Royal Business Bank Small Business Loan Review
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Royal Business Bank is a full-service bank that offers many financial services and products as well as small business loans. Royal points out that their size and infrastructure allow them to serve customers that require higher lending limits than normally associated with other smaller, local banking organizations. They claim to specialize in commercial and industrial loans for small to medium size businesses. Royal Bank aspires to being the best Chinese bank in America. There are two language versions of their website so maybe the Chinese site is more informative, but the English version seems very sparse.
Understanding Your Loan Options
Royal Business 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, asset based lending and letters of credit for transactional purchases. 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 Royal 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 SBA7(a)s. We weren’t able to find if they are a good option for start up business funding.
Speed of Implementation and Loan Duration
Royal Business Bank is very close to the vest about everything about their service, including the pace. They have an 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 Popmoney transfers, find branch locations, set up account alerts, and even make mobile deposits…all from your mobile device.
That service is the only one that Royal is willing to describe with any detail. They do say that they offer international banking services like Trade Finance, Foreign Exchange Services and Seasonal Financing.
Fine Print and Final Thoughts
The Royal Business Bank is tough to review since it provides very little information about its services. They may have a very small but active clientele and only look for new business among their own clients. They are reputed to be one of the top 100 small business loan banks in the US.
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.