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Bank of America Announces $10 Billion Supplier Spending Commitment for Small, Medium-Sized and Diverse Businesses |
Charlotte, NC, June 03, 2010 / -- Bank of America today announced a commitment to increase its spending with small, medium-sized and diverse businesses, pledging to purchase $10 billion in products and services from those companies over five years, with the spending amount expected to grow by an average of more than 5 percent each year.
"What businesses of all sizes are telling us they need most right now is more business," said Brian T. Moynihan, president and chief executive officer, Bank of America. "In addition to extending credit and providing technical assistance and a full range of banking services to our clients, we want to increase our support by purchasing more of their products and services, particularly from small, medium-sized and diverse businesses -- coast to coast and across a wide range of industries. We hope other large companies will do the same."
Small, medium-sized and diverse businesses provide the bank with a broad range of valuable services and products, including advertising, furniture, cleaning, courier service, home inspections, legal services, landscaping, maintenance, photography, security and software.
A recent survey by the National Federation of Independent Business, the nation's leading small business association, found that the No. 1 concern for small business owners is a lack of business. "Following the economic crisis, many small businesses remain challenged by a decline in demand for their products and services," said Susan Eckerly, NFIB senior vice president. "Bank of America's commitment to increase spending with these businesses will go a long way to addressing that concern and helping those companies survive and thrive."
Moynihan said, "Bank of America has long been recognized for its world-class supplier diversity program, helping grow companies owned by minorities, women, disabled people, veterans and service disabled veterans. We see an opportunity to expand on that mission by helping all small and medium-sized businesses create more jobs in this challenging economy. We also will continue our strong relationships with larger suppliers, encouraging them to use services from smaller companies as well."
As part of its commitment to small and medium-sized businesses, Bank of America announced earlier today that it has enhanced its Advisor Alliance(TM) retirement plan platform, which gives those businesses a unique combination of Merrill Lynch investment services and affordable recordkeeping and retirement plan administration services from preferred partners.
In addition, the bank recently announced its progress on a pledge to increase lending to small and medium-sized businesses by $5 billion in 2010. In the first quarter of this year, the bank loaned $19.4 billion to small and medium-sized businesses, which was nearly $3 billion more than during the same period last year. The bank loaned $81.4 billion to small and medium-sized businesses in 2009.
"We have worked hard to make every good loan we can, and we are pleased to expand our commitment to small, medium-sized and diverse companies by creating more demand for their products and services," said David Darnell, president of Global Commercial Banking. "Our clients are telling us that until they see sales pick up, they are reluctant to hire and invest in their businesses. Creating more business for small, medium-sized and diverse businesses must be a priority if we are to create more jobs, and we want to do our part to help."
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with more than 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock /quotes/comstock/13*!bac/quotes/nls/bac (BAC 15.77, -0.12, -0.76%) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed
SOURCE: Bank of America
| Reporters May Contact: Jefferson George | Bank of America | 1.980.683.4798 | jefferson.george@bankofamerica.com |
About DiversityBusiness.com
Launched in 1999, DiversityBusiness, with over 48,000 members, is the largest organization of diversity owned businesses throughout the United States that provide goods and services to Fortune 1000 companies, government agencies, and colleges and universities. DiversityBusiness provides research and data collection services for diversity including the "Top 50 Organizations for Multicultural Business Opportunities", "Top 500 Diversity Owned Companies in America", and others. Its research has been recognized and published by Forbes Magazine, Business Week and thousands of other print and internet publications. The site has gained national recognition and has won numerous awards for its content and design. DiversityBusiness reaches more diverse suppliers and communicates more information to them on a more frequent basis then all other organizations combined. We also communicate with mainstream businesses, government agencies and educational institutions with information related to diversity. Our magazine reaches over 300,000 readers, a monthly e-newsletter that reaches 2.4 million, and website visitors of 1.2 million a month. It is a leading provider of Supplier Diversity management tools and has the most widely distributed Diversity magazine in the United States. DiversityBusiness.com is produced by Computer Consulting Associates International Inc. (CCAii.com) of Southport, CT. Founded in 1980.
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