Truforte Business Group Offers New Finance Program for CPA Firms Expanding Through The Bank of America
Truforte Business Group is pleased to be able to offer through our relationship with The Bank of America a new “Practice Solutions Program for CPA Firms”.
Beginning in January, 2012, Bank of America has agreed and begun offering financing to CPA firms to help them fund mergers and acquisitions, expand their facilities, buy equipment and software, and other purposes.
This new program represents a tremendous opportunity for Truforte Business Group Buyers and potential purchasers of CPA Practices to access the funds necessary for growth through a nationally known and respected banking giant, with favorable terms and interest.The program offers loans of up to $1 million for a variety of reasons ranging from practice acquisitions to working capital for business expansion. The Bank of America Practice Solutions program for CPAs will provide financing for practice sales and purchases, office improvements and expansion, business debt consolidation, equipment financing, lines of credit and commercial real estate.
For equipment and software financing, the express loan program ranges from $10,000 to $75,000, with up to 84 months on secured loans. Up to $10,000 in travel expenses can be included in the loan.
For practice sales and acquisitions, the loan size goes up to $750,000. The bank is also offering customized loan amounts that provide up to 70 percent financing for a practice owner, or 50 percent 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, BofA is offering loans of up to $5 million with fixed terms of up to 25 years. Payment schedules can be for 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. Repayment terms are provided for up to 10 years to keep the payment amounts low. For expansions, remodeling or relocation of existing offices, loan amounts of $50,000 to $750,000 are available.
The goal for the first year of the program is to give out $30 million in loans.
Please contact Michael Mauer at Michael@Truforte.com or call Michael at (239) 284-1317 for additional information.