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Bank of America is moving into the social networking territory and has launched a site focused on helping small business owners.

Bank Of America Launches Social Network

The site is called the Small Business Online Community.  User's can network with others, share their business stories, and find experts on a variety of topics.

"We want to be that trusted resource for small business owners, to help them grow their business and be with them when they grow," Mark Hogan, Bank of America's president of small business banking told the AP. "And we want to help them anyway we can to make that process easier for them."

Hogan said the goal of the site is to offer small business owners a place to share information, learn from others and find answers to questions without having to worry about an influx of marketing.

"The good news for banks is that the market is wide open for anyone who has had the winning formula," said Deloitte principal Frank Sui. "The bad news is that the market is so abstruse that no single bank has yet to discover what that winning formula is."

The largest business social network is LinkedIn, which had about 10 million visitors last month according to Compete.com.