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BankUnited Small Business Loan Review

Anne Miller

Anne Miller

Senior Author

Anne Miller

Senior Author

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BankUnited Small Business Loan ReviewBankUnited’s website emphasizes that they are a team of highly experienced small business lenders, ready to put together creative and customized financing solutions tailored to help you achieve your business objectives. The BankUnited offers a free application process and no obligation to proceed. They hold Preferred Lender (PLP) status with the Small Business Administration (SBA), currently rank as the nation’s 16th largest SBA lender (FY 2016, based on 7a loan volume), and are offering three types of SBA loans to small businesses.

Understanding Your Loan Options

The two major SBA partnership loans are available at BankUnited, including the 504 program that focuses on real estate and machinery funding and the 7(a) program that requires security but offers the same real estate loans for variable rates and 20-30-year terms.

Projects financed under the USDA’s Business & Industry program must be located in the United States or its possessions/territories and must be in a rural area with a population of less than 50,000. There is no penalty for early payment after the initial 10 years of the loan’s life.  Their website is fairly explanatory as to the process of application and the conditions for the loan.

Speed of Implementation and Loan Duration

Loans are subject to approval in accordance with BankUnited and SBA eligibility and lending guidelines. The bank uses a very one on one approach to the application process; it can be done on the phone but it looks like it would be much more efficient to go in after you have filled out the forms on the website. The forms are to be downloaded and filled out and signed, along with plenty of paperwork like tax forms, receipts, etc.

There are definitely slight differences in the expense and quality of service between banks, but applications of this nature are broadly similar due to the government regulations governing SBA loans. The length of time to apply and get the loan is completely dependent on the amount of time it takes the borrower to get their paperwork together and to the bank.  These are not designed to be immediate or quick fix loans to cover payroll or a working capital shortfall.

Fine Print and Final Thoughts

For existing businesses, a minimum of 10% tangible balance sheet equity is required at the time of issuance of the Loan Note Guarantee; for start-up businesses, a minimum of 20% tangible balance sheet equity is required.  Having this paperwork organized ahead of time will help speed the process up somewhat when using BankUnited. Learn more about how to get loan from bank for business.

Anne Miller


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.

 

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