Features

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 APRs starting from 4.00% .

Does Bank of America charge an origination fee?

Yes, Bank of America charges a loan origination fee starting at .5% of the loan amount starting at $150 Bank of America deducts the fee directly from your loan amount before depositing your money, 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?

Some lenders only provide business loans for certain purposes. Bank of America offers considers loan applications for the following reasons:

  • Equipment purchase
  • New location
  • Product or service expansion
  • Working capital
  • Business debt refinance

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
  • SBA loans

Does Bank of America charge a late fee?

No, Bank of America will not charge you a late fee. Yes, Bank of America charges borrowers with a late payment fee.

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 60 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 does not require borrowers to have been in business for a minimum number of years. Active duty servicemembers and their covered dependents are eligible to apply for a loan via Bank of America. Its rates and terms fall within the limits of The Military Lending Act.

Only U.S. citizens and permanent residents can apply for a loan.

To qualify, applicants may need to provide the following documentation:

  • Driver's license
  • Proof of citizenship or residence permit
  • Proof of income

  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Revenue
    $8500
  • Verification Documents Required?
    • Business Formation Documents
    • Proof of Identity
    • Proof of Income
    • Proof of Residence
    • Driver License (or other photo ID)
    • Proof of citizenship/residence
  • Origination Fee ($)
    Starting at $150
  • Origination Fee
    Starting at .5%
  • Business Loan Type
    • Unsecured Term Loan
    • Secured Term Loan
    • SBA Loan
    • Line Of Credit
  • Intended Use of Funds
    • Business Debt Refinance
    • Equipment Purchase
    • Lease Improvements
    • New Location
    • Product or Service Expansion
    • Working Capital
  • Loan Amount
    $10000 - $2000000
  • Loan Term Range (Months)
    12 - 60
  • APR
    Starting at 4.00%
  • Max Loan Term (Months)
    60
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