#1
May 17th, 2016, 08:44 AM
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Bank of America Small Business Loans
Can you tell me in detail about the types of Small Business Administration Financing (SBA Loans) as offered by Bank of America?
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#2
May 17th, 2016, 08:45 AM
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Re: Bank of America Small Business Loans
The Small Business Administration (SBA) is a federal agency that helps established businesses grow and new businesses get started. SBA loans by Bank of America may help business qualify for financing more easily and receive more flexible terms, which means one can preserve working capital for other expenses. SBA loans from Bank of America are for businesses that are: • Owner-operated • For profit • Legally organized (for example, as a sole proprietorship, corporation, partnership or limited liability company) • Within the size guidelines designated by the SBA • Generally unable to receive conventional credit under reasonable terms SBA Loan Types SBA 504 Purchase equipment or real estate (no refinancing) Construction and renovation Benefits Longer maturity than conventional loan Lower down payments on fixed assets Easier qualification than a conventional loan Amount $350,000 minimum, no maximum Terms Up to 2 years interim construction period 7-10 years on equipment 10-20 years on real estate SBA 7(a) Purchase or expand a business Purchase equipment or inventory Working capital Refinance debt Benefits Longer maturity than conventional loan Lower down payments on fixed assets Easier qualification than a conventional loan Amount $350,000-$3.5 million Terms Up to 7 years for working capital Up to 10 years for equipment or business acquisition Up to 25 years for real estate SBA Express Working capital Purchase equipment Purchase vehicles or inventory Benefits Longer maturity than some conventional loans Easier qualification than a conventional loan Amount $25,000-$350,000 Terms 7-year term with first-year revolving option and balance amortized across the remainder of the term |
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