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Business Advantage
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
Minimum $100,000 in prior year annual gross sales and 2 years in business
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
Minimum $50,000 in annualized revenue, 6 months in business, and $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
Minimum $100,000 in prior year annual gross sales and 2 years in business
Compare loan options
Business Advantage Credit Line
Business Advantage Credit Line Cash Secured
Business Advantage Term Loan
Business Needs
Business Needs Use whenever you need funds. Competitive interest rates.
Business Needs Establish your business credit. Build a path towards unsecured credit options. Use whenever you need funds.
Business Needs Receive funds as a one-time lump sum. Competitive interest rates.
Security deposit required
Security deposit required No
Security deposit required Yes
Security deposit required No
Minimum years in business
Minimum years in business 2 Years
Minimum years in business 6 Months
Minimum years in business 2 Years
Minimum sales revenue
Minimum sales revenue $100,000 in prior year annual gross sales
Minimum sales revenue $50,000 in annualized revenue
Minimum sales revenue $100,000 in prior year annual gross sales
Receive funds
Receive funds When needed
Receive funds When needed
Receive funds One-time lump sum
Interest is paid
Interest is paid Only on the outstanding balance
Interest is paid Only on the outstanding balance
Interest is paid Only on the outstanding balance
Payments
Payments Monthly payments based on your balance
Payments Monthly payments based on your balance
Payments Fixed equal monthly payments based on your loan amount and term
Graduation path to unsecured option
Graduation path to unsecured option N/A
Graduation path to unsecured option Yes
Graduation path to unsecured option N/A
Business Advantage Auto Loan
Purchase or refinance the cars, vans and light trucks that help keep your business moving.
Keep your business rolling
Vehicle financing made easy with competitive rates and flexible terms.
Loan amount
From $10,000
Loan term
48 to 72 months
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 6.25%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
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 7.25%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
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 9.25%Disclosure2 † Fixed rates
Loan terms: revolving with annual renewal
Qualifications: Minimum 2 years in business under existing ownership; minimum $250,000 in annual revenue
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
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.
Advertised as low as rate is effective as of October 2nd, 2023 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
So much more than a loan
