TD Bank Business Loans Review

Back in 1852, the company now known as TD Bank was founded as the Portland Savings Bank in Portland, ME. Through a series of mergers and acquisitions, TD Bank came into existence and now serves customers up and down the eastern seaboard. While the company’s title includes the phrase “America’s Most Convenient Bank,” that is only true for customers living in the easternmost United States.

If you do live in a state served by TD, the company offers a variety of business loan options in addition to a range of personal banking services. Entrepreneurs can use this bank to get SBA loans, lines of credit and commercial real estate funding. The rates are competitive and the customer service is top-notch. This isn’t the best option for people who like to do all their business while wearing pajamas, as loan applications have to be handled in person. TD has higher approval rates than most of the big banks, although the issuance of funds takes about the same amount of time as it does with standard lenders.

TD Bank Rating
Ease of Application ★★★★★
Ease of Approval ★★★★★
Terms ★★★★★
Customer Service ★★★★★
Summary ★★★★★
Reviewed byExpert Market : 07/07/2016

Loans Offered

While TD Bank only operates in a few select states, it offers business owners in the region a solid variety of lending options with flexible terms.

SBA Loans

Borrowers can choose between four SBA programs: SBAExpress, 7(a), 504 and USDA loans. With the express loans, the amount has to be under $350,000 and can be advanced more readily than any of the other SBA options; approval is given within 48 hours of the application being processed.

The 7(a) and 504 options are the most common SBA loans, and borrowers can get up to $12 million for approved 504 commercial real estate projects. The USDA program is intended for businesses operating in rural areas and aiming to develop poorer communities in need of economic growth. The rates on SBA loans are typically 2.75 percent plus prime, although rates are adjusted slightly depending on an applicant’s financial standing.

Business Lines of Credit

TD Bank offers revolving business lines of credit, so these funds are replenished after the balance is repaid. Credit lines range from $10,000 to $500,000 and funds can be accessed through bank-issued checks. The credit is reimbursed directly from your business checking account, assuming you have a small business checking account with TD. Rates are variable and terms are determined by the needs of the borrower and the amount of credit made available.

Term Loans

Since SBA loans come with their own set of qualifications, TD Bank also offers standard term loans that can be secured by using vehicles and equipment as collateral. Amounts range from $10,000 to $1 million and APR will depend on creditworthiness, intended use

of funds and the type of depreciable asset that collateralizes the loan. Rates are fixed and generally come with three- to seven-year amortization.

Find out which loans you are eligible for

Who Qualifies, and How to Apply

Different types of companies will qualify for the different types of loans that TD Bank offers. While SBA loans are only made available to those with strong credit and steady cash flow, entrepreneurs with a good business plan and decent assets might qualify for the secured term loans and lines of credit, even if their other financial records are shaky. No matter which form of financing you’re after, make sure to have at least two years’ worth of business tax returns and personal credit statements ready.

Once you’re prepared, the application needs to be presented in person. In addition to standard information about your company and personal finances, you should have a detailed plan for how the borrowed funds will be spent. While TD doesn’t offer the convenience of an online application process, they do provide specialists to help you get the forms filled out properly, giving you the best shot at being approved.

Other Services Offered

As a full-service bank, TD offers business checking and mobile banking assistance. The company also provides business credit cards for those who either don’t meet the standards to get a business line of credit or simply don’t need to access that much capital. TD’s Visa business card comes with a zero percent introductory APR, no annual fee and unlimited rewards points.

This bank also provides special services for healthcare professionals. There are staff members available to handle the accounts of medical practitioners as well as equipment leasing options for small businesses in the healthcare industry.

Should you bank with TD?

TD Bank is one of the top 10 biggest lending sources in the U.S., and the bank has accomplished that without lending to about 85 percent of the country. By providing funds to a select region, the company has been able to offer big and small loans to a variety of industries while still maintaining oversight. As long as borrowers are in the right place geographically, TD can help them in all phases of business, from the first commercial lease to a multi-million dollar expansion.

With SBA and term loans, as well as business lines of credit, there are dozens of financing options that come with varying terms and APRs. The biggest issue is that loan requests have to be made in person and it typically takes a month or more for funds to be dispersed. Small businesses that need fast access to cash will be better served by a credit line from TD Bank than they would a term loan, though the former option will likely come with a much higher interest rate.

Category: Bank loan

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