If you have been running from pillar to post, keeping documents in order and waiting for loan approval, you must read this article. America’s biggest banks have been in the news for granting loans to small business owners. learn more here, or you can get expert advice at www.business.com. In addition to this, you get a chance to learn more about business basics, marketing, and technology.
If you are familiar with Morgan, BOA, and Wells Fargo, let us take a look at other banks that you can rely on.
Their SPARK program is directed at small companies, and they have provided several loan options for future needs of the business. You can take a look at their equipment loan, a business line of credit loan, and SBA loan (or Small Business Administration) that provides financial assistance to small businesses.
What Sets Them Apart?
If you have a business or personal account with them, the bank knows fairly well what your business requirements are. They have a complete knowledge of your credit score and financial history which can help you secure a low-interest loan from the institution.
Other features worth mentioning include:
· Capital One provides you with smart credit cards that can come handy for future of the business.
· They have a smart online banking solution with a variety of cash management tools to help you control cash flow for your business.
· This bank understands their customers and knows that no two businesses are same. It is for this reason that the SPARK program caters to different banking requirements across different industries.
Bank Of America
In its entire 200-year history, the bank has funded $10.7 billion and supported nearly 3 million small business companies. Bank of America offers secured term loans and lines of credits to their customers. You can also go through their equipment loan, long-term financing, and SBA loan.
What Sets It Apart?
· If your business is concerned with healthcare or agriculture, you can turn to Bank of America for financial help. Their custom financial plans will suit every industry and type of business.
· Small business owners benefit from their Business Fundamentals account and the Business Advantage account.
In the former, you need to pay $18 every month, or you can get a free business account by following these ideas:
· You have to maintain a minimum balance of $5000 every month
· Ensure that your minimum balance is $3000
· Average of all BOA linked must come up to $15,000
By simply doing any of these things you have got yourself a free account. Cash deposits up to $10,000 are free, and beyond this, a processing fee of 0.2 percent is charged.
Other prominent features:
· Their seamless online services are used for banking operations
· You can take advantage of Clover Solutions that help decrease workload and improves the efficiency of the business. You can use it to organize payment and manage inventory and employee.
Keeping all these benefits in mind, if you want to be completely sure that you have a free banking account, turn to Bank of America for your small business needs.