TD Bank small business loans review February 2018 |
TD Bank loans

TD Bank small business loans review February 2018

Small business loans with fixed payments and repayment terms can help get your business off the ground.

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 Details

Product nameTD Bank Small Business Loan
Minimum loan amount$10,000
Maximum loan amount$1 million
APRVaries by loan type and depends on your creditworthiness
Rate typeFixed
Maximum term5 years
Minimum term3 years
States availableConnecticut, Delaware, Florida, Maine, Maryland, Massachusetts, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont, Washington, DC.

Compare other business lenders

Rates last updated February 21st, 2018
Name Product Product Description Min Loan Amount Maximum Loan Amount Requirements
LendingTree Business Loans
Compare 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.
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
Must have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
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.
2+ years in business; $75,000+ in yearly sales; No bankruptcies or tax liens; At least 20% ownership of your business; Fair or better personal credit
LoanBuilder, A PayPal Service Business Loans
Annual business revenue of at least $100,000, at least 1 year in business, personal credit score of 600+.
National Business Capital Business Loans
Get a large business loan to cover your financing needs, no matter what the purpose is.
Your company must have been in business for at least 6 months and have an annual revenue of at least $180,000.
Kabbage Small Business Line of Credit
A simple, convenient online application could securely get the funds you need to grow your business.
Must have been in business for at least 1 year. Revenue minimum is $50,000 annually or $4,200 per month over the last 3 months.
SmartBiz SBA Loans
Get funding for your small business with a government-backed loan and extended repayment terms.
Personal credit score of 650+; US citizen or permanent resident; Business must be 2+ years old; Annual revenue of $50,000+; No outstanding tax liens; No bankruptcies or foreclosures in past 3 years.
Excel Capital Management Small Business Loans
Get personalized financing options that suit your unique business needs in just a few simple steps.
Varies by loan type
Varies by loan type
Your business must operate in the US, be at least 1 year old and have monthly revenue of $15,000+.

Compare up to 4 providers

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.

Bottom line

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.

Common questions about TD Bank small business loans

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