Unsecured funding with rate discounts as high as 0.75% for Preferred Rewards customers.
Best for businesses enrolled in BofA’s Preferred Rewards program.
Pick something else if your business is less than two years old


Min. Amount


Max. Amount


Product Name Bank of America business loans
Min. Amount $10,000
Max. Amount $100,000
Loan Term Depends on loan terms
Min. Credit Score 670
APR Starting at 4.75%
Requirements At least 2 years in business with current ownership, 670+ credit score, $100,000+ in annual revenue.

How much will this loan cost me?

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.

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

Business loan calculator

See how much you’ll pay

Your loan
Loan amount
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Interest rate

Fill out the form and click on “Calculate” to see your estimated monthly payment.


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How it works

The lowest rates and largest loans will likely go to businesses that have been around for several years, have enough cash flow to comfortably support repayments and have owners with credit scores around 760 or higher. For example, you won’t qualify for a $100,000 loan if your business just meets the $100,000 revenue requirement.

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

What do I need 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

What information do I need to apply?

Bank of America asks for the following information during the application process:

  • Your business name and street address — no PO boxes — including the date you moved to that address
  • Your phone number
  • The nature of your business and number of employees
  • The date you established your business or the acquisition date of its current ownership
  • Your tax ID
  • Annual net profit and annual gross sales
  • List of any outstanding obligations

BofA also requires the following information for all owners with more than a 25% stake in the company:

  • Full name and home street address — no PO boxes
  • Home phone number
  • Social Security number and date of birth
  • Personal income
  • Residence status and monthly housing payment

What industries does BofA work with?

BofA doesn’t specify which industries can qualify. But typically large national banks don’t work with industries that it considers high-risk, which generally includes gambling, finance companies, adult entertainment and more.

What other types of financing does BofA offer?

Loan type Amounts APRs Terms
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

Pros and cons

BofA’s secured business loans may help you get the best value for your money. But you might want to consider the drawbacks before you apply.


  • Low rates starting at 4.75% APR
  • Preferred Rewards discount up to 0.75%
  • Low credit and revenue requirements for a bank
  • Transparent website


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

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