A BofA Business Banking progress report.

PHOENIX--(BUSINESS WIRE)--May 13, 1997--Bank of America recognizes Small Business Month by focusing more closely on its Business Banking activities in Arizona all during May.

The bank announced earlier this week that it is ahead of schedule to meet the $10.6 billion, three-year small business lending commitment it made a year ago. Between April 1, 1996 and March 31, 1997, BofA made $6.6 billion in small business loans in 10 western states, taking it almost two-thirds of the way to goal.

During that same period, the bank loaned over $327 million to Arizona businesses, successfully a third of the way toward its three-year, $1 billion commitment here.

"We're very excited about our progress," explained Dan Stewart, senior vice president and Business Banking manager. "We've listened to our customers about what they need from their bank and have responded in a number of ways to simplify their business banking and make it easier for them to get credit. In turn, their response has been phenomenal."

Since the beginning of 1996, BofA has continued to roll out a variety of new Business Banking products and product enhancements. Earlier this year, the bank introduced a simple, one-page application for its Advantage Business Credit (ABC) loans and credit lines from $2,500 to $100,000, designed to save customers time and make the borrowing process as painless as possible.

Next, the bank launched a new telephone application service for small business loans and credit lines up to $100,000, which, again, answers the business owner's need for ease and convenience: no financial statements or tax returns are required to apply.

So now, small business owners in the 10 western states BofA serves can call a toll-free number, 1-888/BUSINESS (1-888/287-4637), to apply for up to three credit products right over the phone, seven days a week. Products include Advantage Business Credit(R) (ABC) loans and credit lines up to $50,000, as well as Bank of America VISA(R) Business Cards.

As a result of these customer-driven enhancements, Bank of America has seen the popularity of its ABC loans and lines begin to skyrocket.

The bank has also just introduced the Business Maximizer(R) account, a flexible new credit product also designed to make borrowing easier for small business owners, as well as help them optimize their cash flow. Business Maximizer is a credit line and up to three loans, all in one package.

First, it's a revolving line of credit from $100,000 to $250,000, which can provide short-term financing for business owners to purchase inventory, finance receivables and manage cash flow.

Secondly, when the business owners find they need long-term financing for a fixed asset purchase or for permanent working capital, they can set up a fixed-rate loan with pre-approved funds from the existing credit line. Businesses can have up to three term loans at any time. As the loan balances are repaid, the line of credit is replenished.

With Business Maximizer, only one application is necessary for both short- and long-term financing. Credit lines carry 12-month terms and are renewable annually. Loans carry terms of up to five years.

On the entrepreneurial side of things, Bank of America, in partnership with the City of Phoenix for the fourth consecutive year, sponsored The Enterprise Breakfast and Small Business Trade Fair at Phoenix Civic Plaza on May 8. A record 900-plus small business owners, as well as corporate, community and civic leaders, attended this year's program themed, "Achieve New Heights."

This full-day event is both a salute to the small business community and a unique opportunity for businessmen and women to network, get motivated, secure business leads and learn about expansion and financing possibilities.

Lastly, throughout Small Business Month, BofA is featuring several special promotions dedicated to the needs of small business. For instance, businesses can receive a 50 percent discount on set-up fees for ABC loans and lines of credit. In addition, Business Banking customers can take advantage of money-saving offers on payroll processing services and merchant services electronic processing.

Small business -- that is, companies with annual sales of less than $10 million -- comprise 98 percent of all businesses in the United States and contribute more than half the nation's jobs.

Bank of America is one of the nation's leading small business banks, offering clients a complete range of financial products and services designed to make their business banking easier, as well as the convenience to do all their baking when, where and how they want. BankAmerica Corp. is the third largest bank-holding company in the United States with assets of nearly $250 billion.

CONTACT: Bank of America, Phoenix

Dawn Donohoe, 602/594-2915