Small fortunes: Sharon Miller & Raul Anaya

Mid-size companies may not always make headlines, but they are the backbone of American business. This pillar of the United States economy represents nearly half of the nation’s GDP, with trillions generated each year.

Small and medium-size enterprises (SMEs) are also the biggest employers in the country. The United States Chamber of Commerce reports that over 45 percent of Americans work for a small business. Their ownership is diverse; over 40 percent of small business owners are women and four-in-10 small business owners were born outside of the United States.

With so much on the line, support for these businesses matters. One of the greatest champions of the American SME business is Bank of America (BofA). Its Business Banking line, one of eight specialized financial services offered by BofA, is dedicated to companies in America with annual revenues between US$5 million and US$50 million.

From strategic financial advice to cash flow optimization and investment assistance, Business Banking has the startup, small and mid-size business sector covered. It’s no surprise that Business Banking consistently tops the Federal Deposit Insurance Corporation’s small business lender list and receives many accolades for its work.

"I’ve loved every moment of working with business clients," Sharon Miller, President and Co-Head of Business Banking, tells The CEO Magazine.

A 28-year veteran of BofA, Miller has moved around the country throughout her career in banking. She’s also shifted between sectors, from wealth management to leading financial centers. In 2016, she took over as Head of Small Business.

"That was my first experience with business owners outside of wealth and legacy planning," she says. "It was fascinating to learn more about business owners and their passion for what they do. They really are the building blocks of our local communities."

Double act

Miller shares the top job with Raul Anaya, who has also enjoyed a solid career with BofA, serving as the bank's President for Greater Los Angeles since 2012

"I’ve always been in the commercial banking segment, always working with business owners, and initially I was dealing with larger companies," he tells The CEO Magazine.

In the past half-decade, Anaya also shifted to the smaller end of the business spectrum. Following the devastating wildfires in January, he was tasked with overseeing the bank’s comprehensive response and rebuilding efforts for greater Los Angeles.

"I always like to say we’re a critical part of our client’s strategy because we sit at the kitchen table with the business owners and really spend time with them," he says.

"We gain an understanding of how they took an idea, accepted the risk and grew that idea exponentially."

In the concept of extending local and connected coverage to small business clients, Miller and Anaya found common ground.

"We want our clients to be able to bank with us when they want, where they want and how they want," Anaya says.

That’s quite an ambitious goal given the sheer size of Business Banking’s remit, but the pair say it’s an opportunity rather than a challenge.

"When you think about the segment Business Banking serves, startups to US$50 million, that’s about 99.5 percent of all business in the United States," Anaya says.

"That’s a huge opportunity and given our industry-leading position, we can help those businesses grow."

Strong client relationships

One of the strongest qualities of Business Banking is its closeness to its clients. Miller says this is achieved by constant communication.

"We survey our clients twice a year to really understand how they’re feeling," she explains. "What we’re hearing is that the labor market is a concern, especially for smaller businesses, because when you have a company with less than 500 employees, every hire counts."

Miller reveals that many clients are exceedingly optimistic about the future.

"One thing I love about working with smaller business owners is their can-do attitude. It makes me excited to come to work just to hear how they’re feeling," she says.

Business Banking’s community focus means greater visibility to companies just starting out.

"Whether small communities like Bakersfield, California or large metro areas like Dallas, we serve on boards of nonprofits, local chambers of commerce. We’re very involved," Anaya says.

Staying on top

"Much like all parts of Bank of America, we’re focused on how we make it easier for our clients to engage with us," Anaya says.

"That means accelerating all of our processes, automating and bringing more technological enablement to our clients’ processes and financial functions to allow them to better manage their cash flow."

AI is a big part of that technological push, in a way that augments the strong work Business Banking already performs.

"We’re a big believer in AI," Miller adds. "Our clients ask us how they can implement it, and we see great opportunities internally to gather information on industries so our bankers aren’t trying to find everything themselves."

BofA has its own resident AI assistant, Erica, which has been in operation for seven years.

"We’ve been an AI leader for some time," Miller adds. "When we think about how we get smarter and better help our clients, AI is one way we can do that."

As the number one bank for small business in the United States, Miller believes BofA Business Banking is in a position of strength.

"We’re the top lender to small businesses. We invest nearly US$4 billion a year in new tech initiatives. Raul and I are constantly thinking about what we can do for our clients."

And for the Business Banking team.

"This is a great place to work. We’re an industry leader when it comes to employee benefits and the career opportunities are tremendous," Anaya says.

"Sharon and I are very proud that Business Banking continues to have some of the highest employee satisfaction within BofA. Our culture of opportunity and inclusiveness and winning together as a team speaks to what Business Banking is all about."

As the number one bank for business in the United States, Miller and Anaya say their team is here to serve.

"We’re there across those face-to-face desks in the 200 communities we’re a part of," Miller says. "We’ve got the best tools and capabilities on the digital front. And we’re using our strengths to continue to serve our clients however the economy changes.

"We’ll continue to stay ahead of the curve so we can help our clients – and their local communities – continue to grow."