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Executive
Roundtable
As part of our special feature on small business banking,
Publisher Doug Forshey interviewed executives at leading
banks in Virginia to find out what they are seeing in
the small-business market.
Related
links:
- BB&T - Ray Barnes
-
SunTrust Bank - Kathy Meunier
-
Wachovia - John Eagan
Bank
of America
Jim
McAlister
Senior Vice President
Small Business Banking
“As
the number one SBA lender in America, Bank of America
Small Business Banking is one of the first to see trends
as they emerge. In addition, as a true “coast-to-coast”
bank we are seeing things in the market that the more
regional banks are not. One in five small businesses
in our footprint bank with us. So we understand what
affects a broad array of companies in all sectors of
the economy. Many of our small-business owners have
refinanced their long-term debt, taking advantage of
the historically low rates. This trend will enable small
businesses in Virginia to expand as our economy improves.
The recent federal tax plan included an additional $75,000
write-off provision providing more incentive to purchase
equipment in the second half of 2003.
“While
cash is king for a small business, so is time. We see
our small-business owners really focusing on ways to
improve their efficiency. They are looking for ways
to streamline their office operations, payables and
receivables. They also want to have one point of contact
to handle all of this.
“Bank
of America has responded to these needs by equipping
our small-business-client managers with the ability
to handle both the business and personal needs of the
small business owner — a “one-stop shop.”
Online banking for businesses is another trend that
is growing rapidly. Bank of America’s online banking
now has over 400,000 active users. Small-business owners
are getting more comfortable with technology solutions
and see the value in working smarter. They have families
to go home to.
“An
area of growth and commitment for Bank of America is
in SBA lending. In 2002, Bank of America was the number
one SBA lender nationally. In Virginia, the Small Business
Administration recognized Bank of America as the Outstanding
Lender. Through June of 2003, Bank of America in Virginia
is on track to double the number of SBA loans made versus
2002. Interestingly, the average loan size is only $28,000,
which demonstrates Bank of America’s commitment
to making credit available to small businesses, effectively
reflecting the mission of the Small Business Administration.”
Return
to Virginia Business - September 2003
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