Small businesses often require a cash injection to expand operations or to overcome temporary financial challenges. Bank of America, a leading financial institution, offers various small business loans and services that can cater to different business needs. In this article, we will discuss the top small business loans and services offered by Bank of America.
Business Advantage Term Loan
If you are looking for a lump sum of money to grow your small business, the Business Advantage Term Loan offered by Bank of America could be an excellent option for you. With this loan, you can borrow between $10,000 to $500,000, and you have up to 10 years to repay the loan, making it a flexible option for small business owners.
Business Line of Credit
A Business Line of Credit is an ideal option for small businesses that require a revolving credit line. This option allows you to withdraw funds up to a specific limit, and you are only charged interest on the amount you withdraw. Bank of America offers this service for businesses that require funding up to $100,000.
Secured Business Loans
If you have assets you can use as collateral, Bank of America offers secured business loans. With this loan, you can borrow up to $5 million, depending on the value of your assets. Although this option requires collateral, it usually carries a lower interest rate than unsecured loans.
Small Business Credit Cards
Small Business Credit Cards allow small business owners to separate personal and business expenses while earning rewards on their business purchases. Bank of America offers Small Business Credit Cards with low annual fees, cash back, and other rewards.
Merchant Services
Bank of America’s Merchant Services can help small businesses accept payments from customers using a variety of payment methods. The bank offers easy-to-use point-of-sale solutions such as Clover® Station and Clover® Mini, as well as digital payment solutions such as Apple Pay® and Samsung Pay®.
Conclusion
Bank of America offers various small business loans and services that cater to different business needs. The Business Advantage Term Loan, Business Line of Credit, and Secured Business Loans are designed for businesses that need a lump sum of money, revolving credit, or have assets they can use as collateral. Small Business Credit Cards and Merchant Services assist small business owners in managing their finances and accepting payments from customers. Small business owners can consider Bank of America’s offers to help them grow and manage their business effectively.
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