Bank of America Business Loans Review (2026)
Bank of America business loans isn't available on Finder right now.
- Min. Amount
- $10,000
- Max. Amount
- $5,000,000
- APR
- Fixed rates as low as 7.00%
Our verdict
Multiple loan products available, but you'll need strong credentials to get approved
Bank of America is a solid option for established businesses that want the security of a major bank lender. Its flagship unsecured term loan starts at a competitive 7.00% fixed rate and requires no collateral, but you'll need a personal credit score above 700 and at least $100,000 in annual revenue to qualify. For larger, secured needs, requirements jump to $250,000 in annual revenue. It doesn't fund most startups or businesses under two years old, and its online application is limited to existing Small Business Online Banking customers.
Best for: Established businesses with strong credit looking for competitive rates from a major bank.
Pros
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Unsecured term loan rate as low as 7.00% fixed
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No collateral or origination fee on the unsecured credit line
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Broad product lineup: term loans, lines of credit, SBA, auto, equipment and real estate
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Preferred Rewards members get a 0.25%–0.75% rate discount on most products
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Cash secured line of credit available for businesses as young as six months
Cons
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Personal credit above 700 FICO typically required for unsecured products
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Secured products require $250,000 in minimum annual revenue
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Doesn't fund most startups or businesses under two years old
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Online application only available to existing Small Business Online Banking users
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Prepayment fees may apply on some loan types
Is Bank of America legit?
Yes. Bank of America is one of the largest banks in the US, offering personal and business banking, personal and business loans, investments and more. Its business lending products are issued by Bank of America, N.A., a Member FDIC institution and Equal Housing Lender. The bank is headquartered in Charlotte, North Carolina and operates thousands of financial centers across the country. Small business customers can access lending specialists by phone, in person at a branch or, for eligible products, online.
What makes Bank of America shine?
- Competitive starting rate on unsecured loans. The Business Advantage Term Loan advertises a fixed rate as low as 7.00% with no collateral required and a flat $150 origination fee.
- Introductory rate on the credit line. The Business Advantage Credit Line carries a Prime + 0% variable intro rate for the first seven billing cycles, with no origination fee and the $150 annual fee waived for the first year.
- Wide product range. Bank of America covers most small business financing needs under one roof: unsecured and secured term loans, lines of credit, a credit-building cash secured line, SBA loans, auto loans, equipment loans, commercial real estate loans and healthcare practice loans.
- Rate discounts for loyal customers. Preferred Rewards for Business members qualify for 0.25%–0.75% off new credit lines, term loans and secured lending, and 0.25%–0.50% off new auto loans, depending on their tier.
- Credit-building path for newer businesses. The Cash Secured Line of Credit requires just six months in business and a $1,000 refundable deposit, with account reviews beginning at 12 months for potential graduation to an unsecured line.
- Free business credit monitoring. Customers can view business credit scores for free, powered by Dun & Bradstreet.
Where Bank of America falls short
- High bar to qualify. Unsecured products require a personal FICO above 700 and $100,000 in annual revenue; secured products require $250,000. That puts most early-stage businesses out of reach.
- No startup funding for most. Standard financing requires two years in business under current ownership, making it impossible to get a startup loan. SBA startup options exist only for qualified doctors, dentists, veterinarians and bank-approved franchises.
- Limited online application access. Online applications for unsecured loans and credit lines are only available to existing Small Business Online Banking customers; all other products require a phone or in-person appointment.
- Ongoing credit line rate undisclosed. After the seven-billing-cycle intro period, the Business Advantage Credit Line rate is described as “market competitive” — the specific range isn’t listed on its website.
- Prepayment fees may apply. Bank of America’s FAQ confirms prepayment fees may apply on some loan types, but the amounts and which products are affected aren’t listed on its website. Auto loans have no prepayment penalty.
How Bank of America compares to other lenders
Compare other products
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How we picked theseWhat is the Finder Score?
The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
Bank of America business loan details
| Detail | Business Advantage Term Loan | Secured Business Loan |
|---|---|---|
| Minimum credit score | Above 700 FICO (personal) typically required | Not listed on its website |
| Starting rate | As low as 7.00% fixed (effective March 23, 2026) | Not listed on its website |
| Loan amounts | From $10,000 | From $25,000 |
| Loan terms | 12–60 months | Up to 4 years (business assets); up to 5 years (CDs) |
| Minimum time in business | 2 years under current ownership | 2 years under current ownership |
| Minimum annual revenue | $100,000 | $250,000 |
| Origination fee | $150 if approved | Not listed on its website |
| Prepayment penalty | May apply (amount not listed on its website) | May apply (amount not listed on its website) |
| Late fee | Not listed on its website | Not listed on its website |
| Funding turnaround | Not listed on its website | Not listed on its website |
| State availability | Not listed on its website | Not listed on its website |
| Collateral required | No | Yes (blanket lien on business assets or CDs) |
Types of Bank of America business loans
| Type | Loan/line amounts | Loan terms | Key fees | Best for |
|---|---|---|---|---|
| Business Advantage Term Loan (unsecured) | From $10,000 | 12–60 months | $150 origination fee | Lump-sum needs with no collateral; established businesses |
| Business Advantage Credit Line (unsecured) | From $10,000 | Revolving, annual renewal | No origination fee; $150 annual fee (waived year one) | Ongoing cash flow, inventory, payables/receivables gaps |
| Business Advantage Credit Line Cash Secured | From $1,000 (equals deposit) | Revolving, annual renewal | No origination fee; $150 annual fee (waived year one) | Businesses with 6+ months operating history building credit |
| Secured Business Loan | From $25,000 | Up to 4 years (business assets); up to 5 years (CDs) | Not listed on its website | Expansion, asset purchase or debt refinancing with collateral |
| Secured Business Line of Credit | From $25,000 | Revolving, annual renewal | Not listed on its website | Ongoing operational expenses with collateral |
| Business Advantage Auto Loan | From $10,000 | Not listed on its website | No prepayment penalty | Business vehicle purchases (cars, vans, light trucks) |
| Equipment Loan | From $25,000 | Up to 5 years (when secured by business assets) | Not listed on its website | Machinery, industrial equipment, commercial vehicles more than 2.5 tons |
| Commercial Real Estate Loan | From $25,000 | Up to 10 years (balloon payment); up to 15 years (full amortization) | 0.75% upfront fee for lines secured by real estate; appraisal and closing costs apply | Purchasing or refinancing owner-occupied business property |
| SBA Loans | Not listed on its website | Not listed on its website | Not listed on its website | Businesses needing easier qualification, longer terms or lower down payments |
| Healthcare Practice Loans | Not listed on its website | Not listed on its website | Not listed on its website | Dental, veterinary and physician/optometry practices |
Bank of America contact info
| Phone (business lending specialists) | 866-543-2808 |
| Business lending specialist hours | Mon–Fri 8 a.m.–10 p.m. ET |
| Loan servicing phone | 888-287-4637 |
| Loan servicing hours | Mon–Fri 7 a.m.–11 p.m. ET; Sat 8 a.m.–8 p.m. ET |
| Practice loans phone | 800-497-6076 |
| Not listed on its website | |
| X (formerly Twitter) | @BankofAmerica |
| facebook.com/BankofAmerica | |
| Apply online | bankofamerica.com/smallbusiness/business-financing |
| Schedule an appointment | Available via bankofamerica.com |
How do you qualify for a Bank of America business loan?
Eligibility requirements vary by product. Here’s what you’ll need for each main loan type:
Business Advantage Term Loan and Business Advantage Credit Line (unsecured):
- Personal credit above 700 FICO Score (typically required)
- At least two years in business under existing ownership
- $100,000 or more in prior-year annual gross sales
- Both business and personal finances are reviewed for creditworthiness
- Each borrower must be at least 18 years old
Business Advantage Credit Line Cash Secured:
- At least six months in business
- $50,000 in annualized revenue
- Minimum $1,000 refundable security deposit
Secured Business Loan and Secured Business Line of Credit:
- At least two years in business under existing ownership
- $250,000 or more in annual revenue
- Collateral required (blanket lien on business assets or certificate of deposit)
Business Advantage Auto Loan:
- Minimum four years in business
- Vehicle minimum value of $10,000
- Vehicle maximum age of five calendar years
- Fewer than 75,000 miles
All programs are subject to credit approval. Standard financing isn’t available to startups or businesses with less than two years of operating history under current ownership. SBA startup financing is available only for qualified doctors, dentists, veterinarians and bank-approved franchises.
How to apply for a Bank of America business loan
- Choose your product and check eligibility. Review the product options at bankofamerica.com/smallbusiness/business-financing and confirm your business meets the time-in-business and revenue requirements for the loan type you need.
- Gather your documents. You’ll need basic business and personal information, including your business filing documents, articles of incorporation or certificate of resolution, business name, address and tax ID, the state where you operate, the date the business was established, and the Social Security number, address and date of birth of all business owners.
- Apply. If you’re an existing Small Business Online Banking customer, you can apply online for the unsecured term loan or unsecured credit line. The Business Advantage Auto Loan is available online to anyone. For all other products, you’ll need to apply by phone or schedule an appointment in person at a branch.
- Work with a specialist to close. If approved, a business lending specialist will walk you through finalizing your loan documents and accessing your funds.
Bank of America business loan reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.14 out of 5 stars, based on 1,162 customer reviews |
| Trustpilot Score | 1.4 out of 5 stars, based on 3,358 customer reviews |
| Customer reviews verified as of | 13 July 2026 |
Across both BBB and Trustpilot, the bank averages just over one star, with complaints clustering heavily around customer service: long hold times, difficulty reaching a live representative and accounts being closed or frozen without clear explanation.
Many of these reviews concern general banking products like checking accounts and credit cards rather than business loans specifically. That said, the pattern of poor responsiveness is worth noting if you expect active support during the lending process. Where positive reviews do appear, they tend to highlight individual branch staff or specific representatives by name.
What do people on Reddit say?
Small business owners on Reddit tend to have a mixed-to-negative view of Bank of America as a lender, though the complaints vary by product. The most common thread is that the application process is slow and opaque compared to online lenders — applicants report waiting days or weeks for a decision and having difficulty getting updates. Those who do get approved often say the rates are hard to beat from a traditional bank.
Denials are frequently attributed to the strict credit and revenue thresholds, and some users note that existing BofA customers with strong banking relationships appear to have better outcomes. The cash secured line gets occasional mentions as a reasonable credit-building tool for newer businesses that can’t yet qualify for an unsecured product.
Frequently asked questions
Your reviews
Megan B. Finder
Editor, Loans & Insurance
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