For all businesses, we require the following information about your business:
Business street address (no PO Boxes) and date moved to current address
Nature of business
Date the business was established
Business acquisition date of current ownership
Number of employees
Annual net profit
Annual gross sales
List of outstanding obligations, if any (list should include lender, current loan balance or credit limit, and monthly payment)
We also require the following information about each business owner, guarantor and controlling manager:
Name and title of the person opening the account
Name and address of the entity for the account
Name, date of birth, Social Security number(for U.S.citizens), passport number and country of issuance(for foreign individuals), residential address, country of citizenship, country of residence and percentage of ownership for each beneficial owner
Name, date of birth, Social Security number(for U.S.citizens), passport number and country of issuance(for foreign individuals), residential address, country of citizenship and country of residence for each controlling individual (this information is required even if no equity owner has 25% or greater ownership)
Certification that the information provided on the beneficial owner and/or the controlling manager is accurate
Residence status (rent or own) and monthly housing payment
Where applicable, we will also require specific information about the equipment, vehicle or real estate you intend to finance.
Please note that our loans (and some leases) may require your payments to be auto-debited from a Bank of America business checking account. You do not need a business checking account to apply, but if your financing is approved we can help you open one during the closing process.
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