Banner Bank QuickStep business loans review
Get funding in a few days — if your businesses is in the northwest.
- Best for current business customers who want to buy equipment or real estate.
- Pick something else if your business isn't located in the northwest.
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.
Banner Bank’s QuickStep business loan offers a relatively quick loan application — for a bank. You can get a response within a few days, rather than the weeks it can take to underwrite a business loan from a larger bank. This loan is mainly designed for buying equipment or expanding your business, but you might be able to use it to cover for other working capital expenses.
While Quickstep might be faster than Banner Bank’s other loan programs, it’s still not as fast as what you might find with an online lender. Even with QuickStep you have to apply over the phone or in person. This means that you also need to be near one of its branches in California, Idaho, Oregon or Washington to apply. If you’re not, look into other lenders that operate in your state.
First, do I qualify?
Your business needs to be located in one of the states where Banner Bank has a branch to apply for a business loan:
There may be more requirements that Banner Bank doesn't disclose. For example, banks often prefer to work with established businesses that have been around for at least three years. But since you have to apply in person, these requirements can be more flexible if you can make a strong case for your business.
What makes Banner Bank business loans unique?
Banner Bank's QuickStep business loans speed up the often-lengthy process of applying for financing from a bank. You can get a response in as soon as a few business days, rather than a few weeks or even months.
It also offers a higher-than-average rate discount of 1% to current business customers on its commercial real estate loans. Most relationship discounts are around 0.25% or 0.5%, if a bank offers them at all.
This loan is designed to cover larger expenses with collateral. You can't borrow less than $5,000 but loans run as high as $1 million if you provide collateral. Otherwise term loans stop at $100,000 — which is lower than what other banks offer.
Pros and cons
Weigh these benefits and drawbacks of Banner Bank's QuickStep business loans before you apply.
- Secured loans up to $1 million
- Get a response in a few business days
- 1% rate discount for current customers on real estate loans
- No online application
- Only available in California, Idaho, Oregon and Washington
- Not as fast as an online lender
Compare other business loan options
See how Banner Bank's QuickStep loan compares to other lenders that you might qualify with. Select the ranges for how much you want to borrow, annual revenue, time in business and your personal credit score. Then hit Show loans.
How do I apply?
You can apply over the phone or at branch in your area. To set up an appointment or find out who to reach out to, follow these steps.
- Go to the Banner Bank website and click Business solutions.
- Hit View loan types and select Equipment and term loans.
- Scroll down and hit Quick business loans.
- Click Connect with one of our experts in your area.
- Select the state where your business is located, then the city and the branch.
- Call the branch's phone number or visit the address to set up an appointment.
You can get a head start by filling out the application, which is available for download on Banner Bank's QuickStep loans page.
What documents do I need to apply?
You might be asked to provide some or all of the following documents along with your application:
- Two years of personal and business tax returns
- Three months of business bank statements
- Current profit and loss statement
- Personal financial statement for all guarantors
- Accounts receivable aging report
- Business plan
Document requirements vary depending on whether your business already has a relationship with Banner Bank and how much you want to borrow. Typically, larger loan amounts require more documents — as do businesses that don't already have a Banner Bank account.
Ask which documents to bring when you set up your appointment.
How do repayments work?
That depends on the type of loan you have and the length of the term. Generally, term loans come with fixed monthly repayments while lines of credit might come with a minimum monthly repayment. You can find information about when your loan is due, how much you'll pay each month and the length of your term in your loan documents.
If you have any concerns about making a repayment, reach out to your branch as soon as possible. If your business has been affected by the coronavirus outbreak, you might be able to waive late fees and defer loan repayments — especially if you were already current on your loans.
Visit our guide to business loans to see how Banner Bank stacks up against other options.