Bank adds additional employees to service small businesses

According to one statistic, more than 171,000 small businesses currently call Chicago home. Chicago mayor, Rahm Emanuel has made no secret of his desire to attract even more new small businesses to the city. Perhaps in part due to this mayoral push, Bank of America recently hired more than 30 bankers that will focus on small businesses. So far this year Bank of America has provided $292.1 million to small businesses located throughout the state

Small business in the Chicago area will likely welcome the addition as financing a business of this size is often one of the biggest issues. In addition to helping to set up financing, these bankers will also provide more personalized guidance to the businesses. Prior to making the addition, Bank of American conducted a study which determined that 29 percent of the small business owners in Chicago feel that they are savvy when it comes to finances.

The addition of the bankers could have far reaching positive effects for those who are not small business owners as well. This is because an increase in financing could potentially allow a business to expand through the addition of new employees, ultimately aiding the entire country's economy.

Small businesses owners who have been unable to secure funding via traditional loans are likely happy about another thing the bank is doing to help businesses of this size. It is providing more than $200 million to Community Development Financial Institutions. CDFI provides grants to these businesses and in the past has assisted over 9,000 Chicago businesses.

Source: examiner.com, "Bank of America hires more than 30 small business bankers in Chicago," Stacy Schilling, July 31, 2012

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