Where does Bank of America do business?
Bank of America is a bank based in Charlotte, NC. It was founded in 1784 and offers access to business loans in 50 states (and Washington, DC).
What are Bank of America’s rates?
Bank of America offers business loans with fixed APRs starting from 2.99% .
Does Bank of America charge an origination fee?
Yes, Bank of America charges a loan origination fee starting at 0.5% of the loan amount starting at $150 Bank of America deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
What limitations does Bank of America set on the purpose of the loan?
Bank of America considers loan applications for business purposes, such as:
What types of business loans does Bank of America offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Bank of America provides access to the following business loan types:
- Unsecured term loans
- Secured Term Loans
- Lines of Credit
- SBA Loans
Does Bank of America charge prepayment fees?Yes, Bank of America charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.
How much can you borrow from Bank of America?Loan amounts start at $10,000 and go up to $2,000,000.
What is the maximum loan term you can get with Bank of America?
Bank of America offers business loans with terms ranging from 12 to 300 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with Bank of America?Bank of America doesn’t disclose its credit score minimum. Bank of America requires companies to be in business for at least 24 months. Businesses must have a minimum annual revenue of $8,500.
Only U.S. citizens and permanent residents can apply for a loan Bank of America only considers borrowers who are employed or self-employed. To qualify, applicants may need to provide the following documentation:
- Business Formation Documents
- Proof of Identity
- Proof of Income
- Proof of Residence
- Proof of citizenship/residence (Green Card)
100 North Tryon Street
Charlotte, NC 28255 USA
- Visit Site
Other Services by Bank of America
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Origination Fee ($)||Starting at $150|
|Origination Fee||Starting at 0.5%|
|Immigration Status Considered||
|Employment Statuses Considered||
|Minimum Months in Business||24|
|Verification Documents Required||
|Loan Amount||$10K - $2M|
|Loan Term (Months)||12 - 300|
|APR||Starting at 2.99%|