PHOENIX -- Bank of America Arizona is offering asset-based business lending, opening up bank financing to companies that might not otherwise qualify under the bank's traditional underwriting criteria.
Asset-based financing involves using assets such as receivables, inventory, equipment, or real estate as collateral to secure the line of credit or term loan. The financing typically involves a $750,000 to $3 million line of credit for a period of 18 months to three years.
In addition to lines of credit for working capital, the bank will be offering term loans for the financing of real estate and equipment. The specialized business finance unit, based out of Bank of America's downtown Phoenix headquarters, will be offering these financing options throughout Arizona.