PNC Bank (Pittsburgh National Corporation) is an established banking institution with multiple locations primarily across the eastern half of the United States. The bank is the product of a merger between the Pittsburgh National Corporation and Provident National Corporation based in Philadelphia in 1983, making PNC the largest bank in Pennsylvania. The largest portion of the Pittsburgh National Corporation was established as far back as 1852 and went through multiple transformations, partnerships, and mergers to become the high-profile bank it is today.
PNC Bank continues to acquire additional banks and branches, and interestingly, they have a leading number of eco-friendly office buildings including a newly constructed skyscraper in Pittsburgh, PA. Benefits of their service include:
PNC Bank offers several business loan and line of credit options for small businesses seeking financing, and they are an approved SBA lender with five available types of SBA loans:
- SBA 7(a)
- SBA 504
- SBA Express
- SBA Export Express
- SBA Veterans Advantage
SBA loans are available to new and existing businesses and will require documentation not needed for traditional financing, such as a resume and a detailed business plan
For established businesses, PNC Bank offers two unsecured business financing options: a business term loan and a line of credit. For both of these opportunities, no collateral is required.
Funding amounts range from $10,000 to $100,000, although the actual time until funding is available in unknown. Like most banks, PNC’s interest rates are unavailable but will vary according to the prime rate reported in The Wall Street Journal for the previous month.
PNC Bank also offers secured financing choices for business owners using non-real estate business assets as collateral. The advantages of choosing a secured loan or line of credit are longer repayment term lengths (up to seven years for a loan), lower interest rates, and higher loan amounts. These amounts extend from $10,000 to $1 million for a line of credit and up to $3 million for a loan. For financing secured with real estate (residential or commercial), the repayment terms and interest rates can improve even more.
When businesses apply for a loan with a bank, there will be a lot of paperwork to fill and several unknown requirements you will need to meet. PNC is no different. Additionally, there are some other limitations that need to be addressed, including”
While approval wait times may vary, the documentation required to apply for financing is the same for each application. Required information includes:
- Dollar amount to be borrowed and type of loan
- Borrowing purpose
- Collateral information (if applicable)
- The business name, address, type, tax identification number
- The year the business was established
- The number of employees
- Annual sales for the business
- The name, address, and social security number for each company owner
- Each owner’s title and ownership percentage
- Personal financial and historical information for each owner
PNC also recommends having a government-issued photo ID for each owner of the company, as well as copies of the most recent financial statements, business tax returns, and personal tax returns.
Although small business owners do not need to already be a PNC Bank customer in order to submit an application, a PNC business checking account is required for every type of loan and line of credit, and automatic payments must be set up from that checking account. While automatic payments can be convenient and hassle-free, it can be difficult to stop the payments or alter the payment schedule or amount if a business’s financial situation requires it.
Time in Business
PNC Bank requires established businesses to provide 2-3 years of business tax returns and one year of personal tax returns, and may also ask for a personal financial statement. (Companies must be in a business a minimum of 3 years before applying). While there are no specific limits or cut off amounts for a business’s annual sales revenue, evidence of steady cash flow is necessary. PNC Bank also subjects all loan and line of credit applications to credit approval, and while there is no minimum requirement to meet, the better personal credit an applicant has, the more likely their application is to be approved.
There are upfront and annual fees that may apply to each of the loan and line of credit types. Also, closing and origination fees were not disclosed, so While not exorbitant, the fees should be taken into consideration when applying for a loan.
- $175 annual fee for lines of credit, which is a little higher than the renewal fees at other banks, and most line of credit types also require an annual review
- 1% of the loan amount for an unsecured loan
- 0.5% fee, plus any out-of-pocket costs that may be incurred, for a secured loan
PNC Bank has many negative reviews online, and the reviews regarding customers’ experience center mainly on the bank’s seemingly slow system of processing payments. The delay often results in high or multiple overdraft fees for customers. While most complaints were specific to the reviewer’s experience, there were some repeated negative feedback regarding:
- The difficulties of using the online banking system
- Problems that go unresolved with ATMs
- Promotions that are difficult to receive or never received by the customer
- Uninformed, unhelpful, or absent customer service
Finally, PNC only has physical locations in the following states:
- New Jersey
- New York
- North Carolina
- South Carolina
- West Virginia
*Star Rating is determined by evaluating APR range, minimum credit score requirement, revenue requirement, length in business requirement, and other related approval data.