Last Updated on November 28, 2023 by admin
Bank of America offers a range of small business loans and financing options to help entrepreneurs achieve their goals. With their extensive experience in the industry, Bank of America understands the unique needs and challenges faced by small businesses.
Their loan programs are designed to provide flexible funding solutions for various purposes, such as expansion, equipment purchase, or working capital. One option is the Small Business Administration (SBA) loan program, which offers government-backed loans with favorable terms and lower down payments.
Bank of America also provides lines of credit that give businesses access to funds whenever they need it. These lines can be used for ongoing expenses or unexpected costs. Additionally, Bank of America offers commercial real estate loans for business owners looking to purchase or refinance property. They have competitive interest rates and flexible repayment terms.
As the second-largest bank in the United States (by assets)Bank of America offers small business loan to qualify loan applicant in United states. Intending borrower business must be under current ownership for at least 2 years.
One good aspect this loan is that borrower don’t need to have an account with Bank of America in order to apply for small business financing to enable them Purchase the land or buildings of their business needs as it grows. Leverage on equity and invest in business.
Bank Of America Business Loan Services are:
1. Secured & Unsecured Business Term Loans
2. Secured & Unsecured Lines Of Credit
3.SBA Loans
4.Commercial real estate
5.Equipment Financing:
6.Business Auto Loans:
You can also read: Bank of America online banking and Mobile app: How to register, deposit check, transfer money and check statement of account
1. Secured & Unsecured Business Term Loans
The loan is designed for business or refinance debt with a loan secured by your choice of collateral.The bank provide the borrower with a lump sum of money From $25,000 with Interest rate as low as 3.5% Disclosure plus Fixed rates.The loan terms is up to 4 years (when secured by business assets); up to 5 years (when secured by CDs).
2. Secured & Unsecured Lines Of Credit
This enable customers draw money as they need and it up to a credit limit. While they pay back interest on the amount owe. It’s means of Support ongoing operational expenses with a line of credit typically secured by a blanket lien on your assets or a certificate of deposit.
You can get Loan amount From $25,000 with Interest rate As low as 3.75% and Loan terms revolving with annual renewal.
3.SBA Loans
Bank of America also provides SBA (Small Business Administration) Loans, including the SBA 7(a) Loan and SBA 504 Loan programs. These government-backed loans offer competitive rates and longer repayment terms to help small businesses thrive.
4.Commercial real estate
The bank of america Commercial real estate loan is use as hard collateral to activate financing streams. Terms may vary by lender and from borrower to borrower. borrower can now buy land or buildings of their business needs as it grows. Leverage on their equity and invest in business.
Borrower can get Loan amount From $25,000 with Interest rate As low as 3.00%.The Loan terms is Up to 10 years (with balloon payment); Up to 15 years (with full amortization)
5. Equipment loans
Bank of America Equipment loans facility is used to finance equipment ranging from business software to heavy equipment and can be a loan or a lease. The Loan termsis Up to 5 years (when secured by business assets) it has 3.00% interest rate and Loan amount From $25,000
6. Business Auto Loans:
The loan facility help to Purchase or refinance the cars, vans and light trucks that help keep your business moving.The Loan amount From $10,000 and Loan term to 48 to 72 months.
Also read: How to enroll for Wells Fargo Online banking and Mobile App
Bank Of America Business Loan Borrower Requirements
To qualify for Bank of America small business loans and financing, there are certain eligibility requirements that businesses need to meet. Firstly, the business must be located in the United States and have a valid tax identification number.
Additionally, it should have been in operation for at least two years. The company’s creditworthiness is also evaluated, including its credit history and financial stability.
Bank of America may require collateral or a personal guarantee to secure the loan.A detailed business plan, including financial projections and industry analysis, may also be necessary to demonstrate the viability of the business.
Moreover, the owner’s personal credit history of 670 will be considered during the evaluation process. Bank of America aims to support businesses with a strong repayment capacity and a solid track record.
Also have a Business Revenue – $100,000 per year (for an unsecured loan) $250,000 per year (for a secured loan)
By meeting these eligibility criteria, small businesses can increase their chances of securing financing from Bank of America to fuel growth and achieve their long-term objectives.
How to apply for Bank Of America Business Loan
1. Interested borrower can apply for a Business Advantage Auto Loan online
2. For unsecured business loan or unsecured business line of credit online you can make use of Small Business Online Banking to apply
3. Intended borrower can apply for any small business loan by scheduling an appointment at your convenience
Required information/ documents to apply for Bank Of America Business Loan
1. Business documentation such as filing documents, organizing documents, articles of incorporation and/or certificate of resolution
2. Business name, address and tax ID
3. State in which the business operates and was formed
4. Date the business was established
5. The Social Security number, address and date of birth of all business owners
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