Bank of America Small Business Loans Reviews
Learn more about Bank of America Small Business Loans. Includes Bank of America small business loan rates, key information, and frequently asked questions.
Updated on June 12th, 2019
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Bank of America offers a variety of small business loans with flexible terms and fast loan processing times. Bank of America loan options include term and SBA loans, lines of credit, equipment loans and more.
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Low interest rates whether for loans from $6,000 or $250,000.
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SBA Loans
Working Capital
Rates:
Loan Type | Loan Amount | Interest Rate | Payment Term |
|---|---|---|---|
Credit Line | $10,000 - $100,000 | Starting at 7.99% | Revolving with annual credit |
Term Loan | $10,000 - $100,000 | Starting at 6.25% | 12-60 months |
Auto Loan | From $10,000 | 4.19% | 48-72 months |
SBA 504 | From $350,000 | n/a | 7-20 years |
SBA 7(a) | $350,000 - $5,000,000 | n/a | 7-25 years |
Equipment Loan | From $25,000 | Starting at 5.00% | Up to 5 years |
Secured Business Line of Credit | From $25,000 | Starting at 6.00% | Revolving with annual renewal |
Secure Business Loans | From $25,000 | Starting at 5.00% | Up to 5 years |
Commercial Real Estate | From $25,000 | Starting at 5.00% | Up to 15 years |
Review:
Pros: Good interest rates; variety of small business loans available.
Cons: Upfront fees required.
Bottomline: Flexible loans for small businesses; online and traditional application process.
Key Information:
Founder | Amadeo Giannini |
Founded | 1998 |
Headquarters | Charlotte, NC |
Number of Employees | 209,000 |
Number of Customers | 58,000,000 |
CEO | |
Address | 100 North Tryon Street, Charlotte, NC |
Phone Number | +1 315-724-4022 |
Website |
FAQs:
What is the range of Bank of America Small Business Loan interest rates?
Bank of America small business loan rates vary according to each loan and range from 2.99% to 6.25% and up. Your interest rate may differ according to your creditworthiness, loan amount, loan term, and your overall business relationship with Bank of America.
What are the different types of Bank of America business loans?
There are several Bank of America loan types (BOA Loans), including Bank of America SBA loans, term loans, lines of credit, auto and equipment loans, and Bank of America commercial loans.
Which Bank of America small business startup loans should I consider for my business?
Choosing between bank loans for small business depends on a variety of factors, such as the type of business you own, your operating costs, annual revenue, and credit score. You might want to consider a credit line loan, which allows you to obtain funds without collateral. You won't be charged cash advance fees or interest fees until you use the funds.
I need a bank loan for business. How do I know if I qualify?
To apply for a business bank loan at Bank of America, you will need to be in business for at least two years and earn a minimum annual revenue of between $100,000 and $250,000 depending on the loan you're interested in.
Does Bank of America fund new business startups?
Bank of America financing requires that your business be under current ownership for at least two years. If you have not been in business for two years, you can apply for an SBA loan.
Can I find the Bank of America business loan application form online?
Yes. You can apply for Bank of America small loans online or in-person.
Where can I find the business loan calculator Bank of America?
You can calculate your monthly loan payment on the individual loan webpages on the Bank of America site.
What are some Bank of America Small Business Loans alternatives?
Reviews:
Reviewer | Review |
|---|---|
We use Bank of America. Online wire and ACH way better than Wells systems or any local bank/CU, no fees. They treat us really well. | |
I was about to say, with all the shady business practices from Bank of America, I can't believe people still have accounts with them. Absolute parasites. | |
I applied for the BoA Alaska, got approved, but only received the lower card (5K miles). Worthless. |