It has been a tough year for independent businesses, to say the least, but the importance of shopping small is being rightly touted as more essential than ever. Marie Claire editor-in-chief Sally Holmes recently sat down (virtually) with Sharon Miller, head of small business at Bank of America, to discuss the state of entrepreneurship, the best ways to support local businesses, and how women small business owners can take advantage in this uncertain economic climate Read on for the highlights of this conversation. Read on for highlights from this conversation. Also, watch the full conversation on Marie Claire's Instagram and on IGTV. (Opens in new tab)

Sally Holmes: I have before me the truly incredible statistic that Bank of America has made over 345,000 loans worth $26 billion to small businesses affected by the pandemic. Can you tell us how your team was able to accomplish this so quickly?

Sharon Miller No one could have imagined this health crisis we are facing today. When the stimulus package was announced, it was a bridge to help small businesses get through this crisis; when the SBA (open in new tab) was launched, we were the first bank to offer a payroll protection program. I remember that day vividly. The whole Bank of America came together and said, "We are here for our business clients, we are here for our community, and we are here for you.

And when I say 345,000 loans, that's an incredible volume; in 45 days, we did 18 years worth of loans. We really banded together and said, "We're going to work 24/7 to make this happen, and we're going to make sure we support our communities and our local small businesses." That's the culture of Bank of America.

SH: What was it like to lead a team back then?

SM: There is a purpose and we rally around that purpose. We served our clients in good times and bad times, and that was the most important thing. We have a purpose bigger than ourselves and we exist for the community. The entire firm rallied around their teammates and said, "We will support, handle, and strive for our clients." We listen to our clients and we listen to them.

SH: Another thing you are passionate about is helping women of color and small black-owned businesses. Can you tell us a little bit about the barriers that women of color face (in banking and finance) and the learnings that have helped you and your team invest in these businesses?

SM: Twice a year we survey our clients and publish a small business owner report (opens in new tab) that focuses on women- and minority-owned businesses. One of the things we often hear from women is that there are barriers to accessing capital. There are many reasons for this, and Bank of America is committed to removing those barriers. We say, "This is what you need to do to access capital" and "This is what you need to do to move your business forward." We have been committed throughout this crisis and even before the pandemic. We have been committed throughout this crisis and even before the pandemic. This is not just about the current health crisis, but about long-term sustainability and our commitment to women business owners. Women have started more businesses than men and continue to achieve results. The entire ecosystem is dependent on women. [With the Bank of America Institute for Women's Entrepreneurship, in partnership with Cornell University (open in new tab), we're bringing 50,000 entrepreneurs into [our free online business program]. added, reinforcing our commitment to these certificates. It's not just about access to capital, but also about training, education, and understanding what it takes to run a sustainable business over the long term. Bank of America also partners with community development financial institutions across the country, and its commitment is strong and deep, and not just to this health crisis. It is a commitment that has been maintained over time, and I am proud of that.

SH: This is not a trend. You have been helping small businesses for years and I think everyone would like to see you continue to help small businesses. What do you think the future holds for small business?

SM: In retrospect, I think we can see a couple of things from this big trend. One is that small businesses are the backbone of the U.S. economy. In our most recent survey (open in new tab), 79% of entrepreneurs said that if we get through this, small business entrepreneurship will come back stronger than ever.

We need to support small business not only on Small Business Saturday, but by shopping small year-round. We as consumers and as banks must help small businesses go digital so they can have digital stores. We are investing in digital capabilities and we are seeing our small business customers using them more than ever. We know that there are many different ways to do business, and we need to be able to help them do it in a different way. This year will change the way we do business for a long time, and that's a good thing.

SH: What advice would you give to women who are making a side business their career or want to start their own company?

SM: I think the first thing is to be passionate about what you do. That is the most exciting thing for a business owner or entrepreneur. I just finished my fall survey, and even in the midst of a presidential election or a pandemic, I hear clients saying that they are cautious but optimistic. We see business owners who are a little more reserved and a little more nervous about the future, but there is a definite optimism there. That is the spirit of entrepreneurship. That is the spirit and the backbone of our economy.

SH: One of the things I've noticed is that some of my favorite restaurants and stores are really pivoting. It's great to see the entrepreneurial spirit and the courage to make that kind of turnaround.

SM: We hear in the press about a rash of closures, but in our survey about 85% of the stores stayed open in some form (open in new tab). As you know, business is tough. No matter how good the economy is, there are always going to be closures. It is very encouraging to think about that spirit.

SH: Do you have any advice or words of wisdom for small business owners? Is there anything you would like to say to them, because right now it can be hard to see the light at the end of the tunnel?

SM: It is important to be realistic. I think it's important to talk to your (financial) advisor, especially at a time like this. Because there are a lot of things available to help businesses go the other way.

This interview has been edited and summarized for clarity.