- Receive funds as a one-time lump sum
- Fixed payments over the life of the loan
Business Advantage
Unsecured Business Loans
Get funds to grow your business
Why use a Business Advantage Term Loan?
This loan is ideal when you want to receive all your funds at one time for business expansion, purchasing equipment and long - term capital investments. Additionally, you can now finance your Energy Efficient Equipment such as HVAC, EV chargers, energy efficient appliances, LED lighting and more.
This loan is ideal when you want to receive all your funds at one time for business expansion, purchasing equipment and long - term capital investments. Additionally, you can now finance your Energy Efficient Equipment such as HVAC, EV chargers, energy efficient appliances, LED lighting and more.
This loan is ideal when you want to receive all your funds at one time for business expansion, purchasing equipment and long - term capital investments. Additionally, you can now finance your Energy Efficient Equipment such as HVAC, EV chargers, energy efficient appliances, LED lighting and more.
Loan amount
from $10,000
Fixed rates
As low as 8.50%Disclosure † Fixed rates
Minimum Qualifications
- Personal credit above 700 FICO® Score is typically required
- 2 years in business
- $100,000 in annual revenue
Loan amount
from $10,000
Fixed rates
As low as 8.50%Disclosure † Fixed rates
Minimum Qualifications
- Personal credit above 700 FICO® Score is typically required
- 2 years in business
- $100,000 in annual revenue
Qualifications:
Both business and personal finances are reviewed for creditworthiness
- Personal credit above 700 FICO® Score is typically required
- At least 2 years in business under existing ownership
- $100,000 or more in annual revenue
Loan Terms:
From 12-60 months
- Receive funds as a one-time lump sum
- Fixed payments over the life of the loan
Origination Fee:
$150 if approved
Advertised as low as rate is effective as of May 31st, 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.
Prefer a secured business loan?
Finance account receivables or refinance debt with loan secured by your collateral.
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
So much more than a loan
Expert insights
Explore financing options and cash flow strategies on the Center for Business Empowerment.
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