SunTrust business loans review
Financing with a personal touch — but only for business owners in 10 states.
SunTrust offers small business owners a chance to find a loan tailored to their exact needs. You can work with a loan specialist to find the right type of interest, collateral, rates and terms that will work best for your business. But SunTrust’s hands-on approach and lack of an online application means it might not be ideal for emergencies.
First, do I qualify?
Your business must be around for at least two years to qualify for this loan. Business owners must also have a satisfactory personal credit history. Revenue and credit score requirements vary by business type and loan amount.
What makes a SunTrust business loan unique?
SunTrust gives business owners a chance to work directly with a bank to find the best type of financing for their specific needs. It offers both fixed and variable rates, as well as options with and without collateral — most business lenders aren’t as flexible.
What is a SunTrust business loan?
A SunTrust business loan is a term loan for established small enterprises. Loan amounts start at $10,000 and go up to $10,000,000 — though how much you qualify for will depend on your business revenue, credit profile and whether you provide collateral.
As of April 2019, rates run from 4.54% to 8.25% APR with fixed and variable options. This includes a 1% origination fee and a $125 document preparation fee. You can have between 36 and 60 months to pay back the loan, though you might be able to qualify for a longer term if you provide collateral.
Like other business loan providers, SunTrust requires a personal guarantee from business owners, meaning you’re responsible for repaying the loan if your business can’t.
What are the benefits of a SunTrust business loan?
From its personalized touch to its flexible options, here are a few perks of taking out a SunTrust business loan:
- Personalized funding. SunTrust loan officers work with you to make sure you’re getting the right type of financing for your business’s needs.
- Other financial products available. Looking to keep all of your money in one place? SunTrust also offers several other business products like credit cards, bank accounts and payroll solutions.
- Fixed and variable rates. You have a choice between fixed or variable repayments — many small business lenders only offer one or the other.
- Secured and unsecured options. You don’t necessarily have to put your business’s assets on the line to get this loan — though you won’t be able to borrow as much.
What to watch out for
Keep these potential drawbacks in mind before borrowing from SunTrust:
- No online application. You’ll need to call or visit a SunTrust branch to discuss your lending options and begin the application process.
- Fees. The APR includes a 1% origination fee and a $125 document preparation fee, which you have to pay in addition to interest.
- Faster options available. Personalized loans typically come at the cost of speed. If you’re looking for a quick business loan, you might want to consider an online lender instead.
- Limited branches. SunTrust only has branches in 10 states and Washington, DC.
Compare other business loan providers
What do borrowers say about SunTrust?
SunTrust only has a handful of online reviews as of April 2019 — but what’s there is mostly negative. It’s accredited with the Better Business Bureau (BBB) and gets an A+ rating based on factors like transparency and advertising. But the 66 customers who’ve left reviews give it an average of just 1 out of 5 stars.
Customers mainly complained about paperwork and customer service. Several users had a particularly difficult time making changes to existing accounts. Others complained that finding the right representative was time consuming.
How do I apply?
Before you apply, make sure you meet SunTrust’s minimum eligibility requirements — though keep in mind that different types of financing might come with additional requirements.
Once you’re ready to apply, reach out to a SunTrust banker by calling 877-370-5108. They should guide you through your options, help you get started with the application and provide any further instructions.
What documents do I need to apply?
Typically, business owners need to provide the following documents at a minimum:
- Personal financial statements or tax returns. SunTrust asks for signed personal financial statements or tax returns for the past two years from all borrowers, owners and guarantors.
- Business tax returns or financial statements. You’re also required to provide either tax returns or financial statements for your business for the past two years.
- Interim financial statement. You might also need to include an interim financial statement if your year-end financial statements are more than three months old.
Depending on your business, you might be required to provide other types of documents like accounts receivables, rent rolls or a schedule of business debts.
More SunTrust business loans
Sometimes your standard term loan isn’t the best option. If that’s the case, you might want to consider one of the other types of business financing SunTrust has to offer.
- SBA loans. Going beyond your usual SBA 7(a) and 504 loans, SunTrust also provides SBA Express loans and lines of credit, as well as SBA Export loans.
- Commercial mortgages. Fund your next office space, storefront, warehouse and more with this real estate loan.
- Lines of credit. Get access to funding during the off season or for ongoing projects that require cash.
- Equipment and vehicle financing. Borrow exactly the amount you need and back your loan with the items you’re purchasing.
- Buyer financing. Fund the upfront costs associated with importing products from overseas.
I got the SunTrust business loan. Now what?
Once you get your loan, you’re required to start making repayments, typically once a month. How much you repay depends on your loan term, the amount you borrowed and your APR. If possible, you might want to consider signing up for automatic repayments — that way there’s one less bill to remember each month.
SunTrust charges a late fee to borrowers who fall behind, typically around 4% of the payment due. It also charges a nonsufficient funds fee (NSF) of $38 if the payment doesn’t go through. If you have any trouble with your account, reach out to customer service by calling the SunTrust Business Contact Center at 866-476-1460.
SunTrust business loans might be ideal for small businesses owners who want guidance through the lending process. With a pick between fixed and variable interest and the option to secure your loan — or not — chances are, SunTrust offers the type of financing you’re looking for. But be prepared to call or visit a branch to apply.
You can compare more of your options by checking out our guide to business loans.