Bank of America Launches New Credit Card and Line of Credit for Small Businesses

The Bank of America has announced new secured credit offerings and digital assets designed to help entrepreneurs start and grow their businesses.

The offer consists of the Business Advantage Unlimited Cash Rewards Secured credit card, Business Advantage Secured Credit Line and the Start a Business Center.

Bank of America Launches New Credit Card and Line of Credit for Small Businesses

Obtaining credit and the right resources for growth can be difficult for small businesses and entrepreneurs, especially in today’s challenging environment. Bank of America’s latest products and resources are specifically aimed at small businesses looking to grow or build their company’s credit history.

Sharon Miller, president of Small Business and head of Specialty Banking and Lending at Bank of America, said of the goal of the new sources of credit for small businesses: “Bank of America is committed to providing small business owners with innovative solutions and advice that can help them grow their business and achieve long-term financial well-being.

“These latest offerings are designed to empower entrepreneurs by giving them access to resources that will help them start or strengthen their business,” Miller continued.

Corporate Benefit Unlimited Cash Rewards Secure Credit Card

The Business Advantage Unlimited Cash Rewards Secured credit card is designed to help business owners build, strengthen, or rebuild their business credit while providing countless benefits.

The credit card comes with no annual fee and holders can receive lines of credit from $1,000 to $10,000. Business card holders receive 1.5% cash back on all purchases, with no annual reward cap. The tool also offers Preferred Rewards for Business eligibility, which provides access to a range of rewards, benefits and savings at no cost to join or participate.

Secured credit limit for company benefit

In addition to the credit card, the Bank of America offers a Secured Business Advantage Credit Line for small business owners. The initiative will be launched later in 2022.

The line of credit offers easy and convenient access to capital, credits ranging from $1,000 to $50,000, easy access to funds through online banking, convenience checks and Visa card linked, and a $150 annual renewal fee.

Start a digital experience in the Business Center

This new resource aims to help those starting a new small business. The business center offers advice and guidance in starting and growing a business. It also offers a discount on business formation for Bank of America customers through Incfile.

In these precarious times, it’s more important than ever that small businesses have the right resources, tools, and enough credit to get off the ground and support growth. Bank of America’s latest offering for small businesses provides easy and convenient access to capital and business guidance.

Image: Depositphotos

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