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Bank of america sba loans

bank of america sba loans

We are one of the top SBA lending banks in the State of Illinois. Are you an executive looking to exit corporate America and purchase your own existing. Regions Bank is both an SBA Preferred Lender and one of America's most experienced SBA lenders. The SBA does not make loans directly to small businesses. Rather. Bank of America is accepting PPP loan applications. An SBA-preferred lender, the Bank of Hope is currently taking PPP loan applications.

: Bank of america sba loans

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bank of america sba loans

Small Business Administration Lending

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An appetite for business.

When Sadaf Salout isn’t busy running her Persian restaurant or buying a franchise, you’ll likely find her in the classroom, where she most recently earned her doctorate degree.

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A love story written in frosting

From working together in a supermarket to owning 10 Party Cake Bakery locations throughout Miami, the chronicle of Olga and Juan Montano has always been about dedication and devotion.

Customers may finance with a longer term which decreases their monthly payment, but may increase the total interest paid over the life of the new loan.

Lower down payments may result in higher monthly payments and a higher loan balance.

Some small manufacturers or specific types of energy projects (as described in the energy project section) may qualify for a $5.5 million debenture.

For discussion purposes only. All financing is subject to credit approval and determination of SBA eligibility by Wells Fargo SBA Lending. Additional collateral may be required.

Equal Housing Lender


SBA Loans

Woori America Bank Small Business Administration Loan is a government guaranteed loan that provides various funding solutions to help small businesses get started and grow. Whether it's an SBA 7(a), SBA Express or SBA 504 loan, they are more affordable compared to other conventional loans.

  • Longer repayment terms. Lower monthly payment.
  • Lower down payments. Lower one time upfront cost.
Type of Loan & Use of Proceeds
  • Term Loan
  • Working capital
  • Furniture and fixtures
  • Machinery and equipment
  • Purchase of land and building including construction and renovations
  • Business Acquisition
  • Refinancing of existing debt
  • Term Loan
  • Revolving line of credit
  • Use of proceeds: Same as 7(a)
  • Term Loan
  • Structure
    • 10%: Down for Borrower
    • 40%: Financing from CDC
    • 50%: Financing from Bank
  • 15% down for New or Special
  • Acquisition, Construction, Renovation of Building
  • Machinery & Equipment Purchase
Maximum Loan Amount

Up to $5,000M

Up to $350M

Up to $5,000M

Guaranty portion

75%~85%(85%=$150M or less) (75%=Over $150M)


100% beauties and the beach corolla CDC portion

Guaranty Fee (based on guaranteed portion)
  • 2.0%: < $150M
  • 3.0%: $150M~700M
  • 3.5%: > $700M
  • 3.75%: If guaranty portion is over $1,000M

Same as 7(a)

  • 3.15%
  • Guaranteed fee: 0.5%
  • CDC Processing fee: 1.5%
  • Funding / Underwriting:1.15%
Minimum Maturity
  • Working Capital : 10yrs
  • Equipment : Useful life
  • Property : 25yrs
  • Mixed Use : Weighted Avg
  • Same as 7(a)
  • LOC - 7yrs including term out period
  • Property: 20yrs
  • Equipment: 10yrs

Available collateral (liquidation value) up to the loan amount

  • $25M or less, no collateral required
  • Over $25M, lender may use their own collateral policies used for their non-SBA loans
  • Bank: 1st Lien
  • SBA: 2nd Lien

For more information, please call customer service at 1-888-MyWoori (699-6674) or contact us online.

Contact Us

COVID-19 Business Customer Assistance

TheaterWorks Hartford is a very active part of the downtown Hartford economic structure.

Without being able to gather as a group, it's very scary for theaters across the country.

The process for applying for the PPP support was quite weird. We put in so much work. And seeing this pay off with TheaterWorks will be so rewarding for the whole team.

It was a changing landscape and we were in close, close communication with our bank because that partnership was essential to making the right choices to getting this support.

All of our partners internally have really stepped up to help each other out.

It was all hands on deck. And we were worried that the funding would run out.

Like emails flying back and forth, the need for the people, to make sure that everyone was gonna be taken care of.

This is actually helping people put food on the table.

There's only so much money available and to make sure that it goes to the little guys that really need it.

We received the loan almost two weeks ago. And our plan is to have our complete staff back and working by the end of June.

Rob speaking: Which is really exciting.

Employee benefits, so we can keep them on their health insurance, which is really, really critical for everyone.

My colleagues at TD, we know what we're doing this for.

We're doing it for the greater good.

We're doing it for the good of the At and t corporate office near me doing it for our Customers.

I feel like I've made a difference.

You know, to say, that's my Customer.

I'm so glad we were able to help you guys,I'm so just joyful to know that everyone benefited from it.

To TheaterWorks, thank you thank you thank you for our partnership that we have together.

It's been my pleasure. And it's been our pleasure.


Whether you run an established small business or are just starting out, you may need outside funding to pursue new opportunities or endure a period of uncertainty. The type of financing that best suits your company will depend on how much you need and whether that need is short- or long-term. Creditworthiness—your business’s ability to qualify for financing— will also play a role. Most major banks offer an array of financing options for small businesses. In some cases, depending on factors like your stage of development, it may make sense to consider alternatives to traditional lenders.

The most common financing options available to small businesses

Business credit cards

Business credit cards are generally used to manage transactions for everyday purchases. Some business credit cards offer business-centric rewards programs, such as cash back for common purchases like office supplies. Unlike a personal credit card, a business credit card will allow you to build a credit history for your business.

Compared with other financing options, business credit cards typically have higher interest rates and lower credit limits. You may also have to give a personal guarantee—a promise to pay back the balance personally if the business cannot.

Lines of credit

Like business credit cards, lines of credit provide ongoing access to funds up to the account’s limit, with a variable interest rate and monthly payments based on the amount borrowed. But unlike a business credit card, lines of credit are designed to help manage short-term cash needs of up to one year and provide access to cash to manage business cash flow. Lines of credit typically offer larger credit limits at lower interest rates than cards. However, while credit cards may offer a grace period for payments in which you can make charges without paying interest, lines of credit typically do not. There are secured lines of credit (requiring collateral) bank of america sba loans unsecured lines of credit (without collateral). Most lenders will require both a business and personal guarantee on the line of credit.

This type of financing is often helpful for businesses with seasonal sales. “A business owner may use the credit line to invest in inventory part of the year, but may not need the extra cash during busier sales months,” explains Roderick Wilson, Small Business Strategy and Product executive with Bank of America.

Term loans

Because of their low interest rates and predictable monthly payments, term loans are often used to finance the purchase of business assets or to finance business expansion over a period of time. This type of loan gives you access to borrowed funds up front, in one lump sum. You then make fixed monthly payments according to a pre-determined payment schedule. The term of the loan is based on the loan’s purpose—some term loans are as short as one year while others can be as long as 25 years or more. The interest rate for these loans may be fixed or variable, and they can be secured loans or unsecured loans. To get the best interest bank of america sba loans, many business owners opt for a secured term loan. Some term loans also require a personal guarantee by the small business owner.

Small Business Administration (SBA) loans

SBA loans are available through SBA-approved lenders, which include many major banks. Because the Small Business Administration guarantees them—meaning the agency promises to pay a certain percentage if the borrower defaults—SBA loans typically require lower down payments and feature easier qualifying conditions and longer terms than other types of small business loans. “SBA loans are ideal for business owners who want to preserve cash and are looking for a low monthly payment to better manage cash flow,” says Karen Harrison, National SBA executive with Bank of America.

There are three core loan programs that SBA lenders offer, featuring the SBA guarantee:

  • The SBA 504 loan is used only for commercial real estate and large equipment/machinery and is ideal for larger transactions.
  • The SBA 7a is a general-purpose loan and can provide financing for just about any business need including commercial real estate, equipment, working capital, tenant improvements, business acquisition, partner buyouts and debt refinancing. These types of loans are capped at $5 million.
  • The SBA Express is designed for small loan requests—generally up to $350,000—and can be used for working capital, equipment and minor tenant improvements, like carpet and paint.

Rates and terms depend on loan use, and SBA loans can be secured or unsecured, depending on the loan program, use of funds and term.

»Read more:Quick guide to Small Business Administration loans

Specialized financing

Commercial real estate loans

If you are looking to purchase commercial property for your business, there are a variety of commercial real estate loan options available, including conventional and SBA-guaranteed loan programs. Conventional commercial real estate loans generally require a 20% down payment and terms may or may not feature a balloon payment.

SBA-guaranteed commercial real estate loans feature longer, fully amortized loan terms (up to 25 years) with no balloon payment and up to 90% financing (with a 10% down payment). There are two commercial real estate SBA loan programs—SBA 7a and SBA 504. The SBA 7a loan is capped at $5 million and is provided by the SBA lender, while the SBA 504 can accommodate larger loan requests and includes a Certified Bank of america sba loans Company (CDC) participating in the financing. Consult with your banker to compare all three loans side by side to determine which solution is best for your business and needs.

Equipment loans

Many businesses use equipment loans to finance industrial or general-purpose equipment, bank of america sba loans well as specialized machinery and commercial-purpose vehicles. These often come with shorter terms, such as five to seven years. Adding an SBA guarantee can help extend the term, often up to 10 years, fully amortized. Many banks manage business auto loans through a separate business auto loan program with rates and terms similar to personal auto loans.

Practice loans

Many lenders offer loans to health care professionals who want to buy a medical, dental or veterinary practice. Maximum loan amounts vary by lender and purpose, such as practice acquisition, expansion/remodeling or equipment purchase. Some practice loans offer interest-only and graduated-payment structures with up to 100% financing on startup loans. Startup and practice acquisition loans may include working capital.

Alternative financing

Community Development Financial Institutions

The Community Development Financial Institutions (CDFI) Fund awards money to historically underrepresented communities and organizations in order to foster entrepreneurship, including ones that are supported by Bank of America.

The biggest contributor to CDFIs in the United States is Bank of America, with more than $1.6 billion in loans and investments to more than 250 CDFIs. “Bank of America supports local economies by partnering with community development financial institutions across the U.S., and Puerto Rico and the District of Columbia.”

Minority Business Development Agency

The Minority Business Development Agency bank of america sba loans is a part of the U.S. Department of Commerce, and it seeks to provide aid to minority-owned businesses to help them grow. The agency provides a variety of financing options for minorities, such as grants, and access to venture capital specifically geared towards minority-owned businesses.

The MBDA also has MBDA Business Centers across the country, which provide financial advice for businesses: How to secure loans, get contracts, and more. Click here to find a MBDA Business Center in your area.


Accion is a non-profit that offers loans to low-to-moderate-income businesses that don’t usually qualify for traditional lending. As such, it can be a very good option for minority business owners and new entrepreneurs. It has offices in 50 states, offering loans from $200 up to $300,000.

Local funding

One of the best resources may actually be in your own backyard. Funding is often available from regionally based organizations, specifically geared towards minority business owners. This includes opportunities provided by your local or state governments, and also local credit unions and banks.

Especially in the wake of COVID-19, many states and local organizations have set aside grants specifically for minority business owners. Do some research on your state and local organizations, because many will be able to provide you with financial help.

call tcf bank While looking for state-based grants and loans largely depends bank of america sba loans what’s happening locally, the best place to look for federal grants is through has thousands of bank of america sba loans that may be beneficial to your business. Grants are provided to businesses who can aid the government in “projects to provide public services and stimulate the economy.”


Websites such as Kickstarter harbor one credit union phone number GoFundMe have demonstrated to entrepreneurs that small amounts from multiple funders can add up quickly. The crowdfunding model hinges on 2 methods to attract investors: The service or product must lend itself to a good story that contributors want to support, and the business seeking capital typically offers tiered rewards (such as free products and participation in product design) for each contribution level. Keep in mind that some crowdfunding sites void the funding offer unless you meet 100% of your goal, which means you won't receive any money, so make sure you understand all the terms and set a realistic fundraising target.

Borrow from friends or family

Without an established business history, many startup business owners look to friends and family for initial funding. If possible, choose a friend or relative who can offer business guidance as well as cash. Prepare a business plan just as you would for any other business loan. Ask for just enough money to take the business to the next stage — and if you prove to your lender that you can repay on time, it will be easier to ask for more money later if you need it.

»Read more:Guide: Growing a business

For all types of financing, terms such as the interest rate and credit limit can vary based on your business’s credit profile. A small business specialist can help you compare financing options, evaluate approval odds and find the right fit for your business.

Written with contributions by Steve Strauss

Ready to get started? Make an appointment with a small business specialist


ALC Agreement for Application Partners

By signing below, as an application partner my organization agrees to the Terms and Conditions of this Paycheck Protection Program Application Service Agreement.

Terms and Conditions:

This Agreement explains the terms and conditions governing the Paycheck Protection Program (“PPP”) application service as described in this Agreement. By offering the service, my organization agrees to the following terms and conditions. This agreement will be governed by and construed in accordance with the laws of California. By accepting below or otherwise offering the service, my organization agrees to offer the service only for bona fide and lawful purpose permitted under this Agreement.

1. During the term of this Agreement, my organization shall provide the following service to certain small businesses (“Borrowers”) that intend to apply for PPP loans through American Lending Center LLC (“ALC”): Assisting Borrowers to submit the required information and upload the required documents to the web portal of ALC.

2. My organization shall retain the unqualified right of control over the means, manner and methods by which our service is rendered and performed, and the right to perform that service boa credit card online login the location(s) and time(s) that we independently determine and set forth. We shall be responsible for providing all equipment, materials and supplies that we determine shall be required to timely provide that service which have been requested by the Borrowers.

3. During the term of this Agreement, we understand that ALC shall list my organization as one of the application partners on its PPP application website. Although borrowers filing PPP applications gpa requirements for south carolina state university the website shall not be required to seek assistance from a third party, they may, at their full discretion, decide whether to use the service offered by my organization to submit their PPP applications. If a Borrower requests to use our service, we have a right to accept or deny the request at our full discretion.

4. If the Borrower requests our service and we accept the request, we shall neither charge a fee to the Borrower nor require the Borrower to do anything but provide requirement information and documents to complete the PPP application.Our organization’s entire compensation for the performance of the service provided shall be the following service fee paid by ALC: $250 per completed application for each qualified Borrower. ALC shall make the payment within 30 calendar days of the online submission of each Borrower’s application.

5. I shall be responsible for complying with any and all applicable federal, state and local laws, rules, ordinances, regulations, and/or codes that pertain to the performance of the service requested and provided. Our failure to comply with the responsibilities and duties described in this Paragraph shall constitute a material breach of the Agreement.

6. I agree to secure and maintain, at our sole cost and expense, Worker’s Compensation Coverage where required by law and General Liability Insurance, as required by ALC.

7. I shall be solely responsible for filing all tax returns, tax declarations and tax schedules, and for the payment of all taxes required when due, with respect to any and all compensation earned as set forth in accordance with this Agreement. Our failure to comply with the duties described herein this Paragraph shall constitute a material breach of this Agreement.

8. ALC shall report the amounts it pays my organization on IRS Form 1099, to the extent so required under the Internal Revenue Code.

9. I shall not be entitled to any reimbursement by ALC for any cost or expenses outside of the service fee agreed upon for compensation to my organization from ALC.

10. For all intent and purposes, including, but not limited to the Federal Insurance Contributions Act (“FICA”). The Self Employment Contributions Act (“SECA”), the Social Security Act, the Federal Unemployment Tax Act (“FUTA”), the Internal Revenue Code and any and all other federal, state and local laws, rules and regulations, my organization hereto, including its officers, agents and employees, shall be at all times an independent contractor relative to ALC. Nothing in this Agreement shall be construed to make or render my organization, including any of its officers, agents or employees, an agent, servant or employee of, or a joint venture of or with ALC.

11. Both ALC and my organization shall guarantee, guard against and hold harmless the other party, any current or former employees, shareholders, partners or any ownership interest and agents from and/or against any alleged claim, including, but not limited to borrower claims, demands, loss, damages and or expense, including any legal or attorney fees that may be in relation to:

12. any negligence, recklessness or any willful misconduct of the indemnifying party or any other party under the direction or control of the indemnifying party;

13. any material breach of this Agreement by the indemnifying party, or

14. any damage, loss or destruction relating to any property of the indemnifying party or its client or clients, injury or death to any individuals that may result from the actions or inactions of any employee, agent or subcontractor of the indemnifying party as such damage may arise out of or is in the course of fulfilling their obligations under and with relation to this Agreement, and to the extent that such damage may be due to any negligence, unlawful conduct, omission or default of the indemnifying party, its employees, agents or subcontractors.

15. The terms of the herein contained Agreement shall commence on the signing date and shall continue as such in full effect and nj food bank volunteer thereafter until such time as the deliverables are completed as required of my organization.

16. This Agreement may be terminated at any time by ALC should a material breach by my organization remains uncured thirty (30) days after submission of written notice being provided of the breach thereof, or a shorter period of time as may be specified within this Agreement.

17. The herein contained Agreement shall be governed by, construed and enforced pursuant with the laws of the State of California, without giving any effect to any conflicts of law provisions. Any and all disputes between ALC, and including but not limited to its affiliates, shareholders, directors, officers, employees, bank of america sba loans, successors, attorneys and assigns, and my organization, including our affiliates, shareholders, directors, officers, employees, agents, successors, attorneys and/or assigns, relating in any manner whatsoever to this Agreement, and shall be resolved by and through the use of arbitration. Arbitration of such claims shall be done in accordance with the Commercial Arbitration Rules of the American Arbitration Association, as amended, and shall be conducted within the jurisdiction in which ALC is located. The Federal Arbitration Act shall govern the interpretation and enforcement of this paragraph. The fees associated with the arbitrator shall be shared equally by apple ipad pro 1st generation keyboard parties. The parties agree that this paragraph shall survive the termination of the Agreement.

bank of america sba loans
bank of america sba loans


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