Umpqua Bank business loans review November 2018 | finder.com

Umpqua Bank business loans review

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Secured term loans, lines of credit and more for established businesses in the Pacific Northwest.

If you’re on the hunt for a business loan and live in the Pacific Northwest, Umpqua Bank may be able to help. Its term loans come with low starting rates and minimal fees, though they need to be secured by your business assets or other collateral. You’re also not able to apply online, so if you don’t live in one of the five states it has branches in, you’ll want to look elsewhere.
Product NameUmpqua Bank Business Term Loan
Min Loan Amount$10,000
Max. Loan Amount$750,000
APR6% (starting at)
Interest Rate TypeFixed
Maximum Loan Term7 years
RequirementsIn business 3+ years, no bankruptcies in past 5 years
  • In business at least three years.
  • No bankruptcies within the past 5 years.

First, do I qualify?

To apply for a business loan through Umpqua Bank, you’ll need to meet these basic eligibility requirements:

  • In business at least three years.
  • No bankruptcies within the past 5 years.

While Umpqua Bank doesn’t mention a minimum credit score, most banks require good to excellent credit to qualify for a business loan. And since you need to apply in person, make sure you live near an Umpqua Bank branch in Oregon, Washington, California, Nevada or Idaho.

What is a business term loan from Umpqua Bank?

Umpqua Bank offers secured business term loans backed by your business assets, vehicles or equipment. You can borrow anywhere from $10,000 to $750,000 with terms up to 7 years. Rates are fixed and start at 5.5% including a 0.5% autopay discount if you pay from your Umpqua Bank account. And unlike many business lenders that charge origination fees upwards of 5%, Umpqua Bank’s is relatively low at just 0.5%.

What makes Umpqua Bank business loans unique?

Umpqua Bank offers the local banking experience and personalized service that’s hard to find with online lenders. Though, with not application fee, it is less convenient. But if you’re looking to develop a close relationship with a local bank with an array of business financing and term loans, Umpqua could be for you. If your business qualifies, it offers SBA loans and lines of credit.

What are the benefits of a business loan from Umpqua Bank?

  • Minimal origination fee. Compared to other lenders, Umpqua’s 0.5% origination fee on its business term loans is relatively low.
  • Low starting rates. Rates for its term loans start at just 5.5% with autopay, which can help keep payments down while you expand your business.
  • Multiple financing options. Whether you’re interested in an SBA loan, line of credit or term loan, Umpqua Bank has options to fit your business’s unique needs.

What to watch out for

  • No online application. Umpqua doesn’t allow you to apply or even prequalify online, meaning you’ll need to visit a branch in person to begin the process.
  • Only for established businesses. Your business needs to be up and running for a minimum of three years to qualify for a business term loan from Umpqua.
  • Very few reviews. If you were hoping to see how Umpqua Bank stacks up to other business lenders in terms of customer experiences, you’re out of luck — there aren’t many reviews from past borrowers.

Compare more business loan providers

Rates last updated November 21st, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
$5,000
$250,000
500+ personal credit score, 6+ months in business, $15,000+ average monthly deposits
National Funding Small Business Loans
Working capital loans and equipment financing, some high-risk industries may be eligible.
$5,000
$500,000
Be in business at least one year and make at least $100,000 in annual sales. Other loan types have additional requirements.
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
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.
$5,000
$300,000
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
500+ personal credit score, 1+ years in business, $100,000+ annual revenue
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
LendingTree Business Loans
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.

Compare up to 4 providers

Other business loans from Umpqua Bank

In addition to its secured term loans, Umpqua Bank also offers the following financing options for small businesses:

  • SBA loans. Interested in a loan backed by the Small Business Administration (SBA)? Umpqua Bank is an SBA Preferred Lender, offering loans in the 7(a), 504 and USDA programs to help small businesses keep interest down and profits up.
  • Real estate loans. If you’re looking to purchase property, Umpqua offers real estate loans between $25,000 and $750,000 with terms up to 25 years.
  • Expresslines. Choose from a secured or unsecured line of credit to help keep cash flow steady during the off season. It also offers a special line designed specifically for real estate projects.
  • Equipment leasing and financing. Through its subsidiary Financial Pacific, you can borrow between $5,000 and $15 million to buy or lease equipment for your business.
  • Vehicle loans. Finance 100% of the cost of new or used vehicles for your business with rates starting at 3.4% with autopay and terms between two and six years.

How do I apply?

Unfortunately, Umpqua Bank doesn’t allow you to apply for its business loans online. Follow these steps to schedule an appointment with a banking representative and apply in person:

  1. Visit the Umpqua Bank website and click Business Banking.
  2. Select Loans & Lines of Credit, then click on the type of financing you’re interested in.
  3. Click Contact Us and enter your full name, contact details and ZIP code.
  4. Select your preferred contact method and the best time to reach you. Then click Submit.

A member of Umpqua Bank’s small business team should get in touch within one business day.

What documents will I need to apply?

Umpqua Bank doesn’t list the specific documents you’ll need to submit with your application. However, at minimum you’ll need to provide:

  • Two years of business tax returns.
  • Business bank statements.

You’ll find out if any other documentation is required when you meet with a lending representative during the application process.

I got the business loan. Now what?

Umpqua Bank’s secured term loans come with fixed interest rates, meaning your repayments stay the same throughout the life of your loan. Consider setting up autopay from an Umpqua Bank account. You’ll not only shave 0.5% off your interest rate, but you won’t have to take time out of your day to make repayments each month.

If you notice anything off with your loan balance or have any questions, reach out to Umpqua Bank’s customer service team or stop by your local branch.

Bottom line

Umpqua Bank’s business loans could be a solid option for established businesses looking to secure working capital, finance a fleet of vehicles or buy new equipment. But its lack of an online application and limited state availability means it might not be ideal for all businesses.

To see how Umpqua Bank compares to other lenders out there, check out our guide to business loans.

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