The MINT National Bank Small Business Loan Review
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The Mint National Bank has existed since 2008 and is located in Texas and has a significantly higher percent of Commercial Real Estate on its balance sheet, potentially indicating a specialty in that lending area. There more than terse website reveals that they offer owner occupied business loans, real estate construction loans, real estate permanent financing, equipment financing and Small Business Administration Loans.
Understanding Your Loan Options
MINT National Bank does not share a great deal about their business on their website. The details are not spelled out about anything. The site basically describes the services they offer by listing a few bullet points. For example, they offer revolving lines of credit for accounts receivable financing and asset based lending. These are standard bank services, but there is no description of the credit score required or the fees associated with any of these services.
The second type of service Mint Bank offers is term business loans for equipment purchases, business expansion and business mergers/acquisitions. There is no description of the terms, conditions, or service fees or charges connected to any of these financial products. They are known to do lots of small business loans, and if those are the asset based loans they do they are probably SBA 7(a)s.
Duration of Loans and Speed of Application
The Mint Bank is very close to the vest about everything about their service, including the pace. Mint Bank offers a business online banking service for businesses that seems pretty up to date. Their Mobile Banking service allows customers to securely view account balances and recent transactions, transfer funds between accounts, pay bills, send transfers, find branch locations, set up account alerts, and even make mobile deposits…all from their mobile devices.
The term of the 7(a) loans is dependent on the purpose of the request; typically, working capital loans range from 7 – 10 years, while real estate can be as much as 25 years. The terms are flexible and there is no prepayment penalty for loans under 15 years. This makes them an appealing option for small businesses looking to pay back their loan as quickly as possible.
Final Thoughts and Fine Print
MINT has some good options and the fact that they have expanded their services to be more tech-friendly is a solid sign that they are interested in providing high quality customer service. If you’re interested in taking out a loan or getting a line of credit for your small business, MINT National Bank is a good place to check out.
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.