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. Consumers that choose PNC Bank should remember that they must have a credit score of 550 or higher.
Founded in 1934 and headquartered in Columbus, Ohio, Telhio Credit Union claims to be "one of the largest and most trusted credit unions in Central Ohio." Telhio is a not-for-profit institution with six locations that offer the same benefits as a traditional bank, including offerings in personal banking, business banking, loans/credit, and investment planning. The credit union claims to be the "#1 SBA credit union" and a top-10 overall banking institution. Telhio is open to anyone who lives, works, or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, and Union counties in Ohio. Consumers that choose Telhio should remember that they must have a credit score of 550 or higher.
Zions Bank was founded in 1873 in Salt Lake City, Utah. It is one of the oldest financial institutions in the intermountain west and specializes in banking and technology services. The company has 125 full-service financial centers across Utah, Idaho, and Wyoming, and is currently led by CEO and President, A. Scott Anderson. Customers can enjoy access to over 200 Zions Bank ATMs. Zions Bank is a part of Zions Bancorporation, which operates in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, and Washington State. Consumers that choose Zions Bank should remember that they must have a credit score of 550 or higher.
National Funding provides small businesses with loans and merchant cash advances for working capital. The company networks with a wide variety of vendors and offers equipment leasing for some customers. With National Funding, no collateral is required and funding is quick. However, individuals who are considering borrowing from National Funding should remember that they must have a credit score of 550 or higher.
Equipment Leasing and Financing Association (ELFA) is a member-based trade organization founded in 1961 in Washington, DC. It represents more than 550 financial services companies and manufacturers that provide financing for any size company for the purpose of purchasing equipment. Member companies through ELFA offer up to $1 million in financing based on the borrower's income statements and credit history. Borrowers must also have a minimum 500 credit score and be in business for at least a year in order to qualify for equipment financing. The nonprofit organization does not disclose details regarding rates, fees, and terms. There is no consumer feedback regarding the association online.
Only members through the organization can apply for equipment financing. Business owners must be in operation for at least a year and have a minimum credit score of 500. Business and personal collateral are necessary for approval. Annual business income requirements vary from lender to lender, as well as interest rates terms, and other fees. Consumers that choose ELFA should remember that they must have a credit score of 550 or higher.
Loans can be obtained from lenders for the purpose of purchasing business equipment.
Consumers that choose First Financial Bank should remember that they must have a credit score of 550 or higher. Company has not yet verified this profile. We recommend researching the top companies shown below:
Intrust Bank started in 1876 and is headquartered in Wichita, Kansas. Intrust Bank focuses on providing excellent customer assistance, high-quality products, and personal and business financial services. In addition to small business loans, the company also offers lines of credit, term loans, and real estate. The bank is a member of the FDIC. Customers can come to this company for small business loan services, and funding up to $5 million. Consumers that choose Intrust Bank should remember that they must have a credit score of 550 or higher.
IOU Financial is US based out of Kennesaw, Georgia, and is headquartered in Montreal, Canada. The 100 percent paperless company initially started in 2008 because of the credit crunch that banks were putting on small businesses. IOU Financial has funded over $334.7 million in loans. Clients can receive funding within a day, and loans are available up to $150k. Consumers that choose IOU Financial should remember that they must have a credit score of 550 or higher.
Newtek has branded itself the "Small Business Authority" with a goal of using its website to provide content and services that make it the premier destination for small businesses in the U.S. Newtek offers term loans for business financing needs and real estate purchases; Small Business Administration (SBA) loans; and merchant cash advances of future credit and debit card sales. The company also offers loan portfolio underwriting, servicing, and closing support for other financial institutions. Consumers that choose Newtek should remember that they must have a credit score of 550 or higher.
Regions Bank offers full-service banking to both consumers and businesses in 16 states. Regions Bank's parent company, Regions Financial Corporation, is the culmination of the merger of multiple banks that has created one of the top ten banks in the U.S. Loans are available up to $12.5 million. Consumers that choose Regions Bank should remember that they must have a credit score of 550 or higher.
Do you dream of becoming your own boss? Or perhaps you’re already your own boss and want to expand your company. Those daring enough to take the plunge and apply for a business loan will find it can sometimes be a complicated process. To find a loan that fits your company, consider all the factors you’ll encounter when applying. Here are a few helpful things for you to know when looking for a business loan company:
Finding the right loan for your business is a daunting task. There are a plethora of business loans, each with unique aspects and requirements. Keep in mind all the factors that could affect your loan such as personal and business credit history, sufficient collateral, profitability, and cash flow. However, don’t let this discourage you. Don’t be afraid to ask questions and look around until you find the right lender and loan. Make sure to ask your lender what loans they offer and which one will help your business.The most important thing is to find a loan that will best benefit you and your company’s needs.
Lenders will want to know everything about your business. Take the time to tell them about your business, clients, and industry. You can also share how you plan to spend the loan money and where you want to be in the next 5-10 years. Additionally, be sure to bring any documents that can speak to the credibility of your business, including business and personal credit histories, business plans, proof of collateral, bank statements, tax returns, and any other legal paperwork.
You filled out your business loan application a few months ago and are waiting to hear back about the decision. However, the lender calls to inform you that your business loan was rejected. This news would bring anyone down and feel discouraged. In fact, this is the case for many people attempting to get a business loan. Some people never even figure out why their application was rejected. Before hanging up the phone ask what it was that influenced their decision. Sometimes it can be that your business involves to much risk or there wasn’t a clear business plan. Most of the time it is something that can be changed and fixed. Before you submit another application make sure to revisit all aspects of your business proposal to make sure they meet the requirements.
Traditional bank loans are probably the most common when starting to apply for loans. However, just because they are the most common doesn’t mean that it is the best fit for you and your company. Finding the right business loan company takes time and patience, so be prepared to shop around. Focus on companies that are best suited to your current needs.
Be aware of the following items that a lender will look for in your business loan application:
Personal credit score: Your personal credit score plays a key role in whether a lender decides to grant you a business loan. Lenders want to try to guarantee that you’ll make your monthly payments and pay back the entire loan. A personal credit score allows lenders to make a judgement call about whether they’ll approve the loan. Generally, most lenders prefer a credit score of 700+, but there are exceptions.
Amount of time in the business industry: Lenders will consider how long your company has been operating. Most lenders require that your company be in business for 1-2 years before they’ll consider you for a loan.
Collateral: Before giving you the loan, lenders will want to know that if something goes wrong they’ll have something tangible to sell. Collateral can be a car, real estate, work equipment, cash, accounts receivable, or other assets. Lenders tend to undervalue collateral as it lessens the risk they have to take. Undervaluing the collateral requires a borrower to provide more assets to secure the loan.
What types of business loans are there?
Depending on the company and industry you’re in, there are various options for business loans. Each loan lender will specialize in different kinds of loans, and not all of them will be right for your company. Some loans are customized for startup companies, seasonal companies, companies that need equipment, companies that want to increase their working capital and more.
Why should I get a business loan?
While loans can be risky, they can also benefit your company. You can get a business loan for a variety of reasons:
How can I increase my credit score and qualify for larger loans?
Many business owners choose to take out smaller, short-term loans. Consistently making on-time payments will build your business’s credit score and credibility, making it more likely for you to qualify for larger loans in the future.
How long does it take to get a business loan?
This can depend on a number of factors, but don’t expect to walk out of your lender's office with a handful of money on day one. Assuming all documents are correct and present, it can still take weeks or months for your business loan to be accepted. Research each lender’s application and approval process before taking out the loan, just in case it takes longer than you thought.
What’s the difference between a bad business credit score and a thin business credit score?
A business credit score is based on various factors, including your payment history, bankruptcies, liens, etc. A bad credit score shows that you have failed to make your scheduled payments, otherwise known as payment defaults. Whereas, a thin credit score means you don’t have a sufficient amount of business credit history, making it hard for lenders to determine creditworthiness. In both cases, it can negatively affect whether you get the loan.
How can I fix my bad/thin business credit score?
Fixing your credit score will take some time, but there are several steps you can take. Be aware that it could be a while before you see any drastic results.
First, pay all your bills on time or, even better, pay them early. A late payment will lower your score, and it only gets worse the longer you leave it. Second, be on good terms with your vendors. Your suppliers can make a big difference in your credit score. Some vendors will report your on-time payments or early payments to credit bureaus, which will raise your credit score. Another tactic to fix your credit score is to open more than one credit line. Or, you may want to try getting a secured credit card. A secured credit card allows you to set up a security deposit that acts as collateral. If you put down a $500 security deposit, your card limit is $500. Making regular, consistent payments to this card will positively affect your credit report. Last, keep your personal finances and business finances separate. A simple way to do this is to open two separate accounts, one for business and one for personal.
What is the best business loan company for me?
First, identify what your company needs. If your company is looking to expand, don’t apply to a loan company that focuses on equipment financing. The best thing you can do for yourself and your company is to take the time to find the right lender. Reading reviews, calling and asking questions, and reaching out to those who started their own businesses will help you find the best fit. Each business loan company will have different requirements and qualifications so taking the time to conduct your own research is key to finding the right business loan company.