Bank of America Small Business Loans & Financing: requirements and How to apply

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

SBA Loans is designed to help small businesses access rates and terms they may not otherwise be able to.It make dream business a reality with loans designed for new ventures.

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 this loan facility, borrower to need to the following criteria:

1. Time In Business – 2 years
2. Business Revenue – $100,000 per year (for an unsecured loan) $250,000 per year (for a secured loan)
3. Personal Credit Score – 670

 

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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