Bank of America Pledges to Buy $10B in Small Biz Products and Services

Bank of America today announced it will increase its spending with small, medium-sized and diverse businesses by pledging to purchase $10 billion in products and services from those companies over five years, with the spending amount expected to grow by an average of more than 5 percent each year.

“What businesses of all sizes are telling us they need most right now is more business,” said Bank of America President and CEO Brian Moynihan. “In addition to extending credit and providing technical assistance and a full range of banking services to our clients, we want to increase our support by purchasing more of their products and services, particularly from small, medium-sized and diverse businesses – coast to coast and across a wide range of industries. We hope other large companies will do the same.”

Small, medium-sized and diverse businesses provide the bank with a broad range of valuable services and products, including advertising, furniture, cleaning, courier service, home inspections, legal services, landscaping, maintenance, photography, security and software, according to a statement from Bank of America.