Chemical Bank Small Business Loan Review
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Chemical Bank is a full-service bank that offers many other types of financial products and services beyond small business loans. However, they are in the top 100 small business lenders according to the United States Small Business Administration. That means that the volume of their loans is high as well as their success rate in getting those loans repaid. The SBA loans that they do deal with are the two major SBA partnership loans, including the 504 program that focuses on real estate, machinery funding and a variety of business expenses and the 7(a) program that requires security but offers the same loans for variable rates and 20-25 year terms.
Requirements and Conditions
Chemical Bank is able to make a variety of loans available to its small business customers via the SBA’s programs including the SBA 7a and 504 loans. They are also willing to explore other SBA programs if they are more appropriate to your business’ needs. They only refer to these programs specifically as designed for the small business. There is a large section under lending for commercial purposes that includes lines of credit, capital loans both secured and unsecured. As a result, they offer flexibility for businesses that aren’t sure what they need or what kind of requirements or conditions they can meet, making them a good place to check into early in the loan research process.
Speed of Implementation and Loan Duration
When it comes to lines of credit, Chemical Bank offers fast service and delivery. You can start using your line of credit right away through their customer portal, Treasury Management. By using this system you can easily access your working capital line online, or even automate the process. There is no mention of a fee or service charge, but they also do not say that the use of the Treasury Management products are free.
SBA loan products will take longer to get a business loan decision on and will take longer for the funds to disburse. These products have a might tighter regulatory process they have to clear, and so there is more paperwork and analysis involved. However, the benefits of a lower interest rate and longer repayment term mean that the paperwork and wait are frequently worth the effort, assuming you don’t need your loan for short-term capital shortfalls.
Fine Print and Final Thoughts
Chemical Bank does offer short term capital loans based on a company's’ future earnings in the form of accounts receivable and inventory assets. These loans are a little risky in that they assume a consistency of profit that may not exist.
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.