Small Business Loan Bank Of America – The best banks for small businesses all have one thing in common: They make it cheaper and easier to get and use a small business checking account.
So why are we checking seven banks, and not just one? Because the best checking account for you depends on your needs. E-commerce store vs. brick and mortar, solopreneur vs. A multi-member LLC.
Small Business Loan Bank Of America
To start, we’ll look at the best general purpose banks for small businesses – then narrow it down to more specific needs.
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Before choosing a bank, make sure you have all the documents you need to apply – the bank will want to know more about your finances and check your credit score. If you’re not sure if you’re ready to get started, check out our article on how to open a small business checking account.
For general small business banking purposes, you can’t do better than Chase. With a large network – almost 5,000 brick and mortar locations and 16,000 ATMs worldwide – you are never far from your bank. In addition, their mobile app lets you deposit checks online, pay bills, make transfers and check your balance.
A Chase business account is generally a good choice for most new small businesses—especially if needing to make cash deposits, fee-free ATM access or visiting a brick-and-mortar location is important to you otherwise. Chase is not a good choice if you expect to do more than 200 transactions a month.
Although Chase has a relatively low minimum balance, maintaining that minimum is the only way to waive account maintenance fees. So don’t choose Chase if you expect your balance to regularly drop below $1,500.
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If you plan to use your credit card for most business purchases, Chase is the bank for you. Their wide selection of cards offers very competitive interest rates, along with points, cash back and rewards programs.
Consumer Credit Union is one of the easiest credit unions to join. To become a member and account holder, you must:
Credit unions are unique financial institutions. They are non-profit organizations (hence the low minimum deposit) and when you join, you have the right to vote in elections for the board of directors.
While credit unions often offer a limited range of financial products, CCU has a wide variety of loans to choose from. They also have a free Visa Business Platinum credit card, and they also offer merchant services. And the minimum monthly balance for their checking account is much lower than most banks.
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If the mission of a non-profit credit union speaks to your values, and you also want to take advantage of a low checking account minimum, CCU is a good choice. It’s easier to sign up, has lower fees and offers more options than many credit unions.
On the other hand, if it is important for you to have many financing options and credit cards to choose from, and maintaining a higher minimum balance will not be a problem, you may be better off opening a bank account.
Most e-commerce small business owners process all their transactions digitally, and receive payments the same way. In that case, having a brick and mortar location where you can deposit cash may not be a high priority. Specify online banking only.
Axos is the oldest and best known online bank in the United States. There is no minimum balance in their basic business account, and they offer a variety of loan options. Plus, even though Axos doesn’t have a physical location, you can access your Axos checking account from any ATM in the US for free.
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If you run an online business, are comfortable with online banking, and expect to make fewer than 200 transactions per month, Axos is a smart choice. You don’t need to maintain a high minimum balance, which can be a relief when your business is just starting out and cash flow is low. And if your business needs financing in the near future, you have many options.
Known for loans, credit lines and factoring services, BlueVine has expanded into the banking sector. This online account is easy to open, with no minimum balance requirements or fees for incoming wire transfers, insufficient funds or ACH payments. BlueVine bank accounts also come with debit cards with free ATM access at MoneyPass ATMs.
The only fees account holders need to consider are cash deposits ($4.95 per deposit) and outgoing wire transfers ($15 per transfer). For businesses that trade in cash or send money abroad, this fee may increase.
If you’re a freelancer and need an account to collect payments online and help you keep track of business expenses, BlueVine is great. If you don’t collect cash or send a wire transfer, this is a free bank account. Also, if you decide to expand your business from generation to generation, BlueVine can help you quickly get a loan or credit for that quick cash injection.
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Based in Florida but serving clients nationally, First Home Bank is often ranked as one of the top 10 most active SBA lenders in the country. It also offers a wide range of other small business banking services – including checking and savings accounts, and non-SBA loans.
The SBA has selected First Home Bank as Lender of Choice. That is, if you apply for an SBA loan through Rumah Pertama, the approval process will be faster than elsewhere.
Startups and startups need access to quick capital. If your top priority is to get approved for an SBA loan as quickly as possible, then First Home is the bank for you. But if you want a business checking account with interest or many places are hard to find, or if small business loans aren’t your priority, you’re better off taking your banking needs elsewhere .
Capital One is the only bank on this list that offers checking with unlimited unlimited transactions, with no minimum account balance. It also offers five different small business credit cards.
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Does the thought of counting the number of transactions each month to avoid fees make you shudder? If you live near a Capital One bank, handle a lot of transactions each month, and pay mostly by card or bank transfer, Capital One may be the right choice for your business. However, it is better if your business is established, and you can easily maintain a minimum balance of $2,000.
With 4,300 branches and 16,000 ATMs, Bank of America is everywhere. In addition, they offer some of the best introductory offers for checking new business accounts. However, you don’t get unlimited unlimited transactions – like you do with Chase – and the free cash deposits are also limited.
If you can easily qualify for Bank of America’s introductory offer, and don’t expect any trouble exceeding your monthly checking fee, opening a new business bank account can be a great way to earn a little extra money when your business is small.
However, if you are looking for Bank of America primarily because your business needs to deposit a lot of cash each month, consider the $7,500 limit on deposits and free payments after you exceed that amount.
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Once you have a bank in mind, start preparing the documents you need to apply for a business bank account. When you’re ready to take the next step in separating your business and personal finances, find the best small business credit card for your needs.
This post is for informational purposes only and does not constitute legal, commercial or tax advice. Each person should consult their own lawyer, business advisor or tax advisor regarding the matters mentioned in this post. is not responsible for any action taken in reliance on the information contained herein.
Get a weekly dose of expert-curated guidance and educational resources to help you confidently make the right decisions to grow your business. No spam. BALTIMORE – A Federal judge in Maryland has refused to issue a restraining order and temporary injunction against Bank of America in a class action lawsuit filed on behalf of two Baltimore business owners.
In her decision, U.S. District Court Judge Stephanie Gallagher said the plaintiffs do not have a personal right of action under the newly passed CARES Act, and concluded that the matter should be resolved from the congress.
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“Congress is better positioned to fix any deficiencies in the CARES Act, and to pass additional legislation that is best aimed at mitigating the impact of the COVID-19 crisis,” Gallagher wrote.
The lawsuit accuses Bank of America of illegally placing restrictions on relief money approved by congress intended for small business owners affected by the coronavirus.
Business advocates argue that Bank of America prioritizes its existing loan customers over its store customers, which they say prevents some small business owners from applying for money through programs of government loans.
The Paycheck Protection Program (PPP), part of the $2.2 trillion stimulus package known as the CARES Act, provides $349 billion to help small business owners stay afloat during the pandemic.
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The federally backed loan will cover eight weeks of wages and other expenses for small business owners with fewer than 500 employees.
In response to