North America's best bank for SMEs 2020: Bank of America
Awards for Excellence 2020
There’s practically nothing that a North American small to medium-sized enterprise might want to do that Bank of America won’t be able to help with. Its strategy, built around six service areas, has been enduringly constant for five years, and it again wins the award for North America’s best bank for SMEs.
It encompasses treasury, credit lending, international subsidiaries, investment banking, financial benefits for employees and the simpler end of the spectrum, covering risk management through derivatives on interest rates and foreign exchange.
“We have terrific capabilities in each of those six areas, but what makes us a compelling provider is that we are also local – we are in your city,” says Alastair Borthwick, Bank of America’s global head of commercial banking.
The year under review saw more enhancements to BofA’s market-leading CashPro platform, but one development specifically designed for small companies was the introduction of Working Capital Manager for companies with sales of $5 million to $10 million.
Ather Williams, head of business banking, sums up its genesis: “How do you bundle credit and treasury in a simple way for a $10 million company that has aspirations to be a $20 million company but can’t handle all the billing platforms, multiple credit addendums and all the paperwork?
“How do you simplify it, like in the consumer world? The answer we came up with was Working Capital Manager.”