Bank of America Introduces the Business Credit Express(R) Product Bringing Simplicity and Convenience to Small Business Financing
By: PR Newswire
Posted on August 14, 2006 at 10:00 AM EDT
New Service Allows Small Business Owners to Easily Access Short-Term Lines of Credit
CHARLOTTE, N.C., Aug. 14 /PRNewswire/ -- Bank of America, the nation's largest small business bank, has launched the Business Credit Express(R) product, a financing solution that enables small businesses to quickly capitalize on new opportunities. Through the Business Credit Express product, small business owners can access an unsecured line of credit - up to $100,000.
"We recognize how competitive the small business environment is. To succeed, businesses need to be nimble," says Percy Simpson, Bank of America Small Business Development Sales and Service Execution executive. "The Business Credit Express product enables businesses - even those that are just starting - to keep pace with the real-time demands of the marketplace by providing quick, convenient financing."
The new credit product addresses small business owners' immediate, short- term credit needs, such as improving cash flow, funding payroll, securing working capital, refinancing debt, purchasing inventory and materials, and providing for emergency purposes. It can also be used as overdraft protection for a Bank of America business checking account.
How the Business Credit Express Product Works
The Business Credit Express product provides small business owners the convenience of anytime, anywhere access to their cash, along with the flexibility to move funds freely and simply through online banking. Bank of America does not charge cash advance fees for small business owners to access their funds when using Express checks, making online banking transfers or when using the Business Credit Express Visa card at an ATM or when making a purchase. The Business Credit Express product offers business owners the flexibility to borrow and repay as often as needed to satisfy their immediate credit needs, as well as 24 hour customer service.
Getting Started with the Business Credit Express Product
To enable small business owners to easily take advantage of these business opportunities, Bank of America has simplified the credit application process for the Business Credit Express product, making funding available to a wider range of small businesses. The process does not require small businesses to provide financial records, for credit lines below $50,000, and does not have a minimum time-in-business requirement -- a small business owner in business for only one day could qualify. In addition, small business owners do not have to pay an origination or upfront fee, and Bank of America waives the low annual fee of $100 a year for the first year to help small businesses establish credit and prepare for unexpected opportunities or emergencies.
About Bank of America
Bank of America is one of the world's largest 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 more than 54 million consumer and small business relationships with more than 5,700 retail banking offices, nearly 17,000 ATMs and award-winning online banking with more than 19.8 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE:BAC) is listed on the New York Stock Exchange.
Source: Bank of America
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