SECURED TRANSACTIONS ARTICLE 9, UCC

Jim owns an apparel store on Main Street in Andover, Massachusetts. Jim went to Bank of America seeking an inventory loan and then to Santander Bank. Each bank had Jim sign a security agreement. Bank of America filed first on June 15th but did not loan him money (nor promise to do so) until August 1st. On July 10th, Santander Bank loaned Jim the money and filed its financing statement. Who has priority? Fully explain your answer.