North America’s best bank for SMEs 2021: Bank of America
For small and medium-sized enterprises the year of Covid presented the same challenges as it did to their bigger corporate cousins, only the scale was different. Sometimes they needed help to survive; at other times they need help to thrive.
Either way, with small cash balances, small credit lines and small operational teams, they needed help. In North America it was once again Bank of America that was best able to give that help and it is the region’s best bank for SMEs.
“The year was particularly challenging for SME clients,” says Raul Anaya, president of business banking. “In business banking alone, we facilitated PPP loans for nearly half of our clients, giving them the support they needed in a difficult time.”
Bank of America has funded more than 485,000 PPP loans, with 83% of those going to businesses with no more than 10 staff.
SMEs are a client segment where Bank of America’s digital offerings are also increasingly important.