The new offering comes after the Obama administration called for U.S. banks to help the small business sector.
“Anything that any of us can do to create more economic certainty should have a positive effect,” Bank of America chief executive Brian Moynihan said in a statement.
Up to 1,000 new employees would be hired over the next 12 months under the program, which will be initially offered in Washington, Baltimore, Dallas and Los Angeles.
Small businesses provide about 50 percent of all jobs in the private sector and fueled 64 percent of job growth during the last 15 years, according to data from the Small Business Administration.
President Barack Obama has pointed out repeatedly that improving small business services would create more jobs and help the economy to recover.