U.S. Bank Small Business Loan Review
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As a member of the SBA Preferred Lender Program (PLP), the U.S. Bank is positioned to provide expertise and a streamlined process to help clients apply for SBA backed loans. They are obviously a large company that offers many kinds of financial products, including both commercial and government-backed small business loans.
Understanding Your Loan Options
U.S. Bank provides commercial loan options for business include fixed rates, adjustable rates, commercial real estate, renovation and construction loans as well as lines of credit for short term expenses. Each has its own characteristics but they are all subject to evaluation in relation to your own business’ financial situation, potentially only your credit score in some instances.
The two major SBA partnership loans are available at U.S. Bank and include the 7(a) program which 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. The 504-unsecured loan program that focuses on real estate and machinery funding. The U.S. Bank also offers loans under the 7(a) program for requests under $250,000.00 (most banks do $350,000) that promises an easier application process with reduced paperwork requirements.
Duration of Loans and Speed of Application
Normally SBA loans can take easily up to 64 days to get approval, and that is after all of the applicant’s documents have been turned in to the lender. However, Preferred Lender status gives the U.S. Bank the authority to assess, document, approve and ultimately close the loan without direct SBA approval or review. From completed application to funding is probably more like thirty days because of the company’s Preferred Lender status. They are the sole and direct provider of funds, so there are no layers of external underwriters or reviewers to wait for or to please.
Final Thoughts and Fine Print
US Bank National Association has a wide variety of products and services that many small businesses will find appealing. From their lines of credit and short-term loans to SBA loans stretching out 25 years, they have a product that can help your small business reach the next level. The fact that they offer loans at a $250k minimum makes them especially appealing for businesses that want to grow but don’t want to take out more than they need, offering flexibility and options for businesses to tailor their loan so that it has the best possible effect on their 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.