
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
finder.com’s rating: 4.14 / 5.0
★★★★★
Min. Amount | $10,000 |
---|---|
Max. Amount | $750,000 |
Loan Term | Up to 84 months |
APR | Starting at 6% |
Requirements | In business 3+ years, no bankruptcies in past 5 years |
To apply for a business loan through Umpqua Bank, you’ll need to meet these basic eligibility requirements:
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.
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 6% 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%.
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.
In addition to its secured term loans, Umpqua Bank also offers the following financing options for small businesses:
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:
A member of Umpqua Bank’s small business team should get in touch within one business day.
Umpqua Bank doesn’t list the specific documents you’ll need to submit with your application. However, at minimum you’ll need to provide:
You’ll find out if any other documentation is required when you meet with a lending representative during the application process.
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.
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.
We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.