These small business loans with fixed payments can help get your business off the ground.
When you’re looking to expand your working capital or invest in a new system for your business, a small business loan can be an invaluable tool. TD Bank has you covered. With a wide range of loan amounts available, you may be able to find the perfect fit for your business.
What is a TD Bank Small Business Loan?
TD Bank Small Business Loans can be used to finance a business expansion, purchase equipment or vehicles, have working capital, shore up a real estate purchase or even refinance existing loans. There are also SBA borrowing options available, and you can apply online if you plan on borrowing less than $100,000.
The amount you can borrow varies by your credit, business and what you plan on using your funds for. Term loans have three or five year terms, and you can borrow between $10,000 to $1 million. If you plan on leasing equipment or refinancing previous loans, you can borrow anywhere from $5,000 to $1 million. And if you want to purchase real estate, you can borrow between $25,000 to $1 million for up to 20 years.
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What are the benefits of a TD Bank Small Business Loan?
- Fixed terms. Most of TD Bank’s small business loans are for mid-sized terms of three to five years. Real estate loans can have terms up to 20 years.
- Online appointments. You can schedule an appointment to meet with a local banker online, giving you the convenience of planning ahead to discuss your business needs.
- Large loan amounts. With loans available up to $1 million, you may be able to find the right amount to help your business grow.
- Reputable institution. TD Bank is among the top lending institutions in North America. If you borrow, you’ll have a large bank that specializes in multiple lending tools by your side.
What to watch out for
- In-person application. While you can set up an appointment online, you’re required to visit a branch location to apply for a business loan over $100,000.
- Collateral required. Because TD Bank small business loans are secured, the amount you’re offered will depend on the value of your collateral. And if you can’t afford your loan, you risk losing your collateral.
- Fees and rates not available online. You won’t know the total potential cost of your loan until you meet with a banker in-person.
- Not available everywhere. You’ll have to be a resident of one of the states in which TD Bank provides services. Otherwise, you’ll need to look elsewhere.
Am I eligible for a TD Bank Small Business Loan?
How much you ultimately receive for your term depends on your business, your credit and the collateral you have to secure the loan. To be eligible for a small business loan, TD Bank requires you
- Have assets available to use as collateral
- Create and submit a realistic business plan
- Talk with a loan officer in person
In which states does TD Bank offer loans?TD Bank offers its small business loan products in these states:
- North Carolina
- New Hampshire
- New Jersey
- New York
- Rhode Island
- South Carolina
- Washington, DC
How do I apply?
You can apply for a loan of less than $100,000 through a quick online application.
- Visit TD Bank’s website and visit the Small Business Loans page.
- Click Apply now after you’ve looked at your options.
- Select the type of small business loan you want to apply for.
- Collect and fill out the documents you need to apply.
- Enter your zip code then enter a few basic loan questions.
- Select the reason your business needs financing.
- Give TD Bank information about your business, including its financial information.
- Enter your loan amount and your desired loan term.
- Select if you want to set up autopay and/or an Overdraft Line of Credit.
- Answer a few questions about your past financial situations.
- Download and read TD Bank’s application disclosures, then select that you have received them.
- Review your application and submit it for review by TD Bank.
TD Bank will call you within two business days to follow up on your application.
I got a TD Bank Small Business Loan. Now what?
Once you have a loan, it’s important to use it for whatever purpose you specified in your loan. Your should have a plan in place to pay back your loan to avoid missed payments or default.
Here are two important tips:
- Set up automatic payments. You can set up automatic payments from a TD Bank account to avoid missing your monthly repayment.
- Pay more each month. To avoid excessive interest charges over the life of your business loan, consider paying more than the amount required each month.
A TD Bank Small Business Loan is a solid option to fund your business if you have good credit and adequate collateral. However, TD Bank doesn’t supply much in the way of specific information about your loan. And if you don’t live in one of the 16 states TD Bank services, you’re better off comparing the rates and terms of other business lenders.