Did you ever take startup loans ? Did you ever consider having loans to expand you small business? What are the problems that you generally face while applying for business loans from lenders or banks? What are the major differences that you need to know about while taking loans from banks or lenders? The team at Credit Health care is here to provide the business loan buyers with the ultimate list of banks where they can approach, when they are thinking about taking loans as part of their entrepreneurial venture.
Now, we will be discussing in detail about the things that are important for those who are applying for business loans from the top loan giving banks in the country along with worldwide. The name of the banks which are mentioned in this post for the purpose of helping the readers find the ideal places where they will find the ideal loan programs which will suit their budget and help them to increase the scope of their business venture. They are namely Capital One, Live Oak Bank, Wells Fargo, Santander Bank, Bank of America, Celtic Bank, JPMorgan Chase, US Bank, Huntington Bancshares and also TD Bank. Also, do remember that, if you do not qualify for a traditional business loan from a bank, there are also alternative lenders are your next best option for finding affordable, quick, and easy capital to grow your business.
What are the major mistakes that you are making while you are applying for taking business loans from the top banks ? What are the important preparations that it is necessary for the purpose of ensuring that your loan application for building your startup is approved easily without any kind of delays or rejections on the part of the bank? I am a small business or startup owner and looking for the best loans which will provide be the important loan amount for the purpose of expanding my venture. If you are searching for the bank names, you need to read the article till the end.
Many bank loans in general are large, long-term loans that might be pretty inaccessible to most small business owners or just beyond the amount of capital you really need. However, Capital One’s working capital lines of credit stand out as a smaller, more flexible type of financing that could be easier to qualify.
In addition to that, these business bank loans start at $10,000, and allow an unlimited number of draws and there is no specific timeline for the line of credit repayment period, or for how long you can have the line of credit open.
Live Oak Bank
Do note that the Live Oak Bank is a newer entrant to our list and is somewhat of a nontraditional bank which is known to be based in Wilmington, NC, has no consumer loan products and no physical branches. However, they focus exclusively on small business loans, especially SBA loans.
In addition to that, Live Oak Bank has a streamlined, electronic application process for their SBA loans, since they do not rely on branches. Also, you can upload all loan documentation online and monitor the progress of your loan at any time in your online account.
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The Wells Fargo is the number one SBA lender in the country, which is why they made our list of best banks for conventional loans and best banks for SBA loans. Also, you must know that Wells Fargo approved 4,338 SBA 7(a) loans and lent a total of $363 million in 7(a) SBA loans.
In addition to that, Wells Fargo lends thousands of 7(a) loans, the bank also offers SBA 504 financing for business owners who want to purchase real estate, equipment, or other fixed assets. Do remember that, they can underwrite and process your loan faster than usual.
Do remember that, when you are in the market for business financing, it is important to compare options. Moreover, Santander Bank provide the customers convenient and secure payment methods as well as in store or online opportunities which is vital for business people.
The different kinds of benefits that you can enjoy through their business loan giving process includes choosing one of our many checking solutions, designed to fit your business. Along with that, you can ask take the assistance of a flexible and reusable source of funds whenever you need it.
Bank of America
The Bank of America is another bank that is going to big lengths to gain the loyalty of small business owners. Also, small business banking generated $4 billion in revenue for the bank, and they’ve loaned over $30 billion to small business owners.
In addition to that, with nearly 5,000 branches and plans to create more, Bank of America is a great option for small business owners throughout the country. However, Bank of America business loans are a fantastic option for highly qualified borrowers.
The Celtic Bank is another excellent bank to consider for small business financing. Like Live Oak Bank, Celtic offers a completely online banking experience. They have a few consumer products, but their specialties are SBA loans and conventional business loans.
In addition to that, Celtic Bank approved 1,219 SBA 7(a) loans, lending a total of nearly $159 million. However, it is important to know that, they are ranked seventh nationwide in SBA lending, but they were in the top three in several regions of the country.
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The JPMorgan Chase SBA loans are a great option for small business owners looking for SBA funding. Also, Chase was the fourth biggest SBA lender and they made nearly 3,000 SBA loans across the country, totaling over $365 million in funding.
In addition to that, the JPMorgan Chase participates in making SBA 7(a) general purpose business loans, SBA 504 loans for real estate and equipment, SBA Express loans, and SBA Export loans. However, no matter what the stage or needs of your business, you should be able to find something that works for you.
The US Bank rounds out our list of the best national banks and this bank is one of the biggest lenders for small business loans, but has limited geographic reach. Also, US Bank branches are only in 25 states and are concentrated in the west and midwest.
In addition to that, one of US Bank’s best products for small business owners is the quick loan for business and this is for business owners who want to purchase new or used equipment or need a source of working capital for business expansion. However, the loans go up to $250,000.
The Huntington Bancshares offers small businesses a number of cash flow options, including SBA-Guaranteed Business Loans. There are different forms of loan options for small business owners such as basic 7(a) loans which is the broadest and most popular loan program for eligible borrowers who want to open, acquire or expand a small business.
In addition to that, you can also go for SBA express loans which is a loan program that puts borrowers through an expedited review process so they can access funds quicker. Also, 504 loans is a loan program with long-term fixed-rate financing used to fund the equipment needed to expand or modernize a small business.
The TD Bank business loans rounds out our list of the best banks for business loans and this particular bank mainly has an east coast presence, so if your business is located near that place, it will be hugely beneficial for you.
In addition to that, TD Banks also offers all three types of SBA loans such as SBA 7(a) loans, SBA 504 loans, and SBA Express loans. Also, you must schedule an appointment with a TD Bank branch to apply. However, they have been able to help many small business owners obtain loans.
Go for Business Loans:
So now, the name of the above banks will help you to provide the required headway in order to find the ideal match for your search of loan giver for your particular business venture. In an earlier post, we have talked about the names of the ideal personal loan providers who are from the country and also worldwide. Do go through the post before coming back to this specific section of the post to know more about news on loans. Most of the loan companies along with some small lenders are coming up with exciting plans in order to suit the needs of entrepreneurs, so that their business loan taking process becoming much more hassle-free. Thus, the time has come for the prospective business loan takers to try the services and choose among them the business loan provider bank and do not forget to share you valuable feedback on the same with us!
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