Sharon Miller is the head of Small Business at Bank of America and is a member of the company’s Management Operating Committee.
Her team is responsible for providing more than 12 million+ business owner clients a full range of financial products and services through Bank of America’s network of approximately 4,300+ financial centers, 16,600 ATMs, and an award-winning digital banking platform.
Miller’s team delivers advice and guidance on cash management, business financing, personal lending, investments, and retirement to business owners in local markets throughout the United States.
Bank of America 2020 Small Business Owner Report
Business Owners Remain Flexible and Resilient:
- 85% of businesses stayed open in some capacity amid shutdowns
- Of entrepreneurs whose businesses remained open, 78% say their day-to-day operations were impacted
- 24% of business owners retooled operations to address the impact of the pandemic
Cash Flow and Access to Capital Remains Crucial:
- 42% of business owners applied for at least one type of loan to address the impact of coronavirus, including:
- 34% applied for a Paycheck Protection Program loan,
- 16% applied for an Economic Injury Disaster Loan, and/or
- 5% applied for a traditional bank loan
Guarded Business and Economic Outlook:
- Entrepreneurs are significantly less confident in the economy. Optimism has declined to levels not seen since 2016, while revenue expectations and hiring plans for the year ahead are at record lows since 2012 and 2013, respectively. Over the next 12 months…
- 37% predict the national economy will improve
- 34% anticipate their revenue will increase
- 13% of entrepreneurs plan to hire, while 70% plan to keep staffing levels stable.
Top economic concerns for business owners in the year ahead are the political environment (78%), the impact of coronavirus (75%), health care costs (62%) and consumer spending (56%)
