The specs
CrediblyBank of America Business Loan
Product typeMulti-productMulti-product
Amount range$5K – $600K$10K – $100K (Business Advantage LOC); $25K – $500K (term); $250K – $5M (SBA 7(a))
Cost (factor / APR)Factor 1.11+ (MCA); APR varies (term)APR 7.5% – 17% (term + LOC, relationship-priced + Preferred Rewards discount); SBA Prime + 2.25 – 2.75%
Speed to fundAs fast as 4 hours5 – 10 business days (term + LOC); 30 – 90 days (SBA)
Min time in business6 months24 months
Min monthly revenue$15,000$20,000+/mo typical for unsecured products
Min credit score550+670+
Products
- MCA
- Working capital LOC
- Short-term term loan
- Business Advantage Credit Line
- Business Advantage Term Loan
- SBA 7(a)
- Equipment financing
- Commercial real estate
- Preferred Rewards for Business
Verdicts by use case
- Established BofA Business Banking customer with Preferred Rewards status — Winner: Bank of America Business Loan. As of 2026-06-28 BofA relationship-priced business term loans and LOCs at 7.5 – 14% APR with the Preferred Rewards discount stack (0.25 – 0.75% off) put qualifying borrowers among the cheapest non-SBA cost of capital available. Credibly's MCA factor 1.11 – 1.40 (effective APR 22 – 80%) is materially more expensive. For merchants who clear BofA's bar AND carry an existing BofA Business Banking deposit relationship with Preferred Rewards status, BofA is structurally the cheapest cost of capital in this pair.
- Newer business under 24 months TIB — Winner: Credibly. BofA's 24+ months TIB floor declines sub-2-year merchants on unsecured term and LOC products regardless of credit profile. Credibly's 6-month TIB floor is reachable for genuinely new operators. For merchants between 6 and 24 months trading history Credibly is the only structural option in this pair.
- Need cash this week — Winner: Credibly. Credibly funds in as fast as 4 hours via the API V2 + Cloudsquare flow. BofA's bank-style underwriting takes 5 – 10 business days minimum on term + LOC products. For genuine same-week capital needs BofA isn't an option regardless of the merchant's deposit or Preferred Rewards relationship.
- Sub-670 FICO merchant — Winner: Credibly. BofA's 670+ FICO floor is slightly more accessible than Chase or WF's 680 floor but still firm — merchants with personal FICO between 550 and 669 are typically declined on BofA unsecured business products. Credibly accepts 550+ FICO with B/C-paper pricing adjustments. For merchants in that credit band Credibly is the only structural option in this pair.
- Larger SBA-eligible deal with patient timeline — Winner: Bank of America Business Loan. BofA originates SBA 7(a) loans up to $5M at Prime + 2.25 – 2.75% and is consistently a top-3 SBA 7(a) originator by dollar volume — among the cheapest cost of capital available for SMB borrowers willing to absorb the 30 – 90 day timeline. Credibly caps at $600K MCA. For genuinely large capital deployments with patient timelines BofA SBA is structurally the only option in this pair.
The honest takeaway
Credibly and Bank of America Business Loan solve overlapping but distinct problems. The right choice depends on three things you already know about your business: how fast you need the money, how long you've been operating, and whether the capital need is one-time or recurring.
Frequently asked questions
- What is BofA's Preferred Rewards for Business and how much does it actually save me?
- Preferred Rewards for Business is a tiered loyalty program based on combined three-month average deposit + investment balances at BofA and Merrill (Merrill Edge brokerage counts). Tiers and benefits: Gold ($20K – $50K combined): 0.25% interest-rate discount on business loans and credit lines, plus deposit fee waivers. Platinum ($50K – $100K): 0.50% rate discount, more fee waivers, dedicated business relationship support. Platinum Honors ($100K+): 0.75% rate discount, full fee waiver suite, priority RM access. On a $250K term loan at 10% APR over 60 months, a 0.75% rate discount saves roughly $5,500 in interest over the loan life — meaningful but not transformative. The bigger value for many SMBs is the dedicated RM access at Platinum / Platinum Honors which tends to surface harder-to-find quotes and faster underwriting. For merchants with sub-$20K average balances the discount doesn't trigger and BofA pricing is similar to other major banks.
- I have a BofA Business Banking account but only $5K average balance — do I get any pricing advantage?
- No, not from Preferred Rewards (the program requires $20K+ combined balances to enter Gold tier). You still get basic relationship-pricing benefits (RM-quoted deals typically come in 50 – 100 bps below rack rate for any established BofA Business Banking customer), but without Preferred Rewards status the pricing is comparable to Chase or WF for equivalent profiles. To unlock the Preferred Rewards discount the realistic options are: (1) move investment accounts (IRA, brokerage) to Merrill Edge to count toward the combined balance threshold, (2) maintain higher operating balances in the BofA business deposit account (working capital that would otherwise sit in a money-market account), or (3) accept the standard relationship pricing and look at the loan structure separate from Preferred Rewards. Credibly remains the relevant alternative for merchants where neither standard relationship pricing nor Preferred Rewards is competitive vs the urgency of cash needs.
- Should I refinance an active Credibly MCA into a BofA term loan once I qualify?
- Yes, if the math works. A Credibly MCA at factor 1.25 with 8 months remaining carries an APR-equivalent of 35 – 50%. Refinancing into a BofA relationship-priced term loan at 9 – 13% APR (or 8 – 12% with Preferred Rewards discount) over 36 – 60 months saves materially on cost-of-capital and converts the high-frequency MCA debit to a manageable monthly amortization. BofA will pull business credit, see the active Credibly debt, and underwrite the refinance as debt consolidation — disclose proactively. The qualifying bar is firm (670+ FICO, 24+ months TIB, $20K+/mo revenue, BofA deposit relationship preferred). This is the standard healthy SMB credit progression: MCA bridge through the bank-qualification window, refinance into bank pricing once trading history and credit support the application.