T Bank Small Business Loan Review
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T Bank claims to be true financial partners as opposed to just lenders. As planners, CPA’s and attorneys, their referral advisors partner with our T Bank team to provide comprehensive lending solutions for their clients. In other words, they outsource part of the process to a consistent group of providers that are familiar with their processes. T Bank offers a wide range of commercial loans, including commercial lines of credit, equipment loans & real estate loans.
Understanding Your Loan Options
In other words, they are experts in the businesses that they finance and will want to pay a great deal of attention to your business’ structure and needs. They will, as they say, be all up in your business. Their specialties include dental practices, medical professional as the professional and executive level, veterinarians, legal professionals real estate and financial professionals. That seems like a somewhat broad scope.
The T Bank also is anxious to hook small businesses up with SBA loans and they offer a vast array. They offer 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. They also offer the 504-unsecured loan program that focuses on real estate and machinery funding. The 504 loans include job creation requirements. Manufacturers, for example, must create or retain one new job for each $100,000 of the loan, while all other industries must create or retain one new job for each $65,000 of the CDC 504 loan. The CAPLines SBA loan offers a revolving line of credit with annual renewal availability up to 10 years. Maximum loan size is $5,000,000. Loan must be fully collateralized or structured with a borrowing base. Applicant must provide first lien on accounts and inventory of the business. SBA provides lender a 75 – 85% guaranty.
Duration of Loans and Speed of Application
T Bank says it themselves: “SBA Packaging/Issue Closing Needs List: Upon your acceptance of the Commitment Letter, our Closing Manager will prepare the SBA documents and package for the customer signature prior to submitting for SBA review and Authorization”. T Bank is a designated SBA Preferred Lender. With this designation, SBA has delegated T Bank the ability to internally approve loans without sending the physical package to SBA.
Final Thoughts and Fine Print
Careful – this company will charge you during the application process and you will not know if you have gotten the loan before you invest in the process.
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.