Bank of America offers a variety of business loans for established businesses with good-to-excellent credit. Check out our Bank of America business loans review for more information.
LENDER, BEST FOR, LOAN AMOUNT, AVAILABILITY ; Bank of America, Credit building, from $25,000, All states and Washington, D.C. ; Wells Fargo, Lines of credit, $10,000 to $150,000, All states and Washington, D.C. ; PNC Bank, Fast approvals, $10,000 to $3 million, 28 states and Washington, D.C. ; Huntington National Bank, Midwest bank, Up to $5 million, 11 states ; TD Bank, East Coast bank, $10,000 to $5 million, 15 states and Washington, D.C. ; Live Oak Bank, SBA loans, $115,000 to $15 million, All states ; U.S. Bank, Easy application, Up to $12.375 million, 26 states ; Chase Bank, Small loans, $5,000 to $5 million, 48 states and Washington, D.C.
Bank of America gives business owners numerous options for business loans and lines of credit. It’s essential to consider the pros and cons of business loan products.
For a variety of finance options ; Required monthly revenue: $8k+ ; Required annual revenue: $60k+
Interest rate · Factor Rates Starting at 1.10 ; Fastest funding · 1 business day
a business term loan sat at 7.31% – although rates on... loans 3.7 ★★★★★ Finder score Kiva's interest-free... loan Bank of America business loans 3.6 ★★★★★ Finder...
Pros · Bank of America stretches across the U.S., with about 3,800 branches and 15,000 ATMs. It offers a wide range of big-bank products, with checking and savings accounts, loans, mortgages, credit cards and investing options. If you use Advantage Plus as your main checking account, you can easily avoid the monthly fee. Bank of America's mobile app includes person-to-person payments via Zelle. Cons · Bank of America's rates on savings aren't very competitive. It's not easy to avoid the mont...
Average business loan rates for the third quarter of 2023 ranged from 5.89% to 12.23%. ; If you have bad credit or are starting a new business, interest rates for small business loans can range from 33% to 99% or higher. ; Before agreeing to any loan, review the terms and interest rates to ensure you understand how much you’ll pay.
Business line of credit rates can vary widely depending on the lender. Unless you’re in a true emergency, it’s best to avoid options at the upper end of the scale—private lenders may charge interest rates of 30% or more. Make sure to check whether a lender is quoting you an APR (annual percentage rate) or a different type of interest or fee structure; these numbers often aren’t directly comparable. Lines of credit are best for short-term or emergency funding needs and should not be relie...
Business Advantage Credit Line ; Business Advantage Credit Line Cash Secured ; Business Advantage Term Loan