Bank of America commercial enterprise loans review

Details

Min. Amount $10,000

Max. Amount $100,000

Loan Term 12 to 60 months

APR Starting at five.25%

Requirements At least 2 years in commercial enterprise with cutting-edge ownership, precise credit score, $100,000+ in annual sales.

Pros

Low fees beginning at 4.75% APR

Loyalty reductions of as much as 0.75%

Low credit score and sales necessities for a bank

Cons

Flat origination price of $a hundred and fifty

Online software simplest to be had to cutting-edge clients

Recently-bought groups are ineligible

Bank of America commercial enterprise mortgage fees, costs and phrases

Bank of America costs fees beginning at five.25% APR on its unsecured commercial enterprise loans. This consists of a $a hundred and fifty origination price, which Bank of America costs after you’re approved. If your commercial enterprise is enrolled in BofA’s Preferred Rewards program, you’re eligible for a charge bargain relying to your level.

Gold: 0.25% charge bargain

Platinum: 0.five% charge bargain

Platinum Honors: 0.75% charge bargain

You can borrow between $10,000 and $100,000 with phrases from one to 5 years. Use our calculator to discover how a good deal a BofA mortgage may cost a little your commercial enterprise.

How Bank of America compares to different commercial enterprise creditors

Here’s how BofA stacks as much as different carriers that provide financing to small groups.

Take the time to examine approximately different commercial enterprise mortgage alternatives and make certain you’re getting the maximum in your money.

Compare creditors that do not require you to be a cutting-edge patron account to use on-line.

Bank of America critiques and court cases

BBB approved Yes

BBB score A+

BBB patron critiques 1.1 out of five stars, primarily based totally on 408 patron critiques

Trustpilot Score five,516 out of five stars, primarily based totally on 1.three patron critiques

Customer critiques tested as of 28 February 2021

Bank of America receives mainly poor critiques from clients — and has over five,000 court cases logged with the Better Business Bureau, or BBB. The majority are not approximately Bank of America’s commercial enterprise loans. But some point out having their bills closed — and numerous bitch approximately now no longer getting the assist they wished with coronavirus assistance.

How to qualify

You and your commercial enterprise ought to meet the subsequent necessities to qualify for a BofA unsecured mortgage:

At least 2 years in commercial enterprise below cutting-edge ownership

$100,000 annual sales or better

Personal credit score rating of or better

How the software works

If you’re presently a BofA patron, you could follow on-line via way of means of going surfing in your commercial enterprise account. Otherwise, you’ll want to time table an appointment to use in individual at a branch. You can accomplish that via way of means of travelling Bank of America’s commercial enterprise loans internet site and hitting Schedule an appointment at the lowest of the page.

Once you’re approved, a consultant will can help you recognize approximately the numerous methods you could get right of entry to your budget and assist help you signal your mortgage documentation. How lengthy it takes to method relies upon at the applicant — however you could possibly anticipate it to take numerous days or a week.

What units it apart

BofA’s loyalty reductions are better than you may discover with maximum banks. Many do not even provide reductions on commercial enterprise loans. This mixed with its low beginning fees makes it a good buy for cutting-edge clients.

But in case you are not inquisitive about starting an account with this bank, it won’t be really well worth it. Banks commonly provide decrease fees, a quicker turnaround and higher provider to present commercial enterprise checking clients who follow for a mortgage.