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Business financing to help you look ahead

Is a business loan right for you?

If you're a business owner looking to purchase inventory and materials, refinance debt or finance account receivables, a Bank of America business loan may be right for you.

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Not sure which loan type you need?

Small Business Administration (SBA) financing

Our business financing recommendation page is a good place to see all the types of financing options we offer. You can use the business financing recommendation tool to sort through the options to find the one that’s most appropriate for your specific business situation.

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.

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.

Closing costs vary depending on the type and size of the credit request. Before your closing, you will receive a detailed accounting of all closing costs.

If your financing request is approved, a Bank of America representative 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.

No. All Bank of America business financing requires that your business be under current ownership for at least 2 years. However, there are several ways to obtain the funding you need. The Small Business Administration (SBA) is a good place to start learning about startup financing that may be available to you. You should also understand that there's a lot of work you need to do before you apply for any financing, including developing a business plan. This article will explain some of the pre-financing due diligence you should be doing.

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