Business Financing FAQs

You’ll need some basic business and personal information to submit an application. See what you'll need to apply.

Yes. If you have a Small Business Online Banking login you can apply for an unsecured business loan and unsecured business line of credit online.

• You can apply online at any time for a small business auto loan.

You can apply for all small business financing products by scheduling an appointment by phone or in person with a business lending specialist.

Our team will work closely with you to make sure your financing is in hand as soon as possible. Factors such as type of loan, type of collateral and the speed of documentation back and forth can affect the overall timeline.

No, you can apply with a business lending specialist without a Bank of America account. To apply online for an unsecured business loan and unsecured business line of credit you’ll need to login with your Small Business Online Banking login.

Bank of America business financing requires that your business be under current ownership for at least 2 years. If you have not been in business for 2 years, learn more about SBA Loans.

While each specific situation is different, in most cases we can make those adjustments to your application as needed with very minimal impact to your application timeline.

You can borrow from $10,000. There is no interest until you use the funds and no collateral required.

Apply now or connect with us to schedule an appointment with a specialist to inquire about available products and services.

Your interest rate may differ based on your credit worthiness, business overall relationship with Bank of America and line amount.

Business credit cards are great for small, everyday business expenses. An unsecured line of credit provides longer-term financing in larger amounts with lower interest rates.

No. You only pay interest on any amount you draw from your line of credit. Once your line of credit is paid down to a zero balance, no more interest will accrue.

The credit line amount is equal to the cash security deposit that you provide. The minimum required deposit is $1,000.

We can withdraw the amount you specify from your Bank of America business or personal checking or savings account. We can also withdraw funds from another bank that you have a relationship with.

We will periodically evaluate your cash secured line of credit account for eligibility for the unsecured Business Advantage Credit Line. When you meet the lending standards for the unsecured line of credit, we will refund your security deposit.

Yes. Once you pay the outstanding balance and close the line of credit, the deposit will be refunded to you.

Your interest rate may differ based on your credit worthiness, overall business relationship with Bank of America and line amount.

No. You only pay interest on any amount you draw from your line of credit. Once your line of credit is paid down to a zero outstanding balance, no more interest will accrue.

Business financing requires that your business be under current ownership for at least 2 years with a minimum annual revenue of $100,000.

Apply now or connect with us to schedule an appointment with a specialist to inquire about available products and services.

If your financing request is approved, a business lending specialist will let you know about the various ways you can access your funds after the loan documents are signed, including small business online banking.

Our flexible revolving credit lines start at $25,000. There is no specific maximum to a Bank of America business line of credit. All approvals are subject to current credit policy and regulatory requirements.

Learn more about secured business line of credit

Your interest rate may differ based on your credit worthiness, business overall relationship with Bank of America and line amount.

Learn more about secured business line of credit

You may not be required to secure your line of credit for amounts of $100,000 and less. Lines of credit greater than $100,000 will be generally required to be secured by collateral such as a blanket lien on general assets or a certificate of deposit. Other collateral may be considered. If you secure your line of credit with a certificate of deposit, you can borrow up to 100% of the value of the CD.

No. You only pay interest on any amount you draw from your line of credit. Once your line of credit is paid down to a zero balance, no more interest will accrue.

Business financing requires that your business be under current ownership for at least 2 years and minimum annual revenue of $250,000.

You’ll need some basic business and personal information to submit an application. See what you'll need to apply

A business lending specialist can assist you by phone or in person with any loan or line of credit application. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment.

Business financing requires that your business be under current ownership for at least 2 years and minimum annual revenue of $250,000.

Secured loans are generally required to be secured by collateral such as a blanket lien on general assets or other collateral such as equipment or real estate.

Your interest rate may differ based on your credit worthiness, business overall relationship with Bank of America, loan amount and loan term.

Learn more about secured business loans

You'll need some basic business and personal information to submit an application. See what you'll need to apply

A business lending specialist can assist you by phone or in person with any loan or line of credit application. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment.

If your financing request is approved, a business lending specialist will let you know about the various ways you can access your funds after the loan documents are signed. These methods vary depending on the type of financing you're getting.

It all depends on your specific business situation and your tolerance for risk. A fixed interest rate provides the security of knowing what your interest rate and payment will be throughout the life of your loan. A variable interest rate loan may give you a lower rate and payment amount initially, but there’s a chance that the rate and payment amount may rise or fall in the future. Many term loan products only offer a fixed rate.

Extending the number of months you take to pay off a term loan will lower your monthly payment. However, it will take you longer to pay off the debt and the total cost of borrowing the money will be higher. The type of collateral you pledge to secure your loan may have an impact on your interest rate, too.

Yes, you can. Call us at 888.287.4637 (Mon–Fri 7 a.m.–11 p.m. ET or Sat 8 a.m.–8 p.m. ET). One of our business lending specialists can help.

Yes, but a prepayment fee may apply. This can vary depending on the type of financing you’re getting, so be sure to check when you’re applying whether a prepayment fee applies in your specific situation.

No, it isn't. Please notify us immediately so that we can work with you to clear your debt obligation. 888.287.4637 (Mon–Fri 7 a.m.–11 p.m. ET or Sat 8 a.m.–8 p.m. ET).

You can get an interest paid letter in 3 ways:

• For immediate written confirmation of interest paid last year, log in to Bank of America Online Banking, select your loan from the Accounts Overview page and click on the View/Print Letter link to the right of Interest Paid Last Year information on the Summary tab.

• Dial our automated phone service, authenticate yourself and choose the interest information option offered at the beginning of the menu selection choices. You will then receive a verbal confirmation of your interest paid last year.

• Call us at 888.287.4637 (Mon-Fri 7 a.m.–11 p.m. ET or Sat 8 a.m.–8 p.m. ET). One of our business lending specialists can provide you with a faxed or mailed copy of your interest paid last year information.

We have business lending specialists standing by to assist you with whatever labels you may have. Call us at 888.287.4637 (Mon-Fri 7 a.m.–11 p.m. ET or Sat 8 a.m.–8 p.m. ET).

Minimum 2 years in business

Learn more about Business Advantage Auto Loans.

With a Business Advantage Auto Loan – available in all 50 states and the District of Columbia – you can purchase new or used automobiles, vans or light trucks from franchise dealers and approved independent dealers.

Learn more about Business Advantage Auto Loans.

Franchise dealers sell new and used cars for auto manufacturers such as Ford^®, General Motors^®, Chrysler^®, Honda^® and others.

Independent dealers are not affiliated with auto manufacturers. Bank of America only finances vehicles purchased from the following independent dealers: CarMax^® and Enterprise Car Sales.

Yes. The following vehicles are not eligible for financing:

• Vehicles older than 5 calendar years
• Vehicles with 75,000 miles or more
• Vehicles valued at less than $10,000 (based on franchise dealer invoice for new vehicles or, for used vehicles, the wholesale value from an official used car value guide such as NADAguides.com layer)
• Large commercial vehicles (for example, a dump truck or tractor-trailer)
• Box truck, chassis cab or cutaway vehicles
• Salvaged or branded-title vehicles
• Gray market or lemon law vehicles
• Conversion or delivery vehicles
• Motorcycles, boats or aircraft
• Recreational Vehicles (RV) are only financed through our Authorized RV Dealers.

No, Bank of America does not offer Refinance for Business Advantage Auto Loans.

You can apply for your auto loan online in just a few minutes.

You can also schedule an appointment to apply at your local financial center, or call 866-543-2808 to apply over the phone.

Learn more about Business Advantage Auto Loans.

You’ll need to provide basic business and personal information on your application. See what you'll need to apply

Within 10-15 business days after your closing date, you'll receive a welcome package sent via US Postal Service First Class mail containing the following:

• A letter welcoming you to Bank of America
• Information about your account including your account number, the date your first payment is due and confirmation of your monthly payment amount
• Instructions on how to sign up for automatic payments
• Information about Online Banking features and benefits
• Contact information for auto loan customer service

If you’re already an Online Banking customer, you can access your welcome package information by going to My Documents from your auto account. To request that we resend your welcome package, call 800-215-6195, Monday through Friday, 8 a.m. - 8 p.m. ET.

When you purchase your vehicle through a Bank of America Authorized Dealer, the dealer will complete the title work on your behalf.

If you purchase your vehicle from any other dealership, we’ll provide information on how to complete your title work.

Enrolled Preferred Rewards for Business members are eligible to receive an interest rate discount on a new Business Advantage Auto Loan.

• Gold Tier - 0.25%
• Platinum Tier - 0.35%
• Platinum Honors Tier and higher - 0.50%

The discount will be reflected in the interest rate presented to Preferred Rewards for Business members upon loan approval. Learn more about Preferred Rewards for Business

If you have frozen your credit report due to security concerns, you need to temporarily unfreeze it with all three credit bureaus (Equifax, TransUnion and Experian) to proceed with an auto application.

Refer to the instructions provided when you froze your report or contact the individual bureaus for more information.

No. Vehicles over 2.5 tons (commercial vehicles) are generally financed through a Bank of America equipment loan. Learn more about Bank of America equipment loans

Yes. Bank of America has 2 lease options for heavy-duty commercial vehicles (typically greater than 2.5 tons in size):

1. A TRAC lease gives you the option at the end of your term to return the vehicle or purchase it for a guaranteed amount.
2. A lease purchase allows you to own the vehicle at the end of your term by purchasing it for $1.

A TRAC lease is not subject to mileage restrictions and if the vehicle is returned to Bank of America it will be sold. If it’s sold at a loss, you will be charged for the shortfall; if it’s sold at a gain, you will be paid any overage in proceeds.

For additional information, please contact a business lending specialist at 866.543.2808 (Mon-Fri 8 a.m.-10 p.m. ET) or schedule an appointment to discuss lease options by phone or in person at a time that’s convenient for you.

Yes, your business is limited to 4 Business Advantage Auto Loans concurrently (any auto loans reporting to your consumer credit bureau are subject to a maximum 4 loan limit as well). If your business has a need for more than 4 loans or vehicles, please contact a business lending specialist at 866.543.2808 (Mon-Fri 8 a.m.-10 p.m. ET) or schedule an appointment to discuss financing options by phone or in person at a time that’s convenient for you.

Both the business/primary applicant and the individual/co-applicant are jointly responsible for repayment of the loan, and both applicant names will appear on the loan. The individual/co-applicant is not required to be on the title application, but the business entity must be listed on the title application.

A hard credit inquiry (which could impact your credit score) will be made in order to make an approval decision regarding the individual/co-applicant, but there is no reporting to consumer credit bureaus on the subsequent booked loan. The Business Advantage Auto Loan payment history will be included in the Small Business Financial Exchange (SBFE) commercial credit reporting.

No, Bank of America does not charge prepayment penalties for auto loans.

Unless you set up automatic payments through Online Bill Pay, your paper statements will be mailed 20 days before your payment due date. If you set up automatic payments, you won't receive monthly statements by mail.

With Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.

You can also sign up for electronic bills by signing in to Online Banking and selecting eBills from the Bill Pay navigation menu.

Log in to set up Bill Pay payments

We offer a variety of auto loan payment options so you can select the one that works best for you:

• Using Bill Pay: In Online Banking, you can set up payments in Bill Pay. You can schedule one-time payments or recurring payments from your checking or money market accounts.
• By phone: To pay by phone, call 800-215-6195. Payments are accepted by phone 24/7. Please note that same-day payments cannot be canceled.
• By mail: You can mail your auto loan payment to: Bank of America, N.A., PO Box 17237, Wilmington, DE 19886-7237. Be sure to include your loan account number along with your payment.
• In person: You can always pay your auto loan in person at one of our financial centers
• By automatic payment: You can contact us at 800-215-6195 for assistance in setting up an automatic payment or complete the New Automatic Payment Sign Up section on the back of your monthly statement.

You can request a 10-day payoff quote through Online Banking by following the steps below:

1. In Online Banking, select your Auto Loan
2. Then, select Manage your loan, to view the “10-day payoff quote.”
3. The page will show your payment information, estimated payoff amount and payoff good through date.
4. Then, you can save or print your 10-day payoff quote.

Or, you can call us at 800-215-6195 to obtain your payoff quote from our automated system 24/7, or visit a financial center.

We offer a variety of auto loan payoff options so you can select the one that works best for you:

• In Online Banking: Pay the payoff amount in Bill Pay
• By phone: You can call 800-215-6195 to pay by phone 24/7. Please note that same-day payments cannot be canceled.
• By mail: You can mail your auto loan payoff amount to: Bank of America, N.A., PO Box 17237, Wilmington, DE 19886-7237. Be sure to include your loan account number along with your payment.
• In person: You can pay off your auto loan in person at one of our financial centers.

If you don't have a Bank of America deposit account, you may be able to set up an electronic payoff of your auto loan from your account at another financial institution.

Important: As a reminder, once your account is paid off, please cancel all future payments if you are using a bill pay service.

The process to payoff and release the lien can take 10 - 12 business days. Once completed, in most situations, you can expect to receive your lien release, paid-in-full letter and title (if the title is available) within 7-10 business days. If the title is electronic or other conditions apply, our paid-in-full letter will detail the process to obtain the title and ensure that the lien release is properly recorded.

Note: Bank of America is unable to expedite your state's titling office process. To avoid unnecessary delays, please ensure your mailing address is accurate. Steps below:

• In Online Banking, select Profile & Settings, and go to Your Contact Info to view your address. If you need to make changes, you can edit your address there.
• In the mobile app, tap Menu, then select Settings under Profile. You can view your Contact Info and edit your mailing address, if needed.

No.

A Bank of America commercial real estate loan lets you purchase or refinance an owner-occupied business property or expand or remodel an existing facility. If you own property free and clear, you can also use a commercial real estate loan to leverage your equity to finance a variety of business needs.

Learn More about commercial real estate loans

Learn More about SBA loans

Owner occupied commercial real estate will be determined in underwriting and requires occupancy by the borrower/guarantor. SBA guidelines require at least 51% occupancy to be considered Owner Occupied.

A Bank of America commercial real estate loan is secured by the property you're purchasing or renovating.

Upfront fee is 0.75% of the amount financed. Additional fees and closing costs such as property insurance, flood hazard insurance and/or appraisal may apply. You’ll be provided a list of fees at closing.

Yes, appraisal fees are part of closing costs, which may also include such items as flood certificate, title fees and filing fees. Fees per loan vary and you will be provided with a detailed list of all fees before closing.

A business lending specialist can assist you by phone or in person with any loan or line of credit application. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment.

The SBA is a federal agency that helps established businesses grow and helps new businesses get started. As a borrower, you're not borrowing from the SBA, you're borrowing from a financial institution like Bank of America that works with the SBA to provide loans to small business customers.

Learn More about SBA loans

When you apply for an SBA loan, you're borrowing from Bank of America in partnership with the SBA to get your business the financing that it needs. The benefits of getting an SBA loan from Bank of America include easier qualification, longer loan terms and lower down payments.

Learn More about SBA loans

A business lending specialist can assist you by phone or in person with any loan or line of credit application. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment.

Learn More about SBA loans

For more information and to move forward, please contact an experienced SBA Specialist in your area to get started right away.

Learn More about SBA loans

SBA loan processing times can vary depending on the loan purpose. As an SBA Preferred Lender, Bank of America is able to process your SBA loan request just as efficiently as we process other conventional small business loans.

Learn More about SBA loans

SBA loans can be used for a variety of purposes, including: buying or expanding an existing business; partner buyout; tenant improvements; ground-up construction; equipment financing; and owner occupied commercial real estate financing for purchase and refinance.

Learn More about SBA loans

Start-up financing is currently available for qualified doctors, dentists and veterinarians, as well as bank approved franchises.

Learn More about SBA loans

Once your loan is approved, you will continue to work with your dedicated team of SBA specialists to collect any remaining outstanding closing items in order to close your loan.

Learn More about SBA loans

Your dedicated team of SBA specialists will be providing you with regular updates and open communication throughout the entire loan process from start to finish.

Learn More about SBA loans

SBA loans have specific eligibility and qualification requirements. Partnering with the highly experienced SBA Specialists will ensure that your loan request is handled correctly and efficiently.

Learn More about SBA loans

A Bank of America equipment loan or lease lets you borrow so you can purchase industrial and general-purpose equipment, specialized machinery and commercial-purpose vehicles generally larger than 2.5 tons (smaller vehicles such as vans and delivery trucks are typically financed through a Bank of America Business Advantage auto loan).

Yes. Our equipment financing page includes information about the advantages and disadvantages of buying or leasing equipment. A business lending specialist can assist you by phone or in person. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment.

There are several differences and advantages to each type of lease. With a lease purchase, at the end of the lease you will own the equipment for $1. You may also be able to take advantage of Section 179 benefits. With a true tax lease, we are able to take the tax benefit of equipment ownership in the form of depreciation and, in turn, offer you a reduced borrowing cost and reduced monthly payment. The depreciation benefit and the less than full amortization characteristics of a tax-oriented lease reduce your monthly payments well below the fully amortizing loan payments over the same time period. In addition, monthly lease payments are typically tax deductible for federal income tax purposes (consult your tax advisor). Depreciation allowances under Section 179 and other provisions of the Internal Revenue Code are available to you regardless of whether you obtain financing from us. Please consult your financial, legal and accounting advisors, as neither Bank of America, nor its affiliates or employees provide legal, accounting or tax advice.

The residual value of an item (such as a vehicle) is the amount you will pay to purchase that item at the end of the lease and is based on estimated fair-market value. Lower monthly payments usually mean a higher residual value, so think about how much you can afford each month and your plans for the item at the end of the lease term.

Yes. A business lending specialist can assist you by phone or in person with any loan or line of credit application. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment.

Yes. Please visit our small business practice loans page, which will provide you with information about medical, dental and veterinary equipment loans.

Our practice loan rates are very competitive and vary depending on loan purpose and term, so we recommend you call 800.497.6076 to speak with a Practice Specialist who can assist you with your specific financing needs. We can also provide you with an option to lock in your rate so that you won't have to worry about potential rate increases and your rate will be guaranteed at closing.

Learn More about Dental Practice Loans

Learn More about Veterinarian Practice Loans

Learn More about Physician & Optometry Practice Loans

Request a free consultation

Loan terms vary based on the type of financing you’re seeking. Call 800.497.6076 to speak with a Practice Specialist about your financing needs.

Fees and discounts can vary significantly depending on the type of loan, the amount being financed and the desired terms of the loan. Call 800.497.6076 to speak with a Practice Specialist who can provide you with an accurate estimate of the fees associated with your specific financing needs.

Bank of America is endorsed by more dental, veterinary and medical associations than any other specialty lender. Endorsed group members receive a 50% discount on administration fees associated with a funded loan.

Yes, there is a 25% discount on certain loan and line fees available to Veterans, Active Duty, Reservist or National Guard U.S. Armed Forces. Please reach out to a Practice Solutions specialist for more details.

Dental
American Association for Women Dentists
American Academy of Oral & Maxillofacial Surgeons
California Dental Association
Colorado Dental Association
Connecticut Dental Association
Florida Dental Association
Georgia Dental Association
Hispanic Dental Association
Illinois State Dental Society
Indiana Dental Association
Massachusetts Dental Society
Michigan Dental Association
Minnesota Dental Association
National Dental Association
New Jersey Dental Association
New York State Dental Association
Texas Dental Association
Virginia Dental Association

Veterinary
American Veterinary Medical Association
National Association for Black Veterinarians

Medical
American Academy of Dermatology
American Optometric Association
American Society of Plastic Surgeons

Yes, working capital is included with certain loan types, such as startup and practice acquisition. We also provide business lines of credit and business credit cards to provide short-term working capital needs to established practice owners.

We offer loan amounts up to $5 million. Reach out to a Practice Solutions Specialist for any loan amount requirements.

Request a free consultation

A completed application is the main document needed to begin the approval process. Additional documents such as business and/or personal tax returns may be needed based on the type of loan you’re seeking and the amount you want to borrow. We’ll contact you if any additional documentation is needed.

The specialties we finance vary depending on whether you are seeking financing for an established practice or starting up a practice from scratch:

Established practices: We offer financing for a wide range of specialties. Call 800.497.6076 to speak with a Practice Specialist and discuss your particular specialty and financing needs.

Startup practices: We offer financing for startups in the areas of anesthesiology, colon & rectal surgery, dermatology, family practice, gastroenterology, general surgery, internal medicine, neurological surgery, neurology, OB/GYN, oncology, ophthalmology, optometric, orthopedic surgery, otolaryngology, pathology, pediatrics, plastic surgery, pulmonary, radiology, thoracic surgery, urgent care (family & internal medicine only), urology and vascular surgery.

You cannot make a payment online, but check payments can be processed instantly over the phone by calling 888.852.5000

Call 800.497.6076 to discuss with a Practice Specialist your specific status, practice plans and financing needs.

Yes, we offer up to 100% financing based on the type of financing you are seeking. Call 800.497.6076 to speak with a Practice Specialist about your financing needs.