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, recreation vehicles (RV), boats or aircraft

Yes.

You can apply online right now - it takes just a few minutes, there's no fee to apply and most decisions are available within 24 hours.

You can also call us at 866.543.2808 (Mon-Fri 8 a.m.-10 p.m. ET) or schedule an appointment to apply by phone or in person at a time that's convenient for you.

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

If you’re purchasing a vehicle from a franchise dealer or an approved independent dealer:

1. Speak with one of our loan specialists using the phone number provided to you with your approval.
2. Find a dealer.
3. Once you select the vehicle you want to purchase, follow the steps indicated by the loan specialist.
4. Sign documents and drive home in your new car.

If you’re refinancing an existing car loan:

1. Speak with one of our loan specialists using the phone number provided to you with your approval.
2. Submit the documents requested by the loan specialist, including you current registration and a 10 day payoff letter. Payment will be sent to the lien holder and we'll provide you detailed next steps on how to complete the title process once the loan is complete.

Within 10-15 business days after your closing date, you'll receive a welcome package 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

You will need to complete the title process for your vehicle within 20 days of loan closing. Here are the steps you'll need to follow:

1. Obtain the title, lien release or both from the seller, the state titling agency or lien holder of your vehicle.
2. Take the title, lien release or both along with the title application you will receive from us to your Department of Motor Vehicles (DMV) or state titling agency. Note: You will be responsible for any costs associated with completing the title process.
3. Transfer the registered ownership of the vehicle into your name(s) as listed on your Bank of America documents. Important: Only the borrower(s) listed on the loan documents can be the registered owner(s) listed on the title.
4. Ensure we're listed as the lienholder on the title as follows:
   Bank of America, N.A.
   PO Box 2759
   Jacksonville, FL 32203

Your APR is based on your credit history, approved loan amount, term, state of residence and applicable discounts.

Yes. As a Preferred Rewards for Business client, you’re eligible to receive an interest rate discount of up to 0.50% on a new Business Advantage Auto Loan. You must be enrolled in Preferred Rewards for Business at the time of the loan application in order to receive the discount, which will be reflected in the interest rate presented to you upon loan approval. Learn more about Preferred Rewards for Business

If you’ve frozen your credit report due to security concerns, you’ll need to temporarily unfreeze it with all 3 credit bureaus (Equifax, TransUnion and Experian) in order to proceed with your Business Advantage Auto Loan application. To unfreeze your report, please 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.

Refinancing may reduce your monthly payment through lowering your interest rate and/or extending your loan term. It may also help you reduce the overall amount of interest you pay on your loan.

It’s important to look closely at all the numbers when you refinance: Although your refinanced monthly payment may be lower, you should carefully consider any potential increase in interest charges you may pay and the additional years needed to pay off your loan by refinancing.

Yes, but you may be asked to pay the difference as a requirement for getting your auto loan refinanced.

Your paper statement is mailed each month 20 days prior to your due date, unless you decide to set up automatic payments through Online Bill Pay, in which case you won't receive monthly paper statements. With Online Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.

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

• Using Bill Pay: If you're an Online Banking customer, you can log in to set up payments through Bill Pay. With Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.
• 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 car loan payment to: Bank of America, N.A., PO Box 15220, Wilmington, DE 19886-5220. 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.

The easiest way to obtain your payoff amount is to log in to Online Banking and select the Automobile Loan link on your accounts overview page.

You can also call 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:

• Using Bill Pay: If you're an Online Banking customer, you can log in to make a payment through Online 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 car loan payoff amount to: Bank of America, N.A., PO Box 15220, Wilmington, DE 19886-5220. 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.

The timeframe to obtain your title, paid in full letter and/or lien release may vary by state. Please contact us at 800.215.6195 to determine the specific process for your account. If the title is electronic or other conditions apply, our letter will detail the process to obtain the title and ensure that the lien release is properly recorded.

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 Association of Oral and
Maxillofacial Surgeons
Arizona Dental Association
California Dental Association
Colorado Dental Association
Connecticut State 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 Hampshire Dental Society
New Jersey Dental Association
New York State Dental Association
Seattle King County Dental Society
Tennessee Dental Association
Texas Dental Association Perks Program
Virginia Dental Association

Veterinary
American Animal Hospital Association
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.