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 March 31st, 2020
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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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Rates:
Loan Type | Loan Amount | Interest Rate | Payment Term |
|---|---|---|---|
Credit Line | $10,000–$100,000 | Starting at 4.99% | Revolving with annual renewal |
Term Loan | $10,000–$100,000 | No more than 5.75% | 12–60 months |
Auto Loan | From $10,000 | Starting at 3.39% | 48–72 months |
SBA 504 | From $350,000 | n/a | 10–25 years |
SBA 7(a) | $350,000–$5,000,000 | n/a | 7–25 years |
Equipment Loan | From $25,000 | Starting at 3.75% | Up to 5 years |
Secured Business Line of Credit | From $25,000 | Starting at 5.50% | Revolving with annual renewal |
Secured Business Loans | From $25,000 | Starting at 2.99% | Up to 5 years |
Commercial Real Estate | From $25,000 | Starting at 2.99% | 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:
Legal Name | Bank of America Corporation |
Founder | Amadeo Pietro Giannini |
Founding Date | Jan 01, 1904 |
Address | Bank of America Corporate Center, 100 North Tryon Street, Charlotte, NC 28255 |
Number of Employees | 204000 |
Number of Customers | 66000000 |
Telephone | |
Website | https://www.bankofamerica.com/smallbusiness/business-financing/ |
FAQs:
Does Bank of America give small business loans?
Yes. Bank of America offers unsecured and secured business loans. They also provide lines of credit with interest rates starting at 4.99%.
Does Bank of America offer SBA loans?
Yes. Many business owners work with Bank of America for SBA loans or SBA Express loans, as they are one of the best banks for business loans.
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 5.75%, and possibly higher. Your interest rate may differ according to your creditworthiness, loan amount, loan term, and your overall business relationship with Bank of America.
What kind of small loans does Bank of America offer?
Which Bank of America small business startup loans should I consider for my business?
Choosing between bank loans for a 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 may 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.
How do I know if I qualify for a bank loan for small business?
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 is 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 website.
Can I get a loan from Bank of America with bad credit?
There is a wide range of providers that offer loans if you have bad credit.