M&T Bank business financing review November 2018 | finder.com

M&T Bank business financing review

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Get unsecured installment business loans of up to $100,000 with terms of up to 60 months.

Financing a new business endeavor is easier said than done. Whether you’ve just opened up your first business or you’re a seasoned entrepreneur, funding the growth of your business can be a challenge.

If you need to access business financing to supplement your working capital, a business term loan could be the answer. We review one of your business financing options with M&T Bank to simplify the decision-making process.

Product NameM&T Bank Business Loan
Min Loan Amount$10,000
Max. Loan Amount$100,000
APR6.00%–9.75%
Interest Rate TypeFixed
Maximum Loan Term10 years

What is M&T Bank?

Founded in 1856, M&T Bank has its headquarters in Buffalo, New York. It’s a financial institution with more than 775 bank branches spread across nine states.

This provider offers a range of financial products to its customers, including checking accounts, savings accounts, credit cards, personal loans, auto loans, business loans, mortgages and education financing.

What makes M&T business loans unique?

M&T offers secured and unsecured installment business loans of up to $100,000, with term lengths of up to 10 years.

M&T’s business loans are designed to accommodate for a number of business financing solutions, including the purchase of real estate, renovations, equipment financing and long-term working capital.

Throughout the process of your loan application, M&T Bank’s Relationship Managers can help guide you thought the task of selecting the best business financing product to fit the needs of your growing enterprise.

What other business financing options does M&T Bank offer?

  • Commercial or investment real estate loans. Intended for the purchasing or refinancing of both owner-occupied business locations and investment properties, M&T’s business real estate loans start at $50,000 with fixed or variable interest rate financing and terms of up to 10 years.
  • Equipment financing loans. Designed to help businesses lease commercial equipment, M&T’s tax-oriented and non-tax-oriented equipment leases start at $250,000 and offer both fixed and variable rate terms.
  • SBA loans. These loans are guaranteed by the US Small Business Administration and offer funding of up to $5 million with variable interest rates for both experienced entrepreneurs and startup businesses alike.
  • Business line of credit. With the Business Access Line of Credit starting at $5,000 and the FlexLine of Credit starting at $950,001, M&T Bank offers accessibility of loan checks, ATM transfers and withdrawals.
  • Top 10 SBA lender

    M&T Bank was ranked a top SBA lender in 2015 according to the Small Business Administration’s released statistics for total approved SBA loans.

What are the benefits of an M&T Bank business loan?

  • No restriction on loan usage. M&T doesn’t impose many restrictions on the use of its business loans, so you can use your funds to purchase real estate, fund an equipment purchase or expand your inventory.
  • Start your application online. Enjoy the convenience of an online application process by starting your loan application process on M&T’s website.
  • Easy repayment. Unsecured business loans with M&T Bank feature an automatic payment deduction feature, which means your monthly loans payments are withdrawn from your M&T business checking account so you’ll never miss a payment.

What to watch out for

M&T Bank offers both secured and unsecured term loans starting at $10,000 to eligible business owners, but be wary of potential drawbacks:

  • Not available in all 50 states. M&T Bank business loans are only available in the following states: New York, New Jersey, Maryland, Connecticut, Delaware, District of Columbia, Pennsylvania, Virginia and West Virginia.
  • You’ll have to apply first to see loan terms. M&T doesn’t offer any information about its loan fees on its website, which means potential borrowers could be in for a nasty surprise in the form of hidden fees and penalties.
  • $100,000 cap on unsecured loans. If you aren’t prepared to offer up collateral to secure your business loan, the maximum amount you’ll be eligible for is $100,000, which may not be enough working capital for some borrowers.

Compare business loans from top providers

Rates last updated November 17th, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
$5,000
$250,000
500+ personal credit score, 6+ months in business, $15,000+ average monthly deposits
National Funding Small Business Loans
Working capital loans and equipment financing, some high-risk industries may be eligible.
$5,000
$500,000
Be in business at least one year and make at least $100,000 in annual sales. Other loan types have additional requirements.
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
500+ personal credit score, 1+ years in business, $100,000+ annual revenue
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.

Compare up to 4 providers

What does the Internet say about M&T Bank?

M&T Bank has been accredited with the Better Business Bureau (BBB) since 1985, and receives an A rating. Borrowers with M&T say they enjoy the bank’s online Bill Pay feature and convenient loan application process, but warn of manipulative lending practices and hidden fees. Negative reviews suggest the bank is guilty of “nickel and diming” its customers with multiple fees.

Reviews of M&T Bank’s customer service for business loans tend to be negative, with reviewers complaining of long wait times to speak with representatives and a lack of empathy or understanding on behalf of M&T staff.

Am I eligible?

M&T Bank doesn’t list eligibility criteria for its business loans online. You’ll have to submit your information before finding out if you qualify. If this process isn’t convenient for you, consider other business loan options.

How do I apply?

  1. Go to M&T Bank’s website and click Business Loans.
  2. Click Get Started Today.
  3. Provide M&T with your full name, business industry, email address, phone number and business name. Click Get Started Today.
  4. An M&T loan specialist will reach out to you through your preferred method of contact to gather more information from you. Or, you can follow up on the status of your application by calling or visiting your local branch.

Step-by-step application with screenshots

What documents do I need to apply?

M&T Bank doesn’t provide information on its site about what documents are required to submit your application. But typically, lenders request that you provide the following:

  • Government-issued photo ID.
  • Your Social Security number and tax identification number.
  • Business bank statements from the previous three months.
  • Your business’s tax return.
  • A void check from your business checking account.

I got the M&T Bank business loan. Now what?

  • Review your loan documents. Your loan documents contain all the most important information about your loan, including any late fees or prepayment penalties M&T Bank may charge should you submit a late loan payment or pay off your loan early.
  • Use your funds. Now that you’ve got the working capital you need, use your funds to expand inventory, purchase real estate or hire new talent.
  • Set up payments. You can set up automatic monthly payments of your loan with M&T’s automatic payment deduction feature, in which your monthly loan payments are taken directly from your business checking account.

Bottom line

M&T Bank has several loan options for business owners looking to finance their business ventures. If you’re interested in pursuing a loan with this lender and live in one of the nine states it services, reach out to your local M&T Bank branch to learn more about the application process. But be wary of potential fees and penalties associated with an M&T business loan.

Compare your loan options with other lenders near you to ensure you receive the best rate and loan term for your business’s needs.

Frequently asked questions about M&T Bank

Shannon Terrell

Shannon Terrell is a writer for finder.com who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

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