Bank of America
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Overview
Bank of America is one of the largest banks in the U.S. and a major provider of small business financing, including a full suite of SBA loan products. They are an SBA Preferred Lender, which allows for a more streamlined process. They are noted for offering SBA Express loans up to the maximum amount of $500,000, providing faster access to capital for eligible businesses. Borrowers can benefit from their extensive network of branches and business banking specialists.
✨ Key Features
- SBA Preferred Lender
- Offers SBA 7(a), 504, and Express loans
- SBA Express loans up to $500,000
- Large national footprint of financial centers
- Integrated with a full suite of business banking services
🎯 Key Differentiators
- Strong offering for SBA Express loans up to the program maximum
- Vast network of financial centers and ATMs
- Highly recognized and trusted brand
- Comprehensive digital banking platform (Erica virtual assistant)
Unique Value: Provides the stability and comprehensive services of a top national bank, with a strong SBA Express loan program for businesses needing expedited financing.
🎯 Use Cases (4)
✅ Best For
- SBA Express loans
- SBA 504 loans for real estate and equipment
💡 Check With Vendor
Verify these considerations match your specific requirements:
- Businesses that require highly flexible or non-traditional underwriting
- Startups with minimal financial history
🏆 Alternatives
Compared to other large banks, Bank of America has a well-promoted and robust SBA Express loan offering, making it a go-to for businesses prioritizing speed on smaller SBA loans.
💻 Platforms
🛟 Support Options
- ✓ Email Support
- ✓ Live Chat
- ✓ Phone Support
- ✓ Dedicated Support (Small Business Banker tier)
🔒 Compliance & Security
💰 Pricing
Free tier: Loan products have standard SBA interest rates and fees.
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