Bank of America Small Business Loans
Bank of America small business loans allow you to raise working capital. There are even loan options to buy equipment or even commercial property. There are a number of choices and requirements for you to review. Make sure you read through the terms and details carefully to understand whats best for your small business.
BOA business loans are promoted via the mail to small business owners. Many local branches have small business loan specialists that will sit down with you and review your options.
What Types of Bank of America Small Business Loans Are There?
SBA Loans – Typically a Small Business Administration loan is issued by the bank and backed by the SBA. This actually helps the borrower or small business owner get more flexible terms. The reason is that the SBA is essentially backing the loan, even though they are not the lender.
Bank of America is the actual lender for the SBA loan and is backed by the SBA. If you are interested in this type of business loan you can talk to a local branch and ask for the small business loan specialist who can walk you through this process.
An SBA loan does require additional paperwork and requirements.
Business Line of Credit – If you are in need of a revolving credit line where you have access to funds to pay for inventory or other expenses a Bank of America line of credit may be a good option for your small business.
This is an unsecured loan if you borrow less than $100,000 or it can be secured based on a blanket lien on your assets.
These flexible revolving credit lines for your business can be setup for as little as $10,000 and you do not pay interest on them until you draw on the loan and you can pay off in one lump sum or over time.
Commercial Property Loan – If you are wanting to buy land or commercial property, Bank of America has an option where you can borrow up to 80% of the value and from $25,000 all the way up to $2 million.
Equipment Financing – you can also buy equipment with an equipment financing option. The minimum amount to borrow is $25,000 for a term loan.
The types of equipment that can be financed range from vehicles, agricultural machinery and medical and professional practice.
As you can see there are a number of Bank of America small business loan financing options that you can check into to raise cash for your business.
How Do I Apply For Bank of America Small Business Loans?
The easiest way is to contact one of their business specialists to discuss your options.
You can visit their website at www.bankofamerica.com/smallbusiness/
To contact a business specialist you can call 866-543-2808.