Small-business customers of Bank of America can now apply for a loan or line of credit through the bank’s digital channels, including its mobile app.
The bank’s digital team has been focused on driving sales through the mobile app, but making applications easy to use on cellphones and easy to hand off to a staffer in a branch or a call center are often the sticking points for such endeavors.
“Our new small business mobile lending experience delivers a convenient, on-the-go solution to meet the needs of today’s busy entrepreneurs,” Sharon Miller, head of small-business banking at Bank of America, said in a press release.
In addition to the streamlined application process, the company also introduced a loan product tool that helps small-business borrowers find the right product and a repayment calculator.
According to the bank, more than 1.3 million small-business clients are active users of the B of A mobile banking app, an increase of 14% over the past year. Bank of America’s efforts are part of industrywide focus for banks to win back small-business customers by offering tech-savvy products and services.