Ameris Bank Small Business Loan Review
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Small business loans can be difficult to acquire and difficult to sort. Some companies make the process easier than others, some give better terms, and some measure you by your credit score, some by your social media presence and potential earning power. The differing terms and conditions are sometimes difficult to parse. If your small business is looking for a loan to acquire inventory, make repairs, expand or renovate, there are many eager small business loan companies or larger financial institutions often have small business loans as a subset of their financial portfolio. Ameris Bank is a large financial institution with many other financial products, rather than a single issue lender.
Understanding Your Loan Options
The broad array of small business financing options offered by Ameris Bank include: real estate loans, franchise lending, business acquisitions, equipment loans and working capital and inventory loans. Applicants must show an ability to repay the loan in a timely manner. This can be done with documentation of past earnings records or future earnings projections, the ability and commitment necessary for a successful operation, and adequate collateral. Additionally, the applicant must also have sufficient equity capital so that, with the SBA loan, the business can operate on a sound financial basis.
Speed of Implementation and Loan Duration
There is a long list of both financial and staff and employee information, competitor information and personal information that is decent amount of work to put together. The process requires a lot of writing and gathering of documents on the part of the prospective borrowers. This is the drawback of bank programs: they require lots of documentation: three years of tax returns, all sorts of financial documentation like personal tax records, a current personal financial statement, etc.
If your business is large enough to have an onsite accountant that has kept excellent records of the various levels of your business’ financial activity, this is probably a good route. People who already have relationship with this bank no doubt can have an easier path to a small business loan.
Fine Print and Final Thoughts
Research shows that traditional banks are still stringent in their lending practices and reject over 40% of small business owners who apply for loans. Banks turn down many businesses because they use a rigid set of guidelines that usually require multiple years in business, a high FICO score, assets and a high loan amount. The total amount of paperwork required will seem daunting to most single business owners – larger operations may do better. However, other small businesses may wish to look to online only or P2P lending networks. Get educated on how to get small business loan.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.