NCI has recently entered into a preferred-vendor relationship with Bank of America Practice Solutions. The Bank’s new financing products include capital for practice sales and acquisitions, office improvements and expansion, business debt consolidation, equipment financing, lines of credit, and commercial real estate and NCI’s Consulting Services.
In order to qualify for financing for NCI’s Consulting Services, a borrower must meet the following criteria:
- Must be a licensed CPA for at least 7 years;
- Must have owned a practice for at least 5 years;
- Annual revenues must exceed $150,000;
- Credit card debt below $25,000; and
- Credit scores above 680.
The loan program for NCI’s consulting services ranges from $10,000 to $75,000, with terms of up to 84 months. Up to $10,000 in travel expenses can be included in the loan.
For practice sales and acquisitions, the loan sizes range from $50,000 to $750,000. The bank is also offering customized loan amounts that provide up to 70% financing for an established practice owner, or 50% for a first-time business owner. Repayment options include 12 months of interest-only payments, or up to six months with no payments. In addition, the bank offers fixed rates for up to 10-year terms.
For commercial real estate loans, Bank of America is offering loans of up to $5 million, with fixed terms of up to 25 years.
In addition, the bank is providing a practice debt-consolidation product that can leverage the equity in a CPA practice to upgrade or expand to fund future growth, consolidate bills, and improve cash flow. Financing is available for up to 70 percent of a practice’s revenue and repayment terms are provided of up to 10 years to keep the payment amounts low.
This represents a tremendous opportunity for our clients and potential clients to access the funds necessary for growth via a nationally known and respected banking titan.
For more information on how you can apply, contact us at 888-New Clients,
“I have been working with bankers for over 35 years for clients and about 10 years for my own business. I do not recall ever working with a group like you that really understands the business they are loaning to. The questions and the loan requirements demonstrate to me that there is a good working knowledge of my practice.
In addition, I was impressed by the demonstrated ability to work around problems and arrive at mutually beneficial solutions. Instead of looking at things as a problem, you always seemed to approach glitches as an opportunity.”
Raymond Serra, CPA
Serra & Associates, LLC
11 West High Street
East Hampton, CT 06424