Editorial note: This review is independently researched and written by our editorial team. We are not affiliated with, endorsed by, or compensated by Bank of America for this content. Rates, terms, and products change frequently — always confirm current details directly with Bank of America before applying.
As one of the largest SBA lenders in the country by volume, Bank of America has a particularly strong reputation in SBA lending alongside its conventional small business loan products. Here’s what it actually offers and who it makes the most sense for.
Bank of America Business Loan Products
Business Advantage Term Loan
An unsecured term loan for smaller financing needs, generally suited to established businesses looking for a straightforward, fixed-payment loan without pledging specific collateral.
Business Advantage Credit Line
A revolving line of credit for managing day-to-day cash flow, with credit limits based on the business’s financial profile.
Secured Business Loans and Lines of Credit
For businesses able to offer collateral, Bank of America offers secured options that can come with more favorable rates than unsecured products, given the reduced lender risk.
SBA Loans
Bank of America is consistently ranked among the top SBA 7(a) lenders by dollar volume nationally, offering both 7(a) and 504 programs. See our general guide on [SBA loans for small businesses] for how these programs function.
Commercial Real Estate Loans
For purchasing or refinancing owner-occupied commercial property.
Bank of America Business Loan Requirements
- Time in business: typically 2+ years for conventional products
- Personal credit score: generally expects scores in the high-600s to 700+ range for the most favorable terms
- Business financials: tax returns, financial statements, and bank statements are standard requirements
- Existing banking relationship: Bank of America places meaningful weight on existing depository relationships, and Preferred Rewards for Business members may receive relationship-based pricing benefits
Preferred Rewards for Business Program
One notable differentiator: Bank of America’s Preferred Rewards for Business program can provide interest rate discounts on certain loans and lines of credit based on the combined balances held across a business’s Bank of America accounts — a meaningful incentive for businesses willing to consolidate banking relationships.
Pros of Bank of America Business Financing
- Top-tier SBA lender, with significant experience and volume in SBA 7(a) and 504 processing
- Relationship-based rate discounts through Preferred Rewards for Business, rewarding businesses that consolidate banking there
- Large branch and ATM network, useful for businesses that value in-person banking access
- Both secured and unsecured product options, offering some flexibility based on whether collateral is available
Cons of Bank of America Business Financing
- Strict qualification requirements, similar to other major national banks, making it a difficult fit for newer or lower-credit businesses
- Slower approval process compared to online lenders, typically weeks rather than days
- Rate discounts require meaningful account balances, meaning the best pricing isn’t accessible to every business
- Less suited to businesses needing fast, unsecured financing with minimal documentation
Who Bank of America Is Best For
Established businesses — particularly those already banking with Bank of America or willing to consolidate relationships to access Preferred Rewards pricing — pursuing SBA financing or conventional loans, and able to tolerate a multi-week approval process in exchange for competitive, potentially discounted rates.
Who Should Look Elsewhere
Newer businesses, those with credit scores below the high-600s, or businesses needing capital within days should generally look toward online lenders or SBA microloans instead — see our comparison in [best small business loans by lender].
How Bank of America Compares
| Factor | Bank of America | Typical Online Lender |
|---|---|---|
| Approval speed | 2–6 weeks | 24 hours–1 week |
| Minimum credit score | ~680+ | 600+ |
| SBA lending volume | Among the highest nationally | N/A (most online lenders don’t offer SBA) |
| Relationship rate discounts | Yes (Preferred Rewards) | Rarely |
Frequently Asked Questions
Does Bank of America offer loans to businesses without an existing account? Yes, though an existing relationship — particularly one qualifying for Preferred Rewards for Business — can meaningfully improve pricing and, in some cases, the underwriting experience.
Is Bank of America a good choice specifically for an SBA loan? Its high SBA lending volume suggests significant institutional experience processing these loans, which can be an advantage, though it’s still worth comparing against other SBA Preferred Lenders for the specific terms offered.
How much can Preferred Rewards for Business actually save me? The discount scales with combined account balances across the business’s Bank of America relationship — confirm current specifics directly with a Bank of America business banker, since program details can change.
Conclusion
Bank of America stands out particularly for its scale in SBA lending and its relationship-based pricing model through Preferred Rewards for Business, making it a strong option for established businesses willing to consolidate their banking there. Businesses that don’t yet meet its qualification bar, or that need funding quickly, will likely be better served by an online lender in the meantime. For a broader comparison across banks, see our guide on [best bank for small business financing: how to choose].