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Bank of America business loans review

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$10,000
Max. Amount$100,000
Loan Term12 to 60 months
APRStarting at 5.25%
RequirementsAt least 2 years in business with current ownership, good credit, $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

Bank of America no longer accepting PPP applications

Bank of America has stopped accepting applications to the Paycheck Protection Program (PPP) on March 9th. It also hasn't restarted its regular business loans program as of March 12th. Consider another lender if you want a PPP loan before this round of funding ends on May 31, 2021. Or compare Bank of America alternatives for other business financing options.

Bank of America business loan rates, fees and terms

Bank of America charges rates starting at 5.25% 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.

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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.

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

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

Bank of America business loans

Lendio business loans


Finder rating 3.6 / 5


Finder rating 4.75 / 5

Read Review

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Loan amount

$10,000 – $100,000

Loan amount

$500 – $5,000,000


Starting at 5.25%


Starting at 6%

Loan Term

12 to 60 months

Loan Term

1 to 25 years


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


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 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



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.

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.

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