Bank of America Maintains #1 SBA National Lender Status

October 31, 2006; 03:40 AM

Bank of America today announced that it has been named the top Small Business Administration (SBA) lender in the nation for the ninth consecutive year. Bank of America made a record 13,089 SBA 7(a) loans totaling $405,512,350 to entrepreneurs during the 2006 SBA fiscal year, which runs from October 1 to September 30.

The average Bank of America SBA loan amount was $30,981. Bank of America has strategically sought to keep its average loan size at a level that enables more small businesses to have access to capital.

"Bank of America's #1 SBA status is just one example of the bank's leadership in the small business arena," said Mark Hogan, president, Small Business Banking, Bank of America. "From our wide variety of funding options to our industry leading financial tools, our goal is to deliver the right financial solution no matter what a small business owner's challenge might be."

Representing 99.7 percent of all employer firms, small businesses play a critical role in fueling U.S. economic growth. According to the SBA, there are more than 24.7 million small businesses in the U.S., which collectively create more than 50 percent of the gross domestic product (GDP).

Bank of America does business with nearly one in every five small businesses in its footprint -- a number totaling close to 4 million, over 1.4 million of whom are active online customers, making Bank of America the largest small business bank in the country.

Earlier this year, Bank of America introduced the Business 24/7(TM) portfolio of products that makes it easier for small businesses to manage their day-to-day business needs. Through the Business 24/7 portfolio, small business owners can obtain the credit they need to manage their cash flow, process their payroll, pay their employees using direct deposit, pay and file taxes electronically, manage invoices, pay vendors online, and improve their money management processes.

About Bank of America

Bank of America (www.bankofamerica.com) is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 54 million consumer and small business relationships with more than 5,700 retail banking offices, nearly 17,000 ATMs and award-winning online banking with more than 19.8 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.