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Small Business Loans & Financing

Get the money your business needs

We offer a variety of financing options for your business to purchase inventory and materials, refinance debt or finance account receivables.

Business Advantage Credit Line

An unsecured line of credit with no collateral

Use whenever funds are needed

Competitive interest rates

Monthly payments based on your balance

Qualifications

  • Personal credit above 700 FICO® Score is typically required
  • 2 years in business
  • $100,000 in annual revenue

Business Advantage Credit Line Cash Secured

A line of credit with a security deposit

Establish your business credit

Build a path towards unsecured credit

Use whenever you need funds

Monthly payments based on your balance

Qualifications

  • 6 months in business
  • $50,000 in annualized revenue
  • $1,000 refundable security deposit

Business Advantage Term Loan

An unsecured term loan with no collateral

Receive funds as a one-time lump sum

Competitive interest rates

Fixed payments over the life of the loan

Qualifications

  • Personal credit above 700 FICO® Score is typically required
  • 2 years in business
  • $100,000 in annual revenue

Compare loan options

Business Advantage Credit LineBusiness Advantage Credit Line Cash SecuredBusiness Advantage Term Loan
Business NeedsBusiness Needs Business Advantage Credit Line Use whenever you need funds. Competitive interest rates.Business Needs Business Advantage Credit Line Cash Secured Establish your business credit. Build a path towards unsecured credit options. Use whenever you need funds.Business Needs Business Advantage Term Loan Receive funds as a one-time lump sum. Competitive interest rates.
Security deposit requiredSecurity deposit required Business Advantage Credit Line NoSecurity deposit required Business Advantage Credit Line Cash Secured YesSecurity deposit required Business Advantage Term Loan No
Minimum years in businessMinimum years in business Business Advantage Credit Line 2 YearsMinimum years in business Business Advantage Credit Line Cash Secured 6 MonthsMinimum years in business Business Advantage Term Loan 2 Years
Minimum sales revenueMinimum sales revenue Business Advantage Credit Line $100,000 in prior year annual gross salesMinimum sales revenue Business Advantage Credit Line Cash Secured $50,000 in annualized revenueMinimum sales revenue Business Advantage Term Loan $100,000 in prior year annual gross sales
Receive fundsReceive funds Business Advantage Credit Line When neededReceive funds Business Advantage Credit Line Cash Secured When neededReceive funds Business Advantage Term Loan One-time lump sum
Interest is paidInterest is paid Business Advantage Credit Line Only on the outstanding balanceInterest is paid Business Advantage Credit Line Cash Secured Only on the outstanding balanceInterest is paid Business Advantage Term Loan Only on the outstanding balance
PaymentsPayments Business Advantage Credit Line Monthly payments based on your balancePayments Business Advantage Credit Line Cash Secured Monthly payments based on your balancePayments Business Advantage Term Loan Fixed equal monthly payments based on your loan amount and term
Graduation path to unsecured optionGraduation path to unsecured option Business Advantage Credit Line N/AGraduation path to unsecured option Business Advantage Credit Line Cash Secured YesGraduation path to unsecured option Business Advantage Term Loan N/A
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Learn more about Business Advantage Credit Line
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Learn more about Business Advantage Credit Line Cash Secured
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Learn more about Business Advantage Term Loan

Business Advantage Auto Loan

Purchase or refinance the cars, vans and light trucks that help keep your business moving.

More small business loans

We'll help you get the financing you need with fast loan processing times and flexible terms.

Commercial real estate

Purchase the land or buildings your business needs as it grows. Leverage your equity and invest in your business.

Loan amount: From $25,000
Interest rate: As low as 6.00%Disclosure2 Fixed rates
Loan terms: Up to 10 years (with balloon payment); Up to 15 years (with full amortization)
Qualifications: Minimum 2 years in business under existing ownership; minimum $250,000 in annual revenue

Go to commercial real estate loans

Equipment loans

Equip your business with the tools and machinery it needs to get work done.

Loan amount: From $25,000
Interest rate: As low as 6.75%Disclosure2 Fixed rates
Loan terms: Up to 5 years (when secured by business assets)
Qualifications: Minimum 2 years in business under existing ownership; minimum $250,000 in annual revenue

Go to equipment loans

Secured business line of credit

Support ongoing operational expenses with a line of credit typically secured by a blanket lien on your assets or a certificate of deposit.

Loan amount: From $25,000
Interest rate: As low as 8.75%Disclosure2 Fixed rates
Loan terms: revolving with annual renewal
Qualifications: Minimum 2 years in business under existing ownership; minimum $250,000 in annual revenue

Go to secured lines of credit

Secured business loans

Expand your business or refinance debt with a loan secured by your choice of collateral.

Loan amount: From $25,000
Interest rate: As low as 7.00%Disclosure2 Fixed rates
Loan terms: up to 4 years (when secured by business assets); up to 5 years (when secured by CDs)
Qualifications: Minimum 2 years in business under existing ownership; minimum $250,000 in annual revenue

Go to secured term loans

Healthcare practice loans

Start or grow your practice with loans for healthcare practices.

SBA loans

Small Business Administration (SBA) loans offer easier qualification, longer loan terms and lower down payments. As a Preferred SBA Lender, we can show you how to put SBA programs to work for your business.

Learn more about SBA loans

Advertised as low as rate is effective as of December 5th, 2024 and is subject to change. Your actual interest rate may differ based on your creditworthiness, overall business relationship with Bank of America and line amount. Subject to credit approval; some restrictions may apply.

Advertised as low as rate is effective as of December 5th, 2024 and is subject to change. Your actual interest rate may differ based on your creditworthiness, overall business relationship with Bank of America and line amount. Subject to credit approval; some restrictions may apply.

Applying for a small business loan

Expand this section to learn more about how to apply and the information you’ll need for your application.

How to apply for small business financing:
  • You can apply for a Business Advantage Auto Loan online
  • If you use Small Business Online Banking, you can apply for an unsecured business loan or unsecured business line of credit online
  • You can apply for any small business loan by scheduling an appointment at your convenience
  • Most Bank of America financing requires that your business be under ownership for at least 2 years. In business for less than 2 years? Learn more about SBA loans
Information you'll need to apply includes:
  • Business documentation such as filing documents, organizing documents, articles of incorporation and/or certificate of resolution
  • Business name, address and tax ID
  • State in which the business operates and was formed
  • Date the business was established
  • The Social Security number, address and date of birth of all business owners

See a complete list of what you'll need to apply

So much more than a loan

Expert insights

Explore financing options and cash flow strategies on the Center for Business Empowerment.

Free business credit scores

View your business credit scoresadatext for free, powered by Dun and Bradstreet.

Interest rate discounts

Pay less interest as a Preferred Rewards for Business member.