Bank of America business loans: our 2021 review |
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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


Bottom line: Bank of America (BofA) offers low starting rates and steep discounts for current customers. But it might not be worth it if you don’t want to open a business account.


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.


  • Low rates starting at 4.75% APR
  • Loyalty discounts of up to 0.75%
  • Low credit and revenue requirements for a bank


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

Expert review

Anna Serio

Review by

Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 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.

Bank of America pauses business loans during COVID-19

Bank of America has stopped accepting business loan applications to focus on funding loans through the Paycheck Protection Program, or PPP. But it appears to have plans on restarting its business loan program after it's processed the majority of PPP forgiveness applications.

The SBA is only accepting applications from businesses with fewer than 20 employees between February 24 and March 10, 2021. But larger businesses may be able to submit an application to Bank of America during this time. This round of PPP funding ends on March 31, 2021.

Bank of America business loan rates, fees and terms

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. 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

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

Business loan calculator

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How Bank of America compares to other business lenders

Here's how BofA stacks up to other providers that offer financing to small businesses.


Finder Rating: 3.6 / 5

Find out more

Loan amount

$10,000 to $100,000


Starting at 4.75%

Loan term

12 to 60 months


At least 2 years in business with current ownership, 670+ credit score, $100,000+ in annual revenue.


Finder Rating: 4.75 / 5

Check eligibility

Loan amount

$500 to $5,000,000


Starting at 6%

Loan term

12 to 300 months


Operate business in US or Canada, have a business bank account, 560+ personal credit score

Bank of America reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1.1 out of 5 stars, based on 408 customer reviews
Trustpilot Score 5,516 out of 5 stars, based on 1.3 customer reviews
Customer reviews verified as of 28 February 2021

Bank of America gets mostly negative reviews from customers — and has over 5,000 complaints logged with the Better Business Bureau, or BBB. The majority aren't about Bank of America's business loans. But a few mention having their accounts closed — and several complain about not getting the help they needed with coronavirus assistance.

How 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

How the application works

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.

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.

What sets it apart

BofA's loyalty discounts are higher than you'll find with most banks. Many don't even offer discounts on business loans. This combined with its low starting rates makes it a good deal for current customers.

But if you aren't interested in opening an account with this bank, it might not be worth it. Banks typically offer lower rates, a faster turnaround and better service to existing business checking customers who apply for a loan.

More financing options available through BofA

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



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

See other business loans

Compare lenders that don't require you to be a current customer account to apply online.

Data updated regularly
Name Product Filter Values Loan amount APR Requirements

Fora Financial business loans

Fora Financial business loans
$5,000 – $500,000
6+ months in business, $12,000+ monthly revenue, no open bankruptcies
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Great for SBA loan applicants.

ROK Financial business loans

ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
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
Finder Rating: 4.7 / 5: ★★★★★

OnDeck small business loans
$5,000 – $250,000
As low as 11.89%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.

Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★

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.

Rapid Finance small business loans
Finder Rating: 3.74 / 5: ★★★★★

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

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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