Bank of America hires more small business specialists

3/30/2011

In an effort to better serve its small business clients, Bank of America recently hired more than 100 small business specialists, Zacks Investment Research reports.

This move is a part of the national bank's larger effort to hire more than 1,000 small business bankers across the country this year. Right now, Bank of America is focusing on key markets, such as Los Angeles, Dallas and the Baltimore-Washington, D.C., area, however, the company plans to extend the effort nationally soon.

"Small business owners often face unique and complex financial demands. Hence, these demands require customized guidance and attention from a small business banker who can understand their unique needs," explains the source. "Therefore, [Bank of America] is hiring small business bankers in order to tap the huge demand for personalized help in the region."

This bodes well for small businesses that are having trouble acquiring commercial loans. As a recent Office Depot survey reported, acquiring necessary funding was seen as the top challenge by 70 percent of business owners.