Unlock the Financing You Need for Your Business with Simple Requirements
Starting or expanding your business often requires financial support. Bank of America offers various business loans and credit lines with clear, achievable qualifications. Whether you’re looking for an unsecured line of credit or a secured business loan, understanding the requirements is essential to get started.
Key Requirements:
- Minimum Personal Credit Score: A FICO score above 700 is typically required.
- Years in Business: Most loan options require at least two years in business for eligibility.
- Annual Revenue: A minimum of $100,000 in annual revenue is generally necessary for approval.
- Collateral or Security: Some loan products, like the cash-secured credit line, require a refundable security deposit.
What is the Business Advantage Credit Line?
Eligibility Requirements:
For the unsecured Business Advantage Credit Line, the following are essential:
- At least two years in business.
- A FICO score of 700 or higher.
- A minimum annual revenue of $100,000.
The Business Advantage Credit Line offers flexibility with competitive interest rates, allowing businesses to borrow funds whenever necessary. This makes it a great option for covering operational expenses or unexpected costs.
How to Qualify for the Business Advantage Term Loan?
Required Documentation & Eligibility:
- Business Experience: Must be in business for at least two years.
- Personal Credit: A 700 or higher FICO score is typically required.
- Revenue Threshold: A yearly revenue of $100,000.
The Business Advantage Term Loan provides lump-sum funding that is ideal for large purchases or business expansions. With fixed monthly payments, it is suitable for businesses that need a predictable repayment structure.
Cash-Secured Business Credit Line: A Flexible Financing Option
What You Need to Apply:
- Six months in business.
- Annual revenue of at least $50,000.
- $1,000 refundable deposit.
This secured credit line allows businesses to start building their credit with a refundable deposit while enjoying the flexibility of using the line of credit whenever needed.
Your best option
Bank of America’s business loans and financing options offer flexible terms tailored to different needs. By meeting the basic eligibility requirements, businesses can gain access to essential funds. The next step is evaluating your business’s needs to choose the right financing option. Ready to move forward? Start your application today!
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Diana Berrio