Bank of America Announces New Secured Credit Offerings and Digital Resources to Help Entrepreneurs Start and Grow Their Businesses

Rhea-AI Summary

On March 23, 2022, Bank of America announced new secured credit options to support small businesses, including the Business Advantage Unlimited Cash Rewards Secured credit card and a Secured Business Advantage Credit Line. The credit card features a client-determined credit line from $1,000 to $10,000, offering 1.5% cash back with no cap. The upcoming credit line will allow access from $1,000 to $50,000 for a $150 annual fee. Also introduced is the Start a Business Center, providing resources for business formation and management.

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• Launch of the Business Advantage Unlimited Cash Rewards Secured credit card with no annual fee and 1.5% cash back.
• Secured Business Advantage Credit Line offers credit from $1,000 to $50,000 with a $150 annual fee.
• Introduction of the Start a Business Center, which provides valuable resources for entrepreneurs.

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• None.

New secured credit options, including a credit card and credit line, and the Start a Business Center digital experience demonstrate ongoing commitment to helping small businesses succeed

CHARLOTTE, March 23, 2022 /PRNewswire/ -- Bank of America today announced the launch of the 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.

"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," said Sharon Miller, president of Small Business and head of Specialty Banking and Lending at Bank of America. "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."

Business Advantage Unlimited Cash Rewards Secured credit card

As small business owners continue to navigate a challenging business environment, the Business Advantage Unlimited Cash Rewards Secured credit card provides a new tool to help them establish, strengthen or rebuild their business credit – all while providing cardholders with the benefits that matter most to their business.

The new credit card is available now and has no annual fee. Benefits include:

• Client-determined credit line from $1,000 to $10,000
• 1.5% cash back on all purchases, with no annual rewards earn cap
• Preferred Rewards for Business eligibility, providing access to a wide range of valuable rewards, benefits and savings – all with no fee to join or participate

Secured Business Advantage Credit Line

Additionally, Bank of America will offer a Secured Business Advantage Credit Line for small business owners, scheduled to launch later in 2022.

The credit line includes:

• Client-determined credit line from $1,000 to $50,000
• Convenient access to funds via online banking, convenience checks and linked Visa card
• 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," said Chris Wong, Small Business Products executive at Bank of America. "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."

Start a Business Center Digital Experience

Bank of America has also introduced a new resource to assist clients with starting a new small business. The Start a Business Center digital experience guides existing small business clients and aspiring business owners on exactly how to start and run their new business. It also offers an exclusive discount on business formation for Bank of America clients through Incfile.¹

The digital experience offers resources such as business plan templates, partners for critical services and access to Bank of America Small Business specialists. Clients can utilize tips and considerations on topics such as writing a business plan, business legal structures, marketing strategy and business financing options.

To learn more about our small business resources, download the Bank of America app or visit bankofamerica.com.

¹Bank of America does not deliver and is not responsible for the products, services or performance of Incfile. You are responsible for separately purchasing Incfile's products or services. Bank of America and/or its affiliates or service providers may receive compensation from third parties for clients' use of their services. Internet access may be required. Internet service provider fees may apply

Bank of America, N.A. provides access to third-party websites only as a convenience, and is not responsible for, does not guarantee or endorse the services offered, and does not monitor or review such information for accuracy, completeness or otherwise. Neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with more than 54 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters May Contact:

Don Vecchiarello, Bank of America
Phone: 1.980.387.4899
don.vecchiarello@bofa.com

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SOURCE Bank of America Corporation

FAQ

What new products did Bank of America announce for small businesses on March 23, 2022?

Bank of America announced the Business Advantage Unlimited Cash Rewards Secured credit card and a Secured Business Advantage Credit Line.

What are the benefits of the Business Advantage Unlimited Cash Rewards Secured credit card?

It offers a client-determined credit line from $1,000 to $10,000 and 1.5% cash back on all purchases.

What is the credit limit range for the Secured Business Advantage Credit Line?

The Secured Business Advantage Credit Line will offer credit from $1,000 to $50,000.

What resources does the Start a Business Center provide?

The Start a Business Center offers business plan templates, service partners, and access to Bank of America Small Business specialists.

Is there an annual fee for the Business Advantage Unlimited Cash Rewards Secured credit card?

No, the Business Advantage Unlimited Cash Rewards Secured credit card has no annual fee.