, and wealth management solutions.

As businesses evolve and expand, Bank of America is committed to providing the necessary expertise and innovative products to help them succeed. The bank's award-winning digital capabilities play a significant role in this process, ensuring that small businesses have the tools they need at their fingertips.

Bank of America’s dedication to small and medium-sized enterprises has not gone unnoticed. Recently, the bank was recognized as the "World's Best Bank for Small and Medium-Sized Enterprises" and for the 10th consecutive year as "North America's Best Bank for Small and Medium-Sized Enterprises" by Euromoney, further solidifying its reputation as a leader in this sector.

As one of the world's leading financial institutions, Bank of America serves a diverse clientele that includes individual consumers, small to middle-market businesses, and large corporations. The bank offers a comprehensive suite of banking, investing, asset management, and financial risk management products and services. With approximately 69 million consumer and small business clients, Bank of America operates around 3,700 retail financial centers and approximately 15,000 ATMs, complemented by award-winning digital banking services utilized by about 59 million verified digital users.

Bank of America's continued ranking as the top small business lender demonstrates its commitment to empowering local enterprises and fostering economic growth. As the bank reinforces its support for small businesses through tailored solutions and innovative offerings, it remains a pivotal player in the financial landscape, poised to assist clients at every stage of their journey.

For more insights and updates, visit the Bank of America newsroom.