M&T Bank business loans review

Our take on M&T Bank business loans

M&T Bank is a regional bank that offers business financing to eight states along the East Coast and Washington, DC. It goes beyond the standard offerings to include options that aren’t available at every bank, like unsecured term loans and Small Business Administration (SBA) Express loans. And, unlike most banks I’ve reviewed, it’s upfront about the rates, loan amounts and terms for most types of financing available.

With rates from 6.49% APR, M&T Bank is a good option for low-cost business financing. However, this isn’t a starter loan. Banks typically require at least two years in business and a personal credit score of 670 or higher to qualify for financing. They can also take weeks or months to fund. For more flexible requirements or a faster turnaround, consider an online lender instead.

Unsecured financing with low rates and short terms

M&T bank’s unsecured business installment loan is a good deal — especially for financing without collateral.

• Interest rates are fixed and range from 6.49% to 9.99%
• Loan amounts range from $10,000 to $100,000
• Loan terms run from 12 to 60 months
• There’s no prepayment penalty

Some of M&T Bank’s other financing options may come with even lower rates — like SBA loans and lines of credit. But this lender doesn’t disclose how much it charges in fees such as origination fees, returned payment penalties or late fees.

M&T Bank reviews are mostly complaints about customer service

M&T Bank gets overwhelmingly negative reviews on sites like the Better Business Bureau (BBB) and Trustpilot. And while most are not from M&T Bank business customers, almost all are complaints about long wait times and frustrating interactions with customer service. 

Many banks have struggled to handle the abnormally high volume of customer calls during COVID-19. But several complaints can’t be explained away by the coronavirus. Many  customers report difficulty paying off a loan balance or being hit with late fees when the bank was slow to process a payment.

More types of financing available through M&T

In addition to unsecured business loan, M&T Bank also offers the following types of business financing:

• Secured term loans backed by non-real estate assets. These loans start at $10,000 with fixed or variable rates and terms as long as 10 years.
• Business lines of credit for short-term and intermediate-term cashflow needs. Rates are variable and range from the Wall Street Journal Prime rate + 0.75% to Prime + 8% on lines under $950,000.
• Commercial real estate financing for business and investment properties. These start at $50,000 with fixed or variable rates and terms from five to 10 years.
• Equipment financing, including term loans and leases, with loan amounts and terms based on the equipment you’re purchasing.
• SBA 7(a) loans and SBA Express loans, offering government-backed financing for small businesses that struggle to qualify for M&T Bank’s regular commercial lending program.
• Business credit cards for everyday cashflow needs, with the option to customize a card to your business's specific needs.

M&T Bank doesn’t advertise minimum requirements

Like most regional banks, M&T Bank doesn’t disclose its minimum credit score, time in business or annual revenue requirements. But bank loans are notoriously difficult to qualify for, especially if you have a small business with fewer than 10 employees. 

Typically, your company needs to be profitable with at least two years in business and you must have a good personal credit score of at least 670. It also helps if you already have an account with M&T.

This also applies to loans backed by the SBA. While SBA loans are designed to help small businesses that can’t qualify for a bank loan, these have historically had a lower approval rate than your standard business loan, according to the Federal Reserve.

Set up an appointment to start the application

The first step to apply for an M&T Bank business loan is setting up an appointment with a commercial loan officer over the phone, video chat or in person. You can schedule an appointment by calling your local branch or filling out a form on the M&T Bank website.

While not necessarily required, it helps to bring financial statements to the appointment. Your banker can use these to assess your eligibility and give you an estimate of what type of financing you might qualify for.

Bank loans can take weeks or months to even months to process if you’re a new customer. SBA 7(a) loans can take even longer. Consider an online loan if you’re looking for a faster turnaround.

Low rates and poor reviews set M&T Bank apart

M&T Bank offers low interest rates compared to other regional banks — even on unsecured business loans. It’s also one of the few banks that discloses the range of interest rates it charges. Most lenders only advertise starting rates, if at all.

But the high volume of customer complaints set it apart from other providers. Most banks get low ratings for customer service, but M&T’s reviews are particularly negative. 

Read our guide to small business loans for more information on your financing options.

M&T Bank loan alternatives

These providers offer online applications and can likely approve your loan faster than M&T Bank. Fill out the form to view options your business might be eligible for.

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Lendio business loans Finder Rating: 4.75 / 5: ★★★★★			$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.	Go to site More Info	Compare	loading Fetching your data…
OnDeck short-term loans Finder Rating: 4.6 / 5: ★★★★★			$5,000	$250,000	29.9% to 99.9%	625+ personal credit score, 1 year in business, $100,000+ annual revenue, active business checking account	A leading online business lender offering flexible financing at competitive fixed rates.	Go to site More Info	Compare	loading Fetching your data…
ROK Financial business loans Finder Rating: 4.7 / 5: ★★★★★			$10,000	$5,000,000	Starting at 6%	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.	Go to site More Info	Compare	loading Fetching your data…
Fundera business loans Finder Rating: 4.9 / 5: ★★★★★			$2,500	$5,000,000	7% to 30%	$50,000+ of annual revenue, 620+ personal credit score, in business for 6+ months	Get connected with short-term funding, SBA loans, lines of credit and more.	Go to site More Info	Compare	loading Fetching your data…
Biz2Credit business loans Finder Rating: 4.7 / 5: ★★★★★			$25,000	$6,000,000	Starting at 6.50%	6+ months in business; $100,000+ annual revenue; 500+ credit score	Get only the capital you need through secure, prescreened lenders with this highly rated company offering SBA, expansion, working capital and other loans.	Go to site More Info	Compare	loading Fetching your data…
Fora Financial business loans Finder Rating: 4.1 / 5: ★★★★★			$5,000	$750,000	Varies	12+ months in business, $15,000+ monthly revenue, no open bankruptcies	Get qualified for funding in minutes for up to $750,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.	Go to site More Info	Compare	loading Fetching your data…

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