TD Bank Business Loans Review
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Pros and cons of
Pros
- SBA-Preferred lender
- No loan limit for first mortgages through SBA 504 loan program
- Offers a wide array of business products, including term loans, lines of credit, SBA loans, bank accounts, credit cards and more
Cons
- You must apply in person for loans over $250,000
- Requires automatic payments from a Business Checking account
- Only available in a few states (Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont and Virginia) and Washington, D.C.
small business loans review
is an SBA Preferred lender — which gives it more leeway and speed in dealing with SBA loan underwriting — and uses this status to offer SBA 504 loans to customers on certain real estate properties with no maximum cap on how much you can borrow.
- Established Business customers. While not a requirement to apply for a loan, some products — notably the line of credit — require you to have a minimum balance of $40,000 in a Business Checking account.
- East Coast business owners. You can only apply for business financing if you live in one of the following states — Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont and Virginia — as well as Washington, D.C.
- You prefer working with a bank. There are many online small business lenders, but only a few of them are banks. Getting a business loan from the same place you do your banking can simplify things since everything will be done in-house.
small business financing at a glance
| Products | Loan amounts | Repayment term | Estimated rate | Fees |
|---|---|---|---|---|
| Term loan | months | Not disclosed | Not disclosed | |
| Line of credit | Not disclosed |
Based on the current prime rate of + 0.74% added by TD Bank
| Not disclosed | |
| SBA 7(a) loans | Up to | Up to months | Capped at for variable loans
| Not disclosed |
| SBA 504 loans | No maximum loan amount for first mortgage; up to for second mortgages | Up to months | About 3% of the debt financed
Based on SBA guidelines
| Not disclosed |
Secured term loans
If you’re just searching for a standard business loan, months in length.
Line of credit
may also offer the option for interest-only payments for a time, so be sure to inquire about your contract if that interests you.
SBA 7(a) loans
As an SBA Preferred lender, requires a 10% minimum down payment with the popular SBA 7(a) loans, and you can use funds for a wide range of purposes including buying equipment, hiring new workers, buying real estate and more.
SBA 504 loans
For larger purchases, like a significant real estate or equipment investment, also offers SBA 504 loans. You can use the property you’re buying as collateral for the loan, and there are no loan limits if you’ll be purchasing your first business property. Like the SBA 7(a) loan, you’ll also be required to make a minimum down payment of 10%.
borrower requirements
| Minimum annual revenue | Not disclosed |
| Minimum time in business | Not disclosed |
| Minimum credit score | Not disclosed |
Unfortunately, Checking account with a minimum balance of $40,000 if you’re applying for a business line of credit.
Required documents
is pretty open with what documents you’ll need to apply for a business loan. Here are some of the things you’ll need:
- Copy of your government-issued ID
- LLC operating agreement, if applicable
- Partnership banking agreement, if applicable
- A copy of the minutes from your business’s last meeting or your bylaws
- Most recent tax return, if you’re requesting a loan between $100,000 and $250,000
- Personal authorization form from any business owners with more than 10% equity in the company
You should also keep in mind, though, that might request additional documents depending on your situation.
Alternatives to
| OnDeck | |||
|---|---|---|---|
| Minimum credit score | Not disclosed | Not disclosed | |
| Loan products offered |
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| Time to funding | Not disclosed | As soon as same day | Not disclosed |
| Starting APR |
| Not specified
Minimum APR offered to at least 5% of customers (not the lowest rate offered)
| Not disclosed |
| Maximum loan size | No loan limit for first mortgages taken out with an SBA 504 loan | $250,000 | Up to |
| Minimum annual revenue | Not disclosed | $100,000 | Not disclosed |
vs. OnDeck
If your business needs money today — with no time to wait for slow bankers — consider OnDeck. It’s much more transparent about its lending requirements, so you’ll have a better idea right away whether your business is likely to be approved or not.
If you are approved, lines of credit are available to use immediately, and loans up to $100,000 can be funded within the same day. Of course, you’ll pay a price for this convenience, though, in the form of much higher interest rates.
vs.
If you want to stick with a traditional bank, is another good choice. You can apply for business loans at a branch location, though locations appear to be concentrated in several northeastern states, as well as major cities in Louisiana and Texas.
was the top-ranked bank in J.D. Power’s 2024 survey of overall customer satisfaction for small business banking, outranking , which was ranked 10th.
But although business checking account, but you will need to open one if you are approved.
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