Bank of America announced new secure credit options to help small businesses, including a credit card and line of credit, as well as new digital resources.
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The bank has launched its Business Advantage Unlimited Cash Rewards Secured Credit Card, Business Advantage Secured Line of Credit and Start a Business Center – its latest products and resources for entrepreneurs looking to start a small business or expand the history of credit from their company, according to a Liberation press.
“Bank of America is committed to providing small business owners with innovative solutions and guidance that can help them grow their business and establish long-term financial well-being,” said Sharon Miller, president of Small Business. and head of specialty banking and lending at Bank of America. , said in the statement. “These latest offerings are designed to empower entrepreneurs by giving them access to resources that will help them start or grow their business.”
The new credit card has no annual fee, and some of its benefits include a customer-determined line of credit of $1,000 to $10,000; 1.5% cash back on all purchases, with no annual rewards cap and eligibility for preferred business rewards, providing access to a wide range of valuable rewards, benefits and savings. The products are all free to join or participate.
The bank’s Start a Business Center digital experience offers resources such as business plan templates, partners for critical services, and access to Bank of America’s small business specialists.
Additionally, later this year, Bank of America will launch a Secured Business Advantage line of credit for small business owners, which will include customer-determined lines of credit from $1,000 to $50,000, as well as access to funds via online banking, convenience checks and linked Visa cards. map. It requires an annual renewal fee of $150.
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“Easy and convenient access to capital is key to ensuring that small business owners have the resources they need to succeed,” said Chris Wong, head of small business products at Bank of America, quoted in the communicated. “With the launch of the new Business Advantage Unlimited Cash Rewards Secured Credit Card and Business Advantage Secured Line of Credit, Bank of America remains committed to helping its 11 million business owner customers build and strengthen their business credit. .”
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