Yes. If you have a Small Business Online Banking login you can apply for an unsecured business loan and unsecured business line of credit online.
You can apply for all small business financing products by scheduling an appointment by phone or in person with a business lending specialist.
Our team will work closely with you to make sure your financing is in hand as soon as possible. Factors such as type of loan, type of collateral and the speed of documentation back and forth can affect the overall timeline.
What Is A Business Loan And How Do I Get One?
No, you can apply with a business lending specialist without a Bank of America account. To apply online for an unsecured business loan and unsecured business line of credit you’ll need to login with your Small Business Online Banking login.
Bank of America business financing requires that your business be under current ownership for at least 2 years. If you have not been in business for 2 years, learn more about SBA Loans.
If I change my mind about my financing (for example, wanting to finance a different type of equipment) before I complete my application, do I have to start the application process again from the beginning?
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While each specific situation is different, in most cases we can make those adjustments to your application as needed with very minimal impact to your application timeline.
Business credit cards are great for small, everyday business expenses. An unsecured line of credit provides longer-term financing in larger amounts with lower interest rates.
No. You only pay interest on any amount you draw from your line of credit. Once your line of credit is paid down to a zero balance, no more interest will accrue.
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We can withdraw the amount you specify from your Bank of America business or personal checking or savings account. We can also withdraw funds from another bank that you have a relationship with.
We will periodically evaluate your cash secured line of credit account for eligibility for the unsecured Business Advantage Credit Line. When you meet the lending standards for the unsecured line of credit, we will refund your security deposit.
No. You only pay interest on any amount you draw from your line of credit. Once your line of credit is paid down to a zero outstanding balance, no more interest will accrue.
Schedule An Appointment
Business financing requires that your business be under current ownership for at least 2 years with a minimum annual revenue of $100, 000.
Your interest rate may differ based on your credit worthiness, business overall relationship with Bank of America, loan amount and loan term.
If your financing request is approved, a business lending specialist will let you know about the various ways you can access your funds after the loan documents are signed, including small business online banking.
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Our flexible revolving credit lines start at $25, 000. There is no specific maximum to a Bank of America business line of credit. All approvals are subject to current credit policy and regulatory requirements.
You may not be required to secure your line of credit for amounts of $100, 000 and less. Lines of credit greater than $100, 000 will be generally required to be secured by collateral such as a blanket lien on general assets or a certificate of deposit. Other collateral may be considered. If you secure your line of credit with a certificate of deposit, you can borrow up to 100% of the value of the CD.
A business lending specialist can assist you by phone or in person with any loan or line of credit application. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment.
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Secured loans are generally required to be secured by collateral such as a blanket lien on general assets or other collateral such as equipment or real estate.
If your financing request is approved, a business lending specialist will let you know about the various ways you can access your funds after the loan documents are signed. These methods vary depending on the type of financing you're getting.
It all depends on your specific business situation and your tolerance for risk. A fixed interest rate provides the security of knowing what your interest rate and payment will be throughout the life of your loan. A variable interest rate loan may give you a lower rate and payment amount initially, but there’s a chance that the rate and payment amount may rise or fall in the future. Many term loan products only offer a fixed rate.
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Extending the number of months you take to pay off a term loan will lower your monthly payment. However, it will take you longer to pay off the debt and the total cost of borrowing the money will be higher. The type of collateral you pledge to secure your loan may have an impact on your interest rate, too.
Yes, you can. Call us at 888.287.4637 (Mon–Fri 7 a.m.–11 p.m. ET or Sat 8 a.m.–8 p.m. ET). One of our business lending specialists can help.
Yes, but a prepayment fee may apply. This can vary depending on the type of financing you’re getting, so be sure to check when you’re applying whether a prepayment fee applies in your specific situation.
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No, it isn't. Please notify us immediately so that we can work with you to clear your debt obligation. 888.287.4637 (Mon–Fri 7 a.m.–11 p.m. ET or Sat 8 a.m.–8 p.m. ET).
We have business lending specialists standing by to assist you with whatever labels you may have. Call us at 888.287.4637 (Mon-Fri 7 a.m.–11 p.m. ET or Sat 8 a.m.–8 p.m. ET).
With a Business Advantage Auto Loan – available in all 50 states and the District of Columbia – you can purchase new or used automobiles, vans or light trucks from franchise dealers and approved independent dealers.
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You can apply online right now - it takes just a few minutes, there's no fee to apply and most decisions are available within 24 hours.
You can also call us at 866.543.2808 (Mon-Fri 8 a.m.-10 p.m. ET) or schedule an appointment to apply by phone or in person at a time that's convenient for you.
You can securely check the status of your car loan application online at any time. We will also send you an email when a decision about your application has been made.
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Your loan approval and interest rate are locked in for 30 calendar days from the date of your original application submission, so you’ll have plenty of time to shop for your car.
You will need to complete the title process for your vehicle within 20 days of loan closing. Here are the steps you'll need to follow:
Yes. As a Preferred Rewards for Business client, you’re eligible to receive an interest rate discount of up to 0.50% on a new Business Advantage Auto Loan. You must be enrolled in Preferred Rewards for Business at the time of the loan application in order to receive the discount, which will be reflected in the interest rate presented to you upon loan approval. Learn more about Preferred Rewards for Business
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If you’ve frozen your credit report due to security concerns, you’ll need to temporarily unfreeze it with all 3 credit bureaus (Equifax, TransUnion and Experian) in order to proceed with your Business Advantage Auto Loan application. To unfreeze your report, please refer to the instructions provided when you froze your report or contact the individual bureaus for more information.
Can I use a Bank of America vehicle loan to finance a heavy-duty vehicle such as a large tractor trailer for cross country shipping?
No. Vehicles over 2.5 tons (commercial vehicles) are generally financed through a Bank of America equipment loan. Learn more about Bank of America equipment loans
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A TRAC lease is not subject to mileage restrictions and if the vehicle is returned to Bank of America it will be sold. If it’s sold at a loss, you will be charged for the shortfall; if it’s sold at a gain, you will be paid any overage in proceeds.
For additional information, please contact a business lending specialist at 866.543.2808 (Mon-Fri 8 a.m.-10 p.m. ET) or schedule an appointment to discuss lease options by phone or in person at a time that’s convenient for you.
Yes, your business is limited to 4 Business Advantage Auto Loans concurrently (any auto loans reporting to your consumer credit bureau are subject to a maximum 4 loan limit as well). If your business has a need for more than 4 loans or vehicles, please contact a business lending specialist at 866.543.2808 (Mon-Fri 8 a.m.-10 p.m. ET) or schedule an appointment to discuss financing options by phone or in person at a time that’s convenient for you.
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Both the business/primary applicant and the individual/co-applicant are jointly responsible for repayment of the loan, and both applicant names will appear on the loan. The individual/co-applicant is not required to be on the title application, but the business entity must be listed on the title application.
A hard credit inquiry (which could impact your credit score) will be made in order to make an approval decision regarding the individual/co-applicant, but there is no reporting to consumer credit bureaus on the subsequent booked loan. The
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