Branch Banking and Trust Small Business Loan Review
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The Branch Banking and Trust (BB&T) Company is a large industry player, a bank that offers many different kinds of financial products and services besides small business loans. Many argue that bank small business loans take longer and cost more to pay back than smaller lending companies. This is definitely not true of BB&T who seems to have a very keen interest in the type of short term, specialized commercial loans small enough to make a difference for small business people. As a result, they’re a great place to turn if you want a bank-backed loan but don’t need to take out millions of dollars for your small business.
Understanding Your Loan Options
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. However, BB&T have made some unique financial products that are designed to solve problems quickly and for short durations at reasonable rates. There are government-backed options, commercial real estate loans, secured and unsecured lines of credit. The requirements differ greatly from product to product. The very number of choices makes it likely your business will fit one of them.
Speed of Implementation and Loan Duration
For example, the Business Advantage Credit Line is a line of credit for small businesses available in amounts up to $250,000. A Business Advantage Credit Line allows you to leverage the value of your real estate into a convenient, flexible line of credit for your business. Credit is immediately available when you need it just by writing a check. Another program is the Small Business equipment loan that is secured with new or used equipment and vehicles. You can opt to make monthly payments on just the principal and interest, and payment protection and property and casualty insurance is also available. There are also traditional SBA loans that take longer to achieve but offer better rates and more forgiving credit standards. Read more: How do I get a business loan?
Fine Print and Final Thoughts
BB&T is an excellent choice for many small businesses looking for the capital they need to take their business to the next level, but that aren’t looking for huge loan amounts. Moreover, as a traditional brick and mortar bank, some customers may feel more secure with BB&T than with other online lending platforms that cover much of the smaller principal small business loans today.
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.