Small business loans with fixed payments and repayment terms can help get your business off the ground.
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What is a TD Bank Small Business Loan?
A TD Bank Small Business Loan can be used to finance your business expansion or renovation, purchase equipment or vehicles, receive lump-sum working capital, shore up a real estate purchase or even refinance existing loans.
These small business loans can be up to $1 million with repayment terms of three or five years. The fixed rates are competitive, but the rate you ultimately receive will depend on your creditworthiness.
Larger and longer-term loans may be available for commercial businesses. TD Bank is also a lender partner in SBA-supported loan options.
As an added convenience, monthly payments can be automatically deducted from your checking account.
|Product name||TD Bank Small Business Loan|
|Minimum loan amount||$10,000|
|Maximum loan amount||$1 million|
|APR||Varies by loan type and depends on your creditworthiness|
|Maximum term||5 years|
|Minimum term||3 years|
|States available||Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont, Washington, DC.|
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What are the benefits of a TD Bank Small Business Loan?
A TD Bank Small Business Loan comes with the security of working with a large bank that specializes in multiple lending tools.
- Fixed terms. Three to five years with no prepayment penalty.
- Online appointments. Schedule to meet with a local banker at your convenience.
- High maximums. These loans can be helpful for both small and commercial businesses.
- One-time financing. You’ll receive one lump sum to keep your business moving.
- Reputable institution. TD Bank is among the top lending institutions in North America.
What to watch out for
TD Bank offers a variety of ways to fund your business, but getting your loan will require more than filling out an application.
- 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.
- Collateral required. The amount you’re offered on a secured business loan will depend on the value of your collateral.
- Fees and rates not available online. You won’t know the total potential cost of your business loan until you meet with a banker in person.
- Limited services. If you’re not a resident of one of the states in which TD Bank provides services, you’ll need to look elsewhere.
Am I eligible for a TD Bank Small Business Loan?
How much you ultimately receive for your business term loan depends on your business details, your creditworthiness and the collateral you’re offering to secure the loan.
To be eligible for a small business loan, TD Bank requires that you:
- Have available assets to use as collateral for a secured loan.
- Create and submit a realistic business plan.
- Talk with a loan officer in person.
I got a TD Bank Small Business Loan. Now what?
You got your TD Bank small business loan and are now ready to open or improve the business of your dreams. Here are a few things to keep in mind:
- Setting up automatic repayments. TD Bank requires that your loan repayment come through automatic withdrawals from a bank account.
- Avoiding excessive interest. 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.
If you don’t live in one of the 16 states TD Bank services or would rather know the APR range you’re looking at before applying, you can compare the rates and terms of other business lenders.