Ask an Expert: Small businesses often seek big banks’ help
There is a perception out there I think, actually a misperception, that small businesses tend to bank at smaller banks. Actually, the vast majority of small business loans are done by big banks. That said, while small businesses do rely on big banks, one thing I think is less well known is that big banks equally rely on small business. We provide a significant portion of the loans they make. Since small business needs big banks and big banks need small business, and as I have done a fair share of work with large financial institutions and know they are committed to small business, I thought it would be a good idea to interview a banker and get their input as to the state of small business and small business lending today.
As such, I recently sat down with Robb Hilson, Small Business executive with Bank of America (a company I do some work with) to talk small business and big banks.
Q: Let’s start with the state of small business today. Of course the economy and jobs are on everyone’s mind. How are things from your perspective?
A: We recently conducted an in-depth survey on this very subject (“The Small Business Owners Report”) and the results were very encouraging. The survey looked at the responses of 1,000
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