Last Updated: 06/21/2025
Bank of America Business Advantage Term Loan
Unaffiliated
in Business Loans from Bank of America
Last Updated: 06/21/2025
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Highlights
Amount Range
$10,000 - $100,000
APR (Fixed APR)
Starting at 5.75%(Verified 06/21/2024)
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Loan Term (Months)
12 - 60
Bank of America Business Advantage Term Loan Review
Bank of America Small business loans is a business financing offering by Bank of America, based in Charlotte, NC. Founded in 1784, Bank of America offers access to small business loans in 50 states (and Washington, DC).
Bank of America Small business loans FAQ
What are Bank of America Small business loans rates?
Bank of America Small business loans offers a fixed APR business financing product that ranges from 5.75% APR.
Does Bank of America Small business loans charge an origination fee?
Yes, Bank of America Small business loans charges a loan origination fee starting at 0.5% of the business loan amount starting at $150 Bank of America Small business loans deducts the fee directly from your business loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
Does Bank of America Small business loans charge prepayment fees?
Yes, Bank of America Small business loans may charge additional fees to borrowers who pay off their small business loans sooner than anticipated. Take this into consideration when choosing a business loan product because prepayment penalties can reduce or even cancel the interest savings of repaying a business loan early.How much can you borrow from Bank of America Small business loans?
Business loan amounts start at $10,000 and go up to $100,000.
What is the maximum business loan term you can get with Bank of America Small business loans?
Bank of America Small business loans offers small 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 Bank of America Business Advantage Term Loan?
Bank of America Business Advantage Term Loan requires companies to be in business for at least 24 months. Businesses must have a minimum annual revenue of $100,000 to be considered.
Applicants with a credit score of at least 670 and up to 850 may be eligible for Bank of America Business Advantage Term Loan. U.S. citizens and permanent resident / green card holders with a U.S. tax identification number are eligible to apply for the services offered by Bank of America Business Advantage Term Loan.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Bank account information
- Business formation documents
- Driver's license or other government photo ID
- Government issued photo ID
- Proof of identity
- Proof of citizenship or residence permit
- Proof of residence
- U.S. tax identification number
What is the estimated funding time for a business loan via Bank of America Small business loans?
Bank of America Small business loans can fund small business loans within 10 business days.
Does Bank of America Business Advantage Term Loan report your account activity to credit bureaus?
Yes, Bank of America Business Advantage Term Loan reports to the following credit bureaus:
- Equifax
- Experian
- TransUnion
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help build your credit.
Does Bank of America perform a hard credit pull?
Yes, Bank of America Small business loans performs a hard credit pull when you apply for a loan. Additionally, it doesn't provide the option to check your rates using a soft credit pull, a feature that many lenders offer.
Click here to get prequalified rates from multiple leading lenders without a hard credit pull. However, if you accept a loan offer, a hard credit pull will likely be performed.
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