Bank of America today announced that it has hired 15 small business bankers throughout the state of Oregon to provide guidance to local small business owners. This includes eight hires in the Portland metro area. These additions are part of the company's previously announced plan to hire approximately 1,000 small business bankers nationwide.
"Now more than ever, small business owners are turning to their bank for more than just a checking account and a line of credit," said Craig Christenson, Small Business Banker manager for Oregon. "Business owners are looking to their banker as a dedicated resource who knows their business and can effectively navigate the unique and complex demands their company faces. These small business bankers will enable them to serve as this resource for clients across Oregon."
According to the U.S. Small Business Administration, there are 336,072 small businesses in Oregon. These businesses represent over 97 percent of all employers and employ over 56 percent of the state's private-sector workforce.
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 assess their deposit, credit and cash management needs.
"Craig Christenson has assembled an excellent team of small business bankers who have a tremendous breadth of knowledge about the needs of small businesses here in Oregon," said Roger Hinshaw, Bank of America Oregon and southwest Washington president. "These new bankers will bring the full capabilities of Bank of America to help small business owners grow their businesses and achieve their financial goals."
Bank of America has continued to actively lend to small businesses across Oregon. In the first quarter of 2012, Bank of America extended $47.6 million to small businesses across the state, a 19 percent increase over the same period in 2011. This includes $28.8 million in new originations, which has helped enable Bank of America to exceed its national small business lending pledge to the White House and the SBA.
Bank of America is also the leading bank supporting Community Development Financial Institutions (CDFIs), providing more than $200 million to finance small businesses that cannot qualify for traditional loans. The CDFI grant program, created in 2010 to unlock low-cost Federal micro-capital for small businesses, has allowed CDFIs to access more than $102 million from the SBA and USDA, serving over 9,000 local businesses and helping to retain more than 14,000 jobs.
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 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 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 through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
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www.bankofamerica.com
Contacts:
Reporters May Contact:
Britney Sheehan, Bank of America,
1.206.358.7563
britney.w.sheehan@bankofamerica.com
