Advertised as low as rate is effective as of October 1st, 2024 and is subject to change. Your actual interest rate may differ based on your creditworthiness, overall business relationship with Bank of America and line amount.
Support ongoing operational expenses with a line of credit secured by a certificate of deposit or a blanket lien on your assets.
How can I use an unsecured business line of credit?
Unlike many small business loans, an unsecured line of credit is not designated for a specific purpose or purchase. For this reason, it's a good choice for small businesses looking for ways to better manage cash flow.
An unsecured business line of credit can help you bridge the gap between payables and receivables, temporarily fund fluctuating payroll or purchase seasonal inventory. It can also provide cash flow for longer-term financing in larger amounts with lower interest rates (unlike a business credit card). Plus, there are no cash advance fees, and no interest charges until you use the funds.
What are the differences between a secured and unsecured line of credit?
Our unsecured line of credit does not require any collateral. You can borrow from $10,000.
For a secured line of credit, you may need to provide collateral such as a blanket lien on general assets or a certificate of deposit. Our flexible revolving credit lines start at $25,000. (You may not be required to secure your line of credit for amounts up to $100,000; schedule an appointment to speak with a specialist to discuss your options.)
What are the differences between an unsecured business line of credit and an unsecured term loan?
Both products are unsecured, meaning you won’t need to provide any collateral. Unlike an unsecured line of credit, though, an unsecured term loan will provide you with working capital in a lump sum. You then have a set period of time (the term) in which to pay it off, usually in predetermined increments.
Once I’m approved, how can I access my credit line?
If approved, you’ll have easy access to funds using the VISA® card provided with your account, or you can transfer funds directly from Online Banking to your checking account.
| Business Advantage Credit Line | Business Advantage Credit Line Cash Secured | Business Advantage Term Loan | |
|---|---|---|---|
| Business Needs | Business Needs Business Advantage Credit Line Use whenever you need funds. Competitive interest rates. | Business Needs Business Advantage Credit Line Cash Secured Establish your business credit. Build a path towards unsecured credit options. Use whenever you need funds. | Business Needs Business Advantage Term Loan Receive funds as a one-time lump sum. Competitive interest rates. |
| Security deposit required | Security deposit required Business Advantage Credit Line No | Security deposit required Business Advantage Credit Line Cash Secured Yes | Security deposit required Business Advantage Term Loan No |
| Minimum years in business | Minimum years in business Business Advantage Credit Line 2 Years | Minimum years in business Business Advantage Credit Line Cash Secured 6 Months | Minimum years in business Business Advantage Term Loan 2 Years |
| Minimum sales revenue | Minimum sales revenue Business Advantage Credit Line $100,000 in prior year annual gross sales | Minimum sales revenue Business Advantage Credit Line Cash Secured $50,000 in annualized revenue | Minimum sales revenue Business Advantage Term Loan $100,000 in prior year annual gross sales |
| Receive funds | Receive funds Business Advantage Credit Line When needed | Receive funds Business Advantage Credit Line Cash Secured When needed | Receive funds Business Advantage Term Loan One-time lump sum |
| Interest is paid | Interest is paid Business Advantage Credit Line Only on the outstanding balance | Interest is paid Business Advantage Credit Line Cash Secured Only on the outstanding balance | Interest is paid Business Advantage Term Loan Only on the outstanding balance |
| Payments | Payments Business Advantage Credit Line Monthly payments based on your balance | Payments Business Advantage Credit Line Cash Secured Monthly payments based on your balance | Payments Business Advantage Term Loan Fixed equal monthly payments based on your loan amount and term |
| Graduation path to unsecured option | Graduation path to unsecured option Business Advantage Credit Line N/A | Graduation path to unsecured option Business Advantage Credit Line Cash Secured Yes | Graduation path to unsecured option Business Advantage Term Loan N/A |
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Apply now Learn more about Business Advantage Credit Line |
Apply now Learn more about Business Advantage Credit Line Cash Secured |
Apply now Learn more about Business Advantage Term Loan |
Explore financing options and cash flow strategies on the Center for Business Empowerment.
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