Byline Bank Small Business Loan Review
Find the Best Rates for Your Small Business Loan
Get connected with top lenders in a matter of seconds!
Byline Bank is one of the Top 10 SBA lenders in the country and is a recognized “Preferred Lender” from the SBA, so they offer a quicker, more streamlined process. Byline Small Business Capital is very upfront about the fact that their focus is government-guaranteed lending. They provide nationwide coverage with offices throughout the Midwest and in Southern California. In their capacity as government backed lending experts, they offer a broad range of those type of loan programs, and are a good place to go to if you are trying to decide which SBA program is right for your small business needs.
Requirements and Conditions
The Small Business Administration (SBA) and the United States Department of Agriculture (USDA) loans help small businesses grow by offering access to capital with unique collateralization, longer amortizations, lower equity contributions and flexible terms. Programs include SBA 7(a) Loan Program, SBA 504 Loan Program, SBA CAPLines Program and USDA Business and Industry (B&I) Loan Program. The SBA CAPLines Program SBA CAPLines allows for up to $5 million in loans, for terms from 12 months to 10 years. They allow Interest-only loan payments and accept accounts receivable and inventory as collateral.
Some of the requirements to receive these loans include up to 80% of eligible accounts receivable and up to 50% of eligible inventory. Several types of documents and records are required as well, including borrowing base certificate reporting and financial statements to name a few. Read more about how to qualify for a business loan.
Speed of Implementation and Loan Duration
Aside from SBACAPLines, there is no quick version of a government backed loan. The fact that Byline is the only proprietor in the application process means that inhouse underwriting will save some time during the application process. That’s why it’s so important to make sure that you have a good understanding of what kind of paperwork you’ll need to qualify for your small business loan so you can submit all the required documents in a timely manner. The best-case scenario on the fastest SBA loan is a 30-day approval, so these are not designed for short term working capital crunches or payroll shortfalls.
Fine Print and Final Thoughts
Byline Bank firmly believes that the standards and terms for government backed loans are designed to give the small business an equalizing push by giving them a better rate of interest and more flexible application requirements so that new small businesses can compete against their more established competitors. They have made great efforts to be clear and honest about the deal they offer you.
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.