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

The Bank of America has announced new secured credit offerings and digital resources aimed at helping entrepreneurs launch their ventures and grow.

The offerings comprise 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 Business

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

Speaking of the objective of the new credit resources for small businesses, Sharon Miller, president of Small Business and head of Speciality Banking and Lending at Bank of America, said: “Bank of America is committed to providing small business owners with innovative solutions and advice that can help them grow their business and establish long term financial wellness.

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

Business Advantage Unlimited Cash Rewards Secured credit card

The Business Advantage Unlimited Cash Rewards Secured credit card is designed to help entrepreneurs establish, strengthen, or rebuild their business credit while providing myriad benefits.

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

Secured Business Advantage Credit Line

On top of the credit card, the Bank of America is offering a Secured Business Advantage Credit Line for small business owners. The initiative is due to launch later in 2022.

Providing straightforward and convenient access to capital, the credit line will provide credit ranging from $1,000 to $50,000, convenient access to funds via online banking, convenience checks and linked Visa card, and an annual renewal fee of $150.

Start a Business Center Digital Experience

This new resource is aimed at assisting those starting a new small business. The business center offers advice and guidance on starting and growing a business. It also offers a discount on business formation for clients of Bank of America through Incfile.

In these precarious times, it is more important than ever that small businesses have the right resources, tools, and sufficient credit to get off the ground and sustain growth. The Bank of America’s latest offerings for small businesses provides straightforward and convenient access to capital and business guidance.

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This article, "Bank of America Launches New Credit Card and Line of Credit for Small Business" was first published on Small Business Trends