Bank of America is a leading bank worldwide and they have a total of 4,700 bank branches and 16,000 ATMS all over the globe. Other than being a popular financial institution the Bank of America business loans are also prevalent in the loan market.
Why Choose the Bank of America Business Loans?
The Bank of America lends money to 3 million businesses through their various different loan programs. Once you qualify for the Bank of America business loans you can get the best interest rates and repayment terms available for small businesses. This is why you should consider choosing this bank to finance your business.
There are many different Bank of America business loans available based on the different needs of a business. If you require a small business loan then there is more than one option that the Bank of America offers.
Unsecured Bank of America Business Loans
The unsecured loans are perfect for small businesses because there is no collateral such as property or vehicles required for receiving the loan. However, this means a higher APR because it means the lender is taking most of the risk.
Secured Bank of America Business Loan
The secured business loans require collateral and start from $25,000. The proceeds can be used to buy materials, inventory or refinance any previous debts the company might have. You can choose what you want to put as collateral. The repayment starts from as little as 4.00% fixed amount with an origination fee of 0.5% of the principal amount.
The requirements for the secured business loan include at least a two-year history and up to $100,000 in annual gross sales for the previous financial year.
Whether you need a truck or a commercial fleet for your business, you can apply for the Bank of America business loan equipment financing. It can help a business buy the machinery, software and other tools they need to operate. These loans begin at $25,000 and you can borrow 80% of the price of the equipment and pay it over a period of five years.