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Small Business Administration (SBA) Loans & Financing

Loans from $25,000

Quick financing at low rates

Paycheck Protection Program
New legislation signed into law on July 4 has authorized the Small Business Administration (SBA) to approve Paycheck Protection Program (PPP) loan applications through August 8, 2020. This is an extension from the SBA's original deadline of June 30, 2020.

With this extension, Bank of America will begin to accept new PPP loan applications at 5:00 p.m. ET on July 6.

In order to provide the necessary time for processing prior to the SBA’s updated August 8 deadline:
  • We will accept new PPP loan applications until 5:00 p.m. ET on July 24.
  • Applicants must provide all required supporting documentation (this does not include promissory notes) by 5:00 p.m. ET on July 31 in order for their application to proceed.
  • We will discontinue all application processing at 5:00 p.m. ET on August 7. Clients who applied, but have not received a SBA loan number by the time of the SBA’s August 8 cutoff, will be notified their application will not be processed and has been cancelled.

SBA loans for established businesses

Benefit from easier qualification, longer terms and lower down payments on fixed assets than most standard loans.

Qualifications

You own a for-profit business that does not generally qualify for conventional credit.

  • You own and operate a for-profit business
  • Your business is legally organized as a sole proprietorship, corporation, partnership or LLC
  • Your business does not generally qualify for conventional credit

    NEW special benefit for veterans:

    Take advantage of a 25% discount on loan administration or origination fees.
    Offer valid for veterans of the U.S. Armed Forces on new credit facility applications submitted in Small Business on or after November 1st, 2019.

    • Take advantage of a 25% discount on loan administration or origination fees.
    • Offer valid for veterans of the U.S. Armed Forces on new credit facility applications submitted in Small Business on or after November 1st, 2019.

    Loans from $25,000-$350,000

      Purpose:
    • Fund working capital or inventory
    • Purchase equipment
      Terms:
    • Up to 7 years for working capital or inventory (may revolve up to 12 months)
    • Up to 10 years on equipment
    • Down payment as low as 10%

    Loans from $350,000

      Purpose:
    • Purchase equipment
    • Purchase or refinance commercial real estate
    • Fund construction or improvements
      Terms:
    • Up to 10 years on equipment
    • Up to 20 years on real estate with up to 25 year amortization
    • Construction draw period commensurate with project
    • Down payment as low as 10%

    Loans from $350,000-$5 million

      Purpose:
    • Purchase equipment
    • Purchase commercial real estate
    • Fund construction or improvements
    • Purchase or expand a business
    • Fund working capital or inventory
      Terms:
    • Up to 10 years on equipment
    • Up to 25 years fully amortized for real estate
    • Construction draw period commensurate with project
    • Up to 10 years for business acquisitions
    • Up to 7 years for working capital or inventory
    • Down payment as low as 10%

    About qualifying for an SBA loan

    Bank of America meets all SBA Preferred Lender Program eligibility criteria, including proficiency in processing and servicing SBA-guaranteed loans.  Talk to a small business specialist by phone or in person to get a recommendation and start your application.