Unsecured Business Line of Credit

This line of credit offers you a great cash flow solution. It can help you bridge the gap between payables and receivables, buy seasonal inventory and much more.

This line of credit offers you a great cash flow solution. It can help you bridge the gap between payables and receivables, buy seasonal inventory and much more.

This line of credit offers you a great cash flow solution. It can help you bridge the gap between payables and receivables, buy seasonal inventory and much more.

Qualifications:

• Both business and personal finances are reviewed for creditworthiness
  • Personal credit above 700 FICO® Score is typically required
  • At least 2 years in business under existing ownership
  • $100,000 or more in annual revenue

  Terms:

  • No cash advance fees - Use whenever funds are needed
  • No interest charges until you use the funds
  • Monthly payments are based on your balance

  Think you won't qualify?:

  • Secure your line of credit with a minimum deposit of $1,000
  • Your credit line equals your deposit with the option to graduate to an unsecured line of credit over time
  • Build your business credit while helping with operating expenses and payroll
  † Important rate and payment information

  Advertised as low as rate is effective as of May 31 st , 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.

  Line amount from $10,000 Interest rate As low as 10.75% Disclosure † Interest rate Minimum Qualifications
  • Personal credit above 700 FICO® Score is typically required
  • 2 years in business
  • $100,000 in annual revenue
  Line amount from $10,000 Interest rate As low as 10.75% Disclosure † Interest rate Minimum Qualifications
  • Personal credit above 700 FICO® Score is typically required
  • 2 years in business
  • $100,000 in annual revenue

  Qualifications:

  • Personal credit above 700 FICO® Score is typically required
  • At least 2 years in business under existing ownership
  • $100,000 or more in annual revenue

  Terms:

  • No cash advance fees - Use whenever funds are needed
  • No interest charges until you use the funds
  • Monthly payments are based on your balance

  Think you won't qualify?:

  • Secure your line of credit with a minimum deposit of $1,000
  • Your credit line equals your deposit with the option to graduate to an unsecured line of credit over time
  • Build your business credit while helping with operating expenses and payroll
  † Important rate and payment information

  Advertised as low as rate is effective as of May 31 st , 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.

  Get more with Preferred Rewards

  Get more with Preferred Rewards

  Preferred Rewards for Business members can get an interest rate discount of 0.25%-0.75% for new Business Advantage credit lines, term loans and secured lending, based upon your tier at time of application. adatext

  Get more with Preferred Rewards

  Get more with Preferred Rewards

  Preferred Rewards for Business members can get an interest rate discount of 0.25%-0.75% for new Business Advantage credit lines, term loans and secured lending, based upon your tier at time of application. adatext

  Looking for a secured line of credit?

  Support ongoing operational expenses with a line of credit secured by a certificate of deposit or a blanket lien on your assets.

  Still have questions?

  Learn more about an unsecured line of credit

  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.