VIEWS: 29 PAGES: 1 CATEGORY: Financing POSTED ON: 4/22/2009
Do you have plans to start your own business but hindered by bad credit? Some people would like to venture into business, but with the lack of start up financing, most of them have to wait to save up their own funds.
Bank of America – A Business Banking Partner for Start-ups The Bank of America is definitely on its way to the top. Three years ago, the company was one of the top small business lenders in Florida. Bank of America has reportedly made $1.5 billion from its small business loans and half of that amount from micro-loans or loans below $100,000. But aside from providing loans to small businesses, the bank has also entered the market of small business credit cards. Today, an increasing number of small business owners prefer to get one or more business credit cards to help them with their expenses. To keep up with the tough competition, the company offers exclusive services for its loyal clients. For instance, a business owner can link his business credit card account to his checking account so that in case of an overdraft, the bank will automatically transfer funds from the owner’s business credit card account in multiples of $100 to cover the overdraft. A business owner can rely on this protection as long as his business credit card account has sufficient credit and the account is not in default. What if your business credit card account is not enough to cover the overdraft? In this case, the bank can release additional funds necessary to cover the overdraft even if it means exceeding your credit limit. The loan is expected to be settled on the next payment due date which should give the business owner enough time to gather funds. Bank of America’s business credit card holders also have the option to use its electronic payment system so that credit card payments can be automatically sent to the account on schedule. This prevents the risk of being late or falling behind on payments. For managers who don’t have time for such small but very important tasks, this is definitely an indispensable feature. Aside from the automatic payment system, business credit card holders are also given added protection each time they use their card for purchases. How? By extending or doubling the manufacturer’s warranty period for up to another year. Bank of America’s credit for business credit cards also offer flexibility to entrepreneurs with credit lines that can extend up to $25,000. Other perks include cash backs and discounts. What about the charges? You’ll be glad to know that business credit cards from Bank of America offers its holders 0% APR for 9 months. What would the rate be after the introductory period? After 9 months, the interest rate can range from 6.99%, 9.99%, 15.24% or 18.24% variable APR. If you’re a business owner, applying a credit card from Bank of America is definitely worth considering. Remember that a business credit card can be a great tool in building your business credit. However, in order to build a solid credit history, the key is staying within your credit limit and submitting your payments on time. Lastly, once you’ve made the choice, remember to read the credit card’s Agreement in full before submitting your application. See Resources Loans For New Business
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