Bank of America Launches New Franchise Banking Focus
Bank of America has announced the launch of Franchise Banking, a "new program designed to support the business growth goals of franchise owners with revenues below $20 million. Building upon the Bank's market leadership with large-scale, restaurant franchise operators, Franchise Banking will serve a wide range of national brand franchise concept owner/operators in the food service and other industry sectors."
Franchise Banking will help Bank of America client teams integrate the delivery of solutions and service for clients across the country. In markets across the company footprint, newly-added franchise industry specialists will bolster local client teams to help owner/operators gain access to specialized loan products and other banking services, including deposit, cash management, merchant card processing and employee banking services."We see an incredible opportunity to help franchise owners grow -- and make their lives easier -- by more seamlessly delivering Bank of America's business financial services and solutions, whether they have locations in one town, one state, or across the country," said Doug Woodruff, Franchise Banking executive. "Our approach is unique. While several financial service companies provide operating capital or other single products, we offer the entire range of Business Banking services and solutions that best meet the wide range of owner/operator needs. Additionally, we believe that our Franchise Banking focus will help us win market share and drive additional revenue to Bank of America and further position us as the business bank."
In a related move, the Bank recently aligned the operations of its Eagle Franchise Funding team, a leading originator and servicer of loans to McDonald's owner/operators, with Franchise Banking. Eagle, based in Boston, provides financing to more than 500 McDonald's franchise operators across the United States and will continue its exclusive focus on that brand.
Woodruff and the Franchise Banking team will report to Lynn Pike, Business Banking president. Business Banking, a $2 billion annual revenue line of business, serves companies with annual revenues between $2.5 million and $20 million. Business Banking is part of Bank of America Global Commercial Banking.
"Bank of America is uniquely positioned to meet the needs of franchise owners and operators by combining our unparalleled market presence with a proven understanding of the solutions and service our clients needs," said Pike. "In our market research, more than 100 franchisees told us they wanted a financial service provider who knew their business, provided credit and service solutions that allowed the operator to focus on growing their business, and was convenient."
Businesses interested in learning more about Franchise Banking should go to http://www.bankofamerica.com/franchise.
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