Bank of America and U.S. Bank are both traditional brick-and-mortar banks. If you have good-to-excellent credit and like low interest rates and the in-person style of banking, you might consider these institutions for your business lending needs.

Though both offer a variety of bank business loans, only one will be the right lender for you. You’ll need to compare both lenders to find the right loan for your business.

Key takeaways

  • Bank of America and U.S. Bank both offer business loans to established companies
  • Bank of America is available nationwide and offers a valuable rewards program for its banking customers
  • U.S. Bank has quick approvals for term loans and no-down-payment equipment loans but is only available in 28 states
  • Choose Bank of America for lines of credit and business credit cards
  • Choose U.S. Bank for quick funding and equipment financing

Bank of America vs. U.S. Bank at a glance

Bank of America tends to have lower starting rates for some of its loans. It also lets borrowers begin repaying some loans as early as six months. While U.S. Bank doesn’t offer much information on its website, it stands out for having loan amounts that start as low as $5,000 and offering unique financing options for its equipment loans.

Bank of America U.S. Bank
Bankrate Score 4.3 4.1
Best for Lines of credit and membership rewards Equipment loans and fast term loans
Number of loan products 7 5
Loan amounts Starting at $10,000 $5,000 to $12.4 million
Interest rates As low as 5.50% APR As low as 7.99% APR
Term lengths 6 months to 15 years 2 to 25 years
Personal credit score 670 Not stated
Minimum time in business Two years Not stated
Minimum business revenue $100,000 Not stated

Bank of America business loans

Bank of America offers a variety of different loan options. Small business owners can choose between secured and unsecured term loans, business lines of credit, auto loans, SBA loans, commercial real estate loans and equipment financing. Its business loans are available in all 50 states, giving it quite the edge over U.S. Bank.

It’s also a good pick for managing your business checking accounts or other accounts at the bank. Your deposits can help secure loans, making them easier to qualify for. Depending on the account you hold and the amount you keep deposited in your account, you may also be eligible to become a Bank of America Preferred Rewards for Business member. Membership makes you eligible for interest rate discounts, fee waivers and other perks based on your loans and deposited assets.


  • Low starting interest rates
  • Variety of business loans
  • Rewards program


  • High eligibility requirements
  • Slow application and funding
  • Limited options if you have bad credit

U.S. Bank business loans

U.S. Bank business loans are only available in 28 states, but it’s a great choice for qualifying business owners who value an in-person lending experience. Throughout the application process, you can work with a business banker that can walk you through the process.

U.S. Bank’s loans include term loans (including its Quick Loan), business lines of credit, commercial real estate loans and equipment loans. Some of its loans have longer repayment terms than Bank of America. This includes a Quick Loan, which gives business owners up to 84 months.

In some ways, U.S. Bank also has more relaxed eligibility requirements. You can qualify for some of its loans with just six months of operating history. This makes U.S. Bank small business loans more accessible to startup business owners than Bank of America.


  • Quick funding option
  • Open to startups
  • Low starting interest rates


  • Limited information on website
  • Not available in all states
  • Limited options if you have bad credit

How to choose between Bank of America and U.S. Bank

With a nationwide footprint, Bank of America small business loans are more accessible to borrowers nationwide. But U.S. Bank is still worth considering if you do business in an eligible location. Consider the following when trying to choose between bank business lenders.

Choose Bank of America for flexible lines of credit

Bank of America business loans include three different lines of credit: an unsecured line of credit, a secured line of credit and a cash-secured line of credit that you can qualify for with just a $1,000 deposit. Each option is a great source of working capital. More companies may be able to find an option that more closely matches their needs.

Choose U.S. Bank for fast term loans

Few traditional lenders offer any type of fast financing, but one of U.S. Bank’s top business loan products is the Quick Loan. This fast business loan offers up to $250,000 in financing for up to 7 years. It comes with no origination fee, and you can choose from secured or unsecured financing options.

Choose Bank of America for business credit cards

Both Bank of America and U.S. Bank offer a wide selection of business credit cards that provide cash back or travel rewards. Both also have features like free employee cards and budgeting tools.

Some Bank of America business credit cards may have a slight edge thanks to perks like intro APR offers, which lets you make purchases and repay them over a period of time without paying interest. Account holders can also get access to accounting software and cash flow management tools like QuickBooks, which can make it easier to track your spending.

Bank of America’s Preferred Rewards for Business program also helps these cards stand out from the competition since it can boost your cash back and travel rewards earnings.

Choose U.S. Bank for equipment loans

Though Bank of America does offer equipment financing, U.S. Bank lets qualifying business owners borrow up to $1 million for terms ranging from 24 to 60 months with no origination fee. You can even finance more than the full price of the equipment, up to 125 percent of its value, with no down payment.


Both Bank of America and U.S. Bank are traditional brick-and-mortar banks. If you’re looking for a similar alternative, Wells Fargo may be an appealing option, especially if you want SBA loans.

Wells Fargo is one of the top SBA lenders in the United States. It also has three business lines of credit, each focusing on different businesses. Whether you’re running a newer or an established business with millions in revenue annually, Wells Fargo may have a secured or unsecured business line of credit.

If you have poor credit, none of these major banks may be a good fit. In that case, you might consider a lender specializing in bad credit business loans. Fundible is a less traditional lender that has easy underwriting requirements. The minimum credit score for some of its loans is as low as 450.

SBA loans

SBA loans are special loans that lenders offer through a partnership with the Small Business Administration. The SBA helps to insure a portion of the loaned amount, limiting the lenders’ risk and allowing them to offer larger loans to applicants with less-than-perfect credit.

Despite that insurance, many major banks focus on established, well-qualified companies when originating SBA loans. If you’re running a newer company or can’t meet the strict requirements of a traditional lender, you’ll need to look elsewhere.

A good place to start is at a Community Development Financial Institution (CDFI). These local, community nonprofits partner with the SBA to help originate specialized SBA microloans and SBA Community Advantage loans.

Microloans offer up to $50,000 in financing to underserved communities. Community Advantage loans are larger, letting companies borrow as much as $350,000, but are still typically focused on underserved communities, which include women, minorities and veterans.

If either of these options seems like a good fit, consider checking the SBA’s list of lenders for one in your area.

Bankrate insight

The SBA weekly summary report provides insight into SBA loans. You can learn about key loan statistics based on factors like race and gender, top funding industries and even the top lenders. For example, in 2022, U.S. Bank approved $327,477, 200 in SBA 7(a) funds compared to Bank of America’s $326,811,100 in funds approved by Bank of America. 

Bottom line

U.S. Bank and Bank of America both offer a good mix of business loans. Bank of America has a larger footprint, which may be more appealing to business owners. U.S. Bank business loans are only available in 28 states, but it’s Quick Loan and equipment financing are two standout options worth considering.

Before choosing any lender, only apply for an amount you can afford. A business loan calculator can help you find the right amount based on your budget. Also make sure to compare as many lenders and loan types as possible. This is the best way to find the most affordable business loan with the most manageable terms.

Frequently asked questions

  • Equipment loans are typically easier to get than other business loans. This is because the equipment you buy serves as collateral for the loan, reducing the lender’s risk.
  • Each lender can set its own minimum credit score for equipment financing. Common minimums are 600 or 670, though some lenders may approve applicants with lower credit scores.
  • An SBA Preferred Lender is a lender that has a close partnership with the SBA and can approve some loans without needing confirmation with the SBA first. That can help applicants receive financing more quickly.