Manufacturers and Traders Trust Small Business Loan Review
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Manufacturers and Traders Trust Bank is distinguished as an “SBA Preferred Lender.” As a leader in SBA Lending, they claim to provide a quicker, more streamlined process for their borrowers. The Small Business Administration status as a PLP allows the SBA to delegate the approval and closing process for most loans to the lender themselves. Many SBA loans provide 90% financing, longer loan amortizations, no balloon payments and fixed-rate as well as variable interest rates.
Understanding Your Loan Options
This company is very rare in that they actually list the interest rate along with the terms and purposes of their loans on a very well-organized grid that gives you a good idea of the main purpose of the various loan options. The duration span and the cost in terms of interest is all included in the appropriate places. Not only do they list the cost, they list the amount of upfront cost is associated with each of the options. For example, they explain that the SBA will finance with no down payment for veterans, whereas others have to pay 3% of the guaranteed section of the
Speed of Implementation and Loan Duration
These loans will process faster than your average SBA loan because of Manufacturers and Traders Trust is a preferred lender. Having an inhouse process to assess your business’ credit status and banking/financial situation does not take that long. There are definitely small differences in the expense and quality of service between SBA lenders, but it is very difficult to be specific without going through the pre-approval process. 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 into the lending institution.
M&T also offers what is known as the Small 7(a) loan. SBA 7(a) program loans are all secured by the borrower’s assets. The amount of equity necessary is negotiable based on the asset, but to get a loan of less than $100,000 is less onerous and quicker than the usual SBA application process.
Fine Print and Final Thoughts
Manufacturers and Traders Trust Company is a good place to look for small business loans if you operate in an industry they have experience in. They’ll be able to point you in the right direction so you can find the financial product that is best suited to your particular business, and are a solid choice if you are looking for SBA loans.
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.