PNC Bank Small Business Loan Review
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Small business loans can be difficult to acquire and difficult to sort. If your small business is looking for a loan to acquire inventory, make repairs, expand or renovate, there are many eager small business loan companies or larger financial institutions often have small business loans as a subset of their financial portfolio.
Understanding Your Loan Options
PNC offers very simple and quick short-term credit solutions though unsecured term business loans between $10,000 and $100,000 based on credit scores. If the score is excellent, they will set you up with a repayment schedule to best fit your situation. They also offer more long term secured credit options for expenses like large equipment purchases with fixed rates and terms. PNC also recommends SBA loans if you are about to expand, acquire or need funding for new business or to purchase a franchise; acquire or renovate owner/user commercial real estate; or finance equipment, inventory or working capital.
The two major SBA partnership loans are available at PNC Bank, including the 504-unsecured loan program that focuses on real estate and machinery funding. The 504 loans include job creation requirements. The 7(a) program requires security but offers the same business expense loans for equipment, office furniture, former business debts or real estate loans with variable rates for up to 25-year terms. Finally, they offer the SBA Express Loan, a program that allows a small business to obtain a line of credit that will be termed out that best allows for a balance between short term and long-term needs while serving as a vehicle to assist a business to grow.
Speed of Implementation and Loan Duration
SBA’s Veterans Advantage Program is a no-down payment opportunity for veterans that is probably one of the quicker SBA loans to process. Aside from SBA Express, there is no quick version of a government backed loan. While PNC also offers non-SBA backed products that have a faster turnaround time for decision and disbursement, you should expect an SBA loan to take at least 30 days for a decision, and that’s the best-case scenario.
If you’re looking for rapid funding to cover a shortfall, PNC might not be the lender for you. Their products are good, but they are designed for long-term planning rather than short-term difficulties.
Fine Print and Final Thoughts
PNC is a solid choice for small business loans, especially if you already do business with them in some other form or fashion. Check them out and see what they can do for you and your small business.
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.