Bank of America is pledging to purchase $10 billion in products and services from small, medium-sized and diverse businesses over the next five years to encourage job growth and new business incorporation.
“What businesses of all sizes are telling us they need most right now is more business,” said Brian Moynihan, Bank of America’s president and chief executive officer.
The bank says it uses small businesses for a variety of services, including advertising, cleaning, security and software. The company also urged other businesses to follow its example.
Lack of business was the top worry for small business owners in a recent survey by the National Federation of Independent Business. The NFIB praised Bank of America’s initiative.
“Bank of America’s commitment to increase spending with these businesses will go a long way to addressing that concern and helping those companies survive and thrive,” said Susan Eckerly, NFIB senior vice president.
Bank of America has also committed to a 10-year plan to lend $1.5 trillion to small businesses through community lenders across the country. In the program’s first year, the company
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