Bank of America Business Financing FAQs: Applying for Financing

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Hide How long does the application and decision process take?

The time between starting your application and receiving our decision on that application can vary based on a number of factors. These can include, for example, the type of financing you're seeking, whether or not we require additional information and the time it takes for you to provide us with that information. Once we have all the information in hand that we require to make a decision, however, you’ll typically have our decision in about a week.
Show Once you approve my loan, how long does it take to actually receive my money?

Our team will work closely with you to make sure your financing is in hand as soon as possible. As with the overall application process, though, the timeline is variable: If you're getting an auto loan, for example, you will generally receive your money faster than with a real estate loan. Factors such as type of loan, type of collateral and the speed of documentation back and forth can affect the overall timeline.
Show What basic information do you need in order to begin the application process?

See the list of what you'll need to apply.
Show Do I need to have a deposit account with Bank of America in order to apply for business financing?

Yes, we require a Bank of America deposit account in order to set up automatic payments on your loan or line of credit.
Show I have been in business for only about a year. Will that affect my ability to get financing?

Yes. All Bank of America business financing requires that your business be under current ownership for at least 2 years.
Show If I change my mind about my financing (for example, wanting to finance a different type of equipment) before I complete my application, do I have to start the application process again from the beginning?

Probably not. While each specific situation is different, in most cases we can make those adjustments to your application as needed with very minimal impact to your application timeline.

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Frequently Asked Questions: Applying for Financing

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