A Comprehensive Guide to Bank of America Small Business Loans

Bank of America is famous for providing small business loans as financing solutions to small businesses. If you require funds to run your business, Bank of America has various loan options to choose from. In this guide, we will break down the Bank of America small business loans and explain how they work to help you select the best one.

If you need help with the loan application process, turn to DoNotPay! We can assist you in writing a professional loan request letter to maximize your chances of approval.

Small Business Loans at Bank of America

The Bank of America offers various financial solutions for small business owners to cover their expenses. Some of the popular ones include:

1. Business credit lines
2. Term loans
3. Business advantage auto loans
4. Equipment loans
5. Commercial real estate loans
6. SBA loans

Business Line of Credit

With a business line of credit, you have a credit limit that you can use to cover business expenses. Once you reach the credit limit, you must pay it back (with interest). After the debt is repaid, you can start using the limit again.

A business line of credit is convenient because:

• You can use the funds whenever you require
• You do not need to provide any collateral to get the loan
• The interest rates are favorable

Term Loans

With a term loan, Bank of America offers a significant amount of money to the borrower, which is to be paid back in regular installments at a fixed or variable interest rate. Features of the loan include:

• A $25,000 starting loan amount
• A four-year loan term with collateral
• A 0.5% origination fee
• Predetermined payment schedule

Business Advantage Auto Loan

You can get an auto loan to finance cars, vans, trucks, or any other automobile necessary for business operations. Bank of America offers the following loan terms:

• The loan amount starts from $10,000
• Interest rates can be as low as 2.49%
• The repayment schedule can range from 48 to 72 months
• There are no applications fees

The vehicle you intend to purchase needs to have a minimum value of $10,000 and should have run less than 75,000 miles.

Equipment Loans

Equipment loans are practical to buy equipment and machinery required to operate your business. The following are notable features of a Bank of America equipment loan:

• Low interest rates
• Five-year repayment schedule if collateral is provided
• 0.5% origination fees
• A $25,000 starting loan amount

Commercial Real Estate Loan

If you are searching for a way to finance your property purchase, Bank of America can offer you a real estate loan. With amounts starting from $25,000 and interest rates as low as 3%, you can buy the property of your choice. The loan terms are as follows:

• Ten years with a balloon payment
• 15 years with full amortization
• Fees, including:
  • 0.75% of the amount financed
  • Property insurance
  • Flood hazard insurance
  • Closing costs

SBA Loans

The federal government offers Small Business Administration (SBA) loans to small businesses and startups to help cover their costs. The government partners with banks and credit unions to provide the money to small business owners. The loan terms of a BoA SBA loan are as follows:

How To Qualify for a Small Business Loan at Bank of America

While every lender has different criteria for loan eligibility, Bank of America requires the following:

• At least two years in business with the same business owner
• Annual revenue of $250,000 minimum
• A credit score above 750

Boost Your Chances of Getting a Loan by Using DoNotPay

If you have chosen the best small business loan for your business, the next step is to secure it. The best way to do that is to convince Bank of America that you qualify for the funding. You can do that by writing a convincing loan request letter that increases your chances of approval. If you don’t know how to write one, we can assist you! Here is what you need to do:

1. Sign up for DoNotPay
2. Select the Business Loan Request Letter product
3. Answer a few questions about your business
4. Upload all required documents

Has Bank of America denied your loan application? Don’t stress out! DoNotPay’s Find Online Loan Lender feature can help you find the best lenders depending on your budget and requirements.

If you want to check out the business loans offered by other banks, consult our guides on loans at:

• TD Bank
• Wells Fargo
• Chase
• Capital One
• U.S. Bank
• SunTrust Bank

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