Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Associated Bank business loans review

Last updated:  

A Midwestern bank with online applications and experts that specialize in different industries.

  • Best for fast funding and developing a long-term relationship with a lender.
  • Pick something else if you want to apply in person outside of the Midwest.

$1,000,000

Max. Amount

Details

Product NameAssociated Bank business term loan
Max. Amount$1,000,000
Loan Term36 to 84 months
APRNot stated
Requirements$100,000+ of annual revenue, 1+ years in business, 3 months of bank statements, good recent payment history

Expert review

Anna Serio

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Associated Bank business loans can cover a wide range of business needs, from term loans and lines of credit to equipment financing and other asset-based financing. It recently teamed up with Fundation to offer an online application that can get you funds as soon as the next day. But businesses located in in Wisconsin, Illinois and Minnesota can also set up an appointment to discuss their loan options with a loan officer.

But several customers have complained about its lack of fraud protection, which should be a red flag. Others have complained about its quality of customer service. To avoid both, you should look into other lenders before applying with Associated Bank.

First, do I qualify?

Associated Bank requires businesses to meet the following minimum eligibility standards to apply for its business loans:

  • At least one year in business
  • Annual revenue of $100,000 or higher
  • Three months of business bank account statements
  • Positive recent repayment history

It doesn't specify what it means by "recent repayment history," but you might want to consider applying in person if there are negative marks on your personal credit report that you can explain. It's a lot harder to tell the lender through an online application that, say, a recent divorce took a toll on your credit.

What makes Associated Bank business loans unique?

Associated Bank offers highlights from both worlds when it comes to banks versus online lenders. You can apply with an online application that takes just a few hours to process. Or, you can set up an appointment to work closely with a loan officer and come up with the right type of financing for your business.

This regional bank has experts in financing a wide range of industries on staff, including insurance, healthcare, power and utilities. It even has experts on financing government banks, capital markets and loan syndications — which other banks often consider too risky to work with.

It's a good option if you want to develop a relationship with a regional lender that's invested in the community for most of your financing needs. And it's a viable option if you need money fast — as soon as the next business day — and don't mind starting up a relationship with a local bank.

Pros and cons

Compare the main benefits and drawbacks of getting a loan from Associated Bank before you decide to apply with this bank.

Pros

  • Online and in-person application options
  • Staff that specializes in different industries
  • Works with financing industry

Cons

  • Several complaints over lacking fraud protection
  • Doesn't disclose basic details like rates and terms online
  • Only has branches in Illinois, Minnesota and Wisconsin

Compare other business loan options

Not sure about Associated Bank? Select the range for the loan amount, revenue, time in business and your personal credit score to see what else you might qualify for.

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
$10,000 – $5,000,000
Varies
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
$5,000 – $250,000
As low as 9.99%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK
loading

Compare up to 4 providers

How do I apply?

You can get started on the application online or by scheduling an appointment at a local branch. Here's how to apply online.

  1. Go to the Associated Bank website.
  2. Under Business in the main menu select Credit and lending.
  3. Hit Apply for a loan online and then select Apply online again.
  4. Provide basic information about yourself and your business and click Get started.
  5. Follow the directions to complete the application.
  6. Review your business profile and profitability analysis to see how it compares with other similar businesses. Then hit Continue.
  7. Answer more detailed questions about your loan request, business, personal credit history, business debt levels and cash flow.
  8. Review and submit your application.

You should receive a response in a few hours. If you're approved, you could get the funds transferred to your bank account as soon as the next business day.

Want to apply in person? Follow the first two steps and click Schedule an appointment instead.

What documents do I need to apply?

You might only need to submit three months of bank statements if you apply online. But if you apply in person, that might be different. You could be required to submit a range of documents, including:

  • Recent taxes
  • Balance sheets
  • Income statements
  • Financial projections

Ask your loan officer what to bring to your meeting so you're prepared.

How do repayments work?

That depends on the type of financing you get. Term loans typically come with monthly repayments, while lines of credit often only require a minimum monthly repayment — similar to a credit card. You can find information about when your loan is due, how often and what your repayments will be like in your loan contract.

If you have any questions about repayments, reach out to your point of contact at Associated Bank. Or, call customer service at 800-270-7725. If you're struggling with your loan due to the coronavirus, you might qualify for up to 180 days of deferred payments and a suspension on late fees.

Read our guide to business loans to see how Associated Bank compares with other lenders.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site