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Bank of America, Member FDIC, announced new secured credit options to help small businesses including a credit card and credit line, as well as new digital resources.
The bank launched its Business Advantage Unlimited Cash Rewards Secured credit card, Business Advantage Secured Credit Line and the Start a Business Center — its latest products and resources for entrepreneurs looking to start a small business or build their business’ credit history, according to a press release.
“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,” Sharon Miller, president of Small Business and head of Specialty Banking and Lending at Bank of America, said in the release. “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.”
The new credit card has no annual fee, and some of its benefits include a client-determined credit line from $1,000 to $10,000; 1.5% cashback on all purchases, with no annual rewards earn cap and Preferred Rewards for Business eligibility, providing access to a wide range of valuable rewards, benefits and savings. The products all come with no fee 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 Small Business specialists.
In addition, later in the year, Bank of America will launch a Secured Business Advantage Credit Line for small business owners, which will include client-determined credit lines from $1,000 to $50,000, plus access to funds via online banking, convenience checks and linked Visa card. It does require an annual renewal fee of $150.
“Straightforward and convenient access to capital is crucial to ensuring small business owners have the resources they need to succeed,” Chris Wong, Small Business Products executive at Bank of America, is quoted as saying in the release. “With the launch of the new Business Advantage Unlimited Cash Rewards Secured Credit Card and Secured Business Advantage Credit Line, Bank of America remains committed to helping our 11 million business owner clients build and strengthen their business credit.”
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