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Bank of America business loans review

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Unsecured funding with rate discounts as high as 0.75% for Preferred Rewards customers.’s rating: 3.6 / 5.0


  • Best for businesses enrolled in BofA's Preferred Rewards program.
  • Pick something else if your business is less than two years old.


Min. Amount


Max. Amount


Product NameBank of America business loans
Min. Amount$10,000
Max. Amount$100,000
Loan TermDepends on loan terms
Min. Credit Score670
APRStarting at 4.75%
RequirementsAt least 2 years in business with current ownership, 670+ credit score, $100,000+ in annual revenue.

Expert review

Anna Serio

Review by

Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Bank of America (BofA) offers business loans with resources to help you along the application process. It offers some of the lowest rates out there that you’ll find on business loans — and you can get that reduced from 0.25% to 0.75% if your business is enrolled in BofA’s Preferred Rewards program.

But like with most banks, business loans are available to companies that have been around for two years or more. Which means that if you’re a startup, you may need to look elsewhere for a financing.

How much will this loan cost me?

Bank of America charges rates starting at 4.75% APR on its unsecured business loans. This includes a $150 origination fee, which Bank of America charges after you’re approved.

You can borrow between $10,000 and $100,000 with terms from one to five years. Use the calculator below to find out how much a BofA loan might cost your business.

Business loan calculator

See how much you'll pay

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How it works

The lowest rates and largest loans will likely go to businesses that have been around for several years, have enough cash flow to comfortably support repayments and have owners with credit scores around 760 or higher. For example, you won’t qualify for a $100,000 loan if your business just meets the $100,000 revenue requirement.

If your business is enrolled in BofA’s Preferred Rewards program, you’re eligible for a rate discount depending on your level.

  • Gold: 0.25% rate discount
  • Platinum: 0.5% rate discount
  • Platinum Honors: 0.75% rate discount

What do I need to qualify?

You and your business must meet the following requirements to qualify for a BofA unsecured loan:

  • At least 2 years in business under current ownership
  • $100,000 annual revenue or higher
  • Personal credit score of 670 or higher

What information do I need to apply?

Bank of America asks for the following information during the application process:

  • Your business name and street address — no PO boxes — including the date you moved to that address
  • Your phone number
  • The nature of your business and number of employees
  • The date you established your business or the acquisition date of its current ownership
  • Your tax ID
  • Annual net profit and annual gross sales
  • List of any outstanding obligations

BofA also requires the following information for all owners with more than a 25% stake in the company:

  • Full name and home street address — no PO boxes
  • Home phone number
  • Social Security number and date of birth
  • Personal income
  • Residence status and monthly housing payment

What industries does BofA work with?

BofA doesn’t specify which industries can qualify. But typically large national banks don’t work with industries that it considers high-risk, which generally includes gambling, finance companies, adult entertainment and more.

What other types of financing does BofA offer?

Secured business loans

Start at $25,000

From 3.5%

4 or 5 years

Unsecured business lines of credit


From 4.5%

Annual renewal

Secured business lines of credit

Start at $25,000

From 3.75%

Annual renewal

Small business auto loans

Start at $10,000

From 2.99%

2–6 years

Commercial real estate loans

Start at $25,000

From 3%

Up to 15 years

SBA loans

$25,000–$5 million



Equipment loans and lines of credit

Start at $25,000

From 3%

Up to 5 years

Medical, dental and veterinary practice loans

Up to $5 million



Pros and cons

BofA’s secured business loans may help you get the best value for your money. But you might want to consider the drawbacks before you apply.


  • Low rates starting at 4.75% APR
  • Preferred Rewards discount up to 0.75%
  • Low credit and revenue requirements for a bank
  • Transparent website


  • Flat origination fee of $150
  • Online application only available to current customers
  • Recently-purchased businesses are ineligible

See other business loan options

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
$10,000 – $5,000,000
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
$5,000 – $250,000
As low as 9.99%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK

Compare up to 4 providers

How do I apply?

If you’re currently a BofA customer, you can apply online by logging on to your business account. Otherwise, you’ll need to schedule an appointment to apply in person at a branch.

You can do so by visiting Bank of America’s business loans website and hitting Schedule an appointment at the bottom of the page.

What happens after I apply?

Once you’re approved, a representative will let you know about the various ways you can access your funds and help assist you sign your loan documentation. How long it takes to process depends on the applicant — but you can likely expect it to take several days or a week.

How do repayments work?

Bank of America’s business loans come monthly repayments, which you can make the following ways:

  • Bill pay. If you use Bank of America’s online banking, you can schedule recurring or one-time bill payments from your checking or money market accounts.
  • By phone. Call Bank of America’s payment line to pay by phone 24/7.
  • By mail. Mail your auto loan payment and loan account number to Bank of America, N.A., PO Box 15220, Wilmington, DE 19886-5220.
  • In person. Pay your auto loan in person at any Bank of America branch.

You can avoid late fees by making your payments through a few options:

  • Online bill pay. Bill pay lets you set up a recurring monthly payment for your checking account so you’ll never miss a payment.
  • Change your due date. Change the due date of your payment to a more convenient time of the month to better suit your cash flow.

Take the time to read about other business loan options and make sure you’re getting the most for your money.

Frequently asked questions about Bank of America’s business loans

Business loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.

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