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This bank offers unsecured and secured business loans up to $5 million, but beware of fees and late payment penalties.
PNC Bank is a Pittsburgh-based financial services group with over 2,500 branches across the 19 states it services. It offers both personal and business banking products to its customers, including checking and savings accounts, credit cards, personal and business loans.
PNC Bank offers business financing solutions with secured or unsecured term loans, installment loans, commercial real estate loans, business vehicle loans, SBA loans and lines of credit.
|Product Name||PNC Bank Business Loan|
|Min Loan Amount||$10,000|
|Max. Loan Amount||$5,000,000|
|APR||Varies by state|
|Interest Rate Type||Variable|
|Maximum Loan Term||7 years|
|Requirements||Business must be at least three years old, with stable revenue and no bankruptcy claims or outstanding financial obligations.|
- 3+ years in business
- No bankruptcy claims, tax liens, judgments or lawsuits
- No outstanding financial obligations
- Stable revenue
- Personal credit history of 5+ years
- No evidence of collection accounts, foreclosures or tax liens
- Personal debt-to-income ratio less than 40%
Do I qualify?
PNC Bank requires you to meet the following criteria to be eligible for a small business loan:
- Your business must be at least three years old.
- You must not have any declared bankruptcy claims.
- Your business must support a stable revenue.
PNC Bank business loans overview
PNC Bank is a large financial institution and is therefore able to offer a wide variety of loan types, sizes and terms to help connect you to the financing option that best meets your business’s needs.
With PNC Bank, you have the luxury of shopping online for a business loan as opposed to other banks that require you to visit a branch location. Whether you’re looking to capitalize on a short-term investment opportunity or want to expand your current retail location with a commercial real estate loan, PNC Bank will likely have an option for you.
PNC Bank business term loans
This financial institution offers a variety of secured and unsecured business loans, with terms varying from four years all the way up to 20 years for certain loans secured with residential real estate. All business term loans have fixed interest rates that vary based on your creditworthiness and state of residence.
|Type of loan||Best for…||Loan amount||Loan terms|
|Choice Credit for Business Term Loan||A business that needs fast funds with an easy application and quick loan decision||$10,000–$100,000||Up to 48 months|
|Secured Term Loan||One-time business expenses that need longer term financing, like equipment or machinery||$10,000–$3 million||Up to 7 years|
|Business Equity Installment Loan||A business that has equity in its residential or owner-occupied commercial real estate that needs financing to expand the business or explore new opportunities||$10,000–$3 million|
|Commercial Real Estate Loan||A business that wants to buy or refinance owner-occupied commercial property||$50,000–$3 million||Up to 10 years, with up to a 20-year amortization|
|Business Vehicle Loan||A business that wants to finance new or used vehicles||$10,000–$250,000||Up to 60 months|
|Investment Real Estate Mortgage Loan||A business that wants to finance non-owner-occupied properties such as office buildings, mixed-use commercial buildings, multi-family units and more||$50,000–$3 million||Up to 5 years, with up to a 20-year amortization|
PNC Bank lines of credit
PNC Bank offers business lines of credit for business owners seeking flexible capital. With unsecured lines of credit of up to $100,000 and secured lines of credit of up to $3 million, borrowers can select the credit option that best fits the needs of their business.
|Type of line of credit||Best for…||Loan amount||Loan rates and terms|
|Choice Credit for Business Line of Credit||Businesses looking for quick and easy access to a line of credit||$20,000–$100,000||Variable rate based on Prime Rate; subject to annual review and renewal|
|Secured Line of Credit||Businesses that have non-real estate assets to use as collateral for a line of credit||$100,000–$3 million||Variable rate based on Prime Rate; subject to annual review and renewal|
|Business Equity Line of Credit||Businesses that have a house or business building to use as collateral for a line of credit||$10,000–$1 million||Variable rate based on Prime Rate; 7-year revolving credit period, followed by 10-year repayment period; no annual renewal required|
PNC Bank SBA loans
SBA loans, or Small Business Administration loans, are loans backed by the US Small Business Administration. PNC Bank currently offers SBA loans of up to $5 million, with down payments as low as 10%, no prepayment fees on loan terms less than 15 years and more flexible lending criteria for potential borrowers.
|Type of SBA loan||Best for…||Loan amount||Loan rates and terms|
|SBA Veterans Advantage Loan Program||Businesses owned by veterans, active duty military servicemembers in the Transition Assistance Program (TAP), National Guard members and spouses of the above listed||Up to $5 million||Depends on the type of loan you take out, but benefits include discounted fees based on loan amounts and terms|
|SBA 7a Loan Program||Businesses looking to finance commercial real estate or renovations, business acquisitions or expansions, equipment or inventory, working capital and more||Up to $5 million||Not specified on website, but typically has longer repayment terms; no prepayment fees for loans with terms less than 15 years|
|SBA 504 Loan Program||Businesses that want to finance large projects like commercial real estate, heavy equipment, major renovations or construction; also good for companies looking to refinance their existing loan debt||Not specified on website||Up to 20 years|
|SBA Express Loan Program||Businesses looking to finance a franchise, business acquisitions, expansions, commercial real estate purchases, working capital or equipment||Up to $350,000||Not specified on website, but typically has longer repayment terms; no prepayment fees for loans with terms less than 15 years|
|SBA Export Express Loan Program||Businesses that export products internationally and need funds to expand their business globally||Up to $500,000||Not specified on website, but typically has longer repayment terms|
What are the benefits of a PNC Bank business loan?
- Sizable loan options. If you elect to secure your PNC Bank business loan with collateral, you can access funding amounts of up to $3 million.
- Apply online. Existing PNC Bank customers can enjoy the convenience of applying for their business loan online.
- Multiple loan uses. PNC Bank doesn’t impose restrictions on how you make use of your business loan funds, so use your capital for equipment purchases, commercial real estate, inventory or expanding your team.
What to watch out for
- Limited availability. Right now, PNC Bank business loans are only available in 19 states and Washington, DC.
- Not for startups. PNC Bank requires that your business be operational for at least three years to be eligible for its business loans, so younger companies and startups will need to seek funding elsewhere.
- Lack of fee transparency. Many business loans come with processing fees and late payment penalties, but PNC doesn’t disclose this information to its potential borrowers.
- Limited online application. The convenience of applying for a loan online is only for existing PNC Bank customers.
Compare more business loan options
What does the Internet say about PNC Bank business loans?
Borrowers with PNC Bank suggest that this lender’s interest rates are among the more competitive on the market and enjoy the customizable funding options available to them. But, online reviewers also speak poorly of the bank’s disorganized customer service and the hassle of multiple fees on its loan products.
This lender is not accredited by the Better Business Bureau, which gives it a B rating. Trustpilot doesn’t have sufficient information to conduct a review of PNC Bank.
PNC Bank requires successful business loan applicants to meet the following criteria:
- Your business must be at least three years old.
- Your business must not have any declared bankruptcy claims, tax liens, judgments or lawsuits.
- Your business must support a stable revenue.
- You must have a personal credit history of five or more years with no evidence of collection accounts, foreclosures or tax liens.
- Your business must not have any outstanding financial obligations.
- Your personal debt-to-income ratio should be less than 40%.
How do I apply?
If you aren’t an existing customer with PNC Bank, you’ll need to call your nearest branch to schedule an appointment with a loan officer. If you are an existing PNC Bank customer, you can apply for some of their business loans online.
- Select the type of loan you’re interested in applying for and click Apply Online.
- Tell PNC a little more about your business, including the industry, type, age and state your business is located in. Click Continue.
- Enter the amount, term and purpose of the loan you’re applying for, and indicate how you intend to repay the loan. Click Continue.
- Enter your business’s name, address, email address and phone number. Next, enter your Social Security number, date of birth, personal identification information and answer a short survey about any liabilities your business might have. Click Continue.
- Review your submitted information and click Confirm. Finally, review PNC Bank’s Terms and Conditions and click Submit.
- Your application is reviewed by a PNC Bank loan officer within two business days and you’ll be contacted by a loan officer to update you on the status of your application.
Step-by-step application with screenshots
To follow up on your application yourself, take note of the confirmation number on your online application and call PNC Bank’s customer service at 800-762-5684, Monday through Friday, 8 a.m. to 6 p.m. and Saturdays, 9 a.m. to 3 p.m. Eastern standard time.
What information do I need to apply?
- Know the amount you want to borrow, the type of loan you’re applying for, borrowing purpose and collateral info, if applicable.
- Info about your business, including: Name, address, type of business organization, year established, business tax ID number, annual sales and number of employees.
- Info about each business owner, including: Name, home address, social security number, title, ownership percentage, personal financial info, historical info and government-issued photo ID.
- Copies of your most recent business and personal tax returns and bank statements from the previous three months.
I got the PNC Bank business loan. Now what?
- Enroll in the Automatic Payment Deduction Program. PNC Bank offers an automatic payment withdrawal that you can register for from your online account. Automatic payments can help ensure you never miss a payment.
- Review your loan agreement. Make yourself aware of any fees or penalties that accompany your loan by carefully reviewing your loan agreement.
- Contact PNC Bank. If you have any questions or concerns about your loan, reach out to PNC Bank’s customer service department. Visit a branch during business hours, email customer service for online support or call 888-762-3365 to speak to a PNC Customer Care Consultant, Monday through Friday, 7 a.m. to 10 p.m. and Saturdays and Sundays, 8 a.m. to 5 p.m Eastern standard time.
PNC Bank has a host of viable business financing solutions for those seeking additional business capital. Whether you’re looking for secured or unsecured funding, this financial institution offers everything from term loans and lines of credit to SBA loans, in a variety of different borrowing amounts and terms. But be on the lookout for additional fees over the life of your loan, and don’t be afraid to explore your other business loan options before deciding on a lender.