U.S. Bank business loans review
Choose the financing option that best suits your business needs.
- Best for businesses looking to establish a banking relationship with a large lender.
- Pick something else if you want to apply online.
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
U.S. Bank is a well-known financial institution with a robust business lending program. Its loan options are best for established businesses with an annual revenue of at least $100,000 and at least two years in business.
But if you’re looking for an online application or transparent rates online, it’s not the best choice. You’ll need to reach out to a U.S. Bank representative over the phone or at a branch to learn more about your options.
To compare lenders like U.S. Bank, see our table below.
Special rates for businesses affected by the coronavirus outbreak
As of March 18, 2020, U.S. Bank offers two products at reduced rates to help small businesses affected by the COVID-19 outbreak:
- Quick Loan. Your business may be eligible for an interest rate 2% lower than the standard rate you’d qualify for. This oan allows you to borrow between $5,000 and $250,000 with terms of one to seven years for general business purposes.
- Cash Flow Manager. Your business may be eligible for an interest rate 1% lower than the standard rate you’d qualify for. This line of credit allows you to withdraw funds as needed, with limits ranging from $10,000 to $250,000.
For business customers that also have personal accounts, Simple Loan rates are reduced to $6 per $100 borrowed. Personal loan rates are reduced to 2.99% APR.
How much will this loan cost my business?
A term loan from U.S. Bank comes with an APR of 6.49% to 17.99%. Because your business can borrow up to $1 million — and typical terms aren’t listed online — the actual cost of your loan can vary greatly based on your business’s needs.
To get a better idea of how much your business might pay, use the calculator below to test different loan terms, loan amounts and APRs.
Monthly repayments calculatorCalculate how much you could expect to pay each month
|Loan terms (in years)|
How it works
The fees and interest rate your business receives depends on its annual revenue, time in business and your personal credit score, among other factors. To get the best deal, your business will need to demonstrate the ability to repay your loan — alongside a history of successful loan repayments.
What do I need to qualify?
To apply for a business loan from U.S. Bank, you must meet the following requirements:
- Good to excellent personal credit score
- At least two years in business
Other requirements depend on the type of business loan you’re applying for.
What information do I need to apply?
To complete an application with U.S. Bank, you must provide basic personal and financial information that includes:
- Proof of steady annual revenue
- Business tax identification number, if applicable
- Annual net profit and gross sales
- List of current outstanding debt obligations
What industries does U.S. Bank work with?
U.S. Bank doesn’t work with businesses involved in industries that include:
- Adult entertainment
- Bearer shares
- Debt resolution companies
- Drug paraphernalia
- Internet gambling
- Shell banks
- Virtual currency dealers
What other types of financing does U.S. Bank offer?
U.S. Bank offers a variety of financing options for businesses at all stages of development.
Beyond its standard term loan, U.S. Bank also has two other term loan options:
- Quick Loan. U.S. Bank Quick Loans are the only loan you can apply for online. Your business can borrow up to $250,000. Terms and collateral requirements are flexible, and an approval decision is typically made within 24 hours.
- Equipment financing. Loans are available for up to $500,000 or 125% financing, including soft costs. U.S. Bank equipment loans are one of the few options with a preapproval process, and they can be used to purchase multiple pieces of equipment at one time.
U.S. Bank partners with LSQ to purchase your unpaid invoices. Funding may be available as soon as the same business day to help limit gaps in cash flow.
However, fees aren’t disclosed online. You’ll need to contact U.S. Bank or LSQ for details on its invoice finance program.
U.S. Bank is a Preferred SBA Lender, which means faster turnaround on four SBA-backed loans:
- SBA Express Loan
- SBA 7(a) Business Loan
- SBA 7(a) Real Estate Loan
- SBA 504 Real Estate Loan
Lines of credit
U.S. Bank has three lines of credit to help fund different aspects of your business:
- Cash Flow Manager. The Cash Flow Manager line of credit is good for short-term expenses and periods of slow cash flow. Credit limits stretch up to $250,000.
- Standard business. The Business Line of Credit is secured and has a maximum credit limit of $500,000. Interest-only payments are available for draws of $100,000 or more.
- Business equity. The Business Equity Line of Credit has a maximum credit limit of $500,000 and is secured by the equity in your business’s property. Interest-only payments are standard, and revolving terms are available for up to five years.
Commercial real estate
U.S. Bank offers two types of commercial real estate loans:
- Owner-occupied commercial loans. Use the equity in your current business property to expand your business. U.S. Bank offers variable and fixed rates on loans with terms of 5, 10 and 15 years.
- Investment property loans. If you’re looking to purchase a property for mixed use, U.S. Bank offers terms of 5, 10 and 15 years — with amortization for up to 25 years.
Pros and cons
- Rate discounts for current U.S. Bank customers
- Relatively low maximum rate of 17.99%
- Multiple resources on starting and growing a business
- No online application for most business loan options
- No preapproval process for most products
- Low maximum loan amount of $1 million
See other top business loan options
Is U.S. Bank legit?
Does U.S. Bank get good customer reviews?
|BBB customer reviews||1 out of 5 stars, based on 203 customer reviews|
|Trustpilot Score||2 out of 5 stars, based on 35 customer reviews|
|Customer reviews verified as of||20 March 2020|
While you won’t find many customer reviews for its business loans, many U.S. Bank customers complain about poor customer service — a problem you could have if you open a business banking account.
Its poor ratings are matched by plenty of formal complaints: Nearly 2,000 are filed with the BBB. And if you want a unique response to your problem, look elsewhere. U.S. Bank only provides a form response, which doesn’t help its reputation for poor customer service.
How do I apply?
To apply for a business term loan, call or visit a U.S. Bank branch. You can apply for a Quick Loan online.
How to apply for a U.S. Bank business term loan
Call U.S. Bank or apply in person at a branch for a business term loan. Appointments can be set up online.
- Go to the U.S. Bank website.
- Navigate to its business loans section and click Make an appointment.
- Click Business banking then choose the option for business loans and select whether you want a loan of more or less than $250,000. Click Next to continue.
- Choose whether you would like to meet in person or over the phone, then select your location.
- Select a date and time for your appointment, then click Next.
- Fill out your name, phone number and email address. You can also add your business name, your business partner or other attendee, your preferred banker and additional details about your business. Click Make appointment to finish.
How to apply online for a Quick Loan
For its Quick Loan, U.S. Bank has a simple online application.
- Go to the U.S. Bank website.
- Navigate to its business loans section and click Apply for a Quick Loan.
- Enter your ZIP code, then select if you’re the sole owner of your business, if you have significant control over the company, the date your business was established and your loan purpose.
- Log in if you’re a current U.S. Bank customer. If not, you can continue without an account.
- Enter your personal information, including your full name, residential address, business address if applicable, Social Security number and date of birth.
- Enter information about your business, including its tax identification number, state of registration and gross annual sales.
- Select how much you would like to borrow and your preferred loan term.
- Review your application, agree to the terms and conditions and click Submit.
You can also apply for a Quick Loan over the phone or at a U.S. Bank branch. SBA loans, lines of credit and other business products require you to contact a U.S. Bank representative or make an appointment at a branch.
What happens after I apply?
For Quick Loans, U.S. Bank reviews your application and emails you within one business day with a decision. If approved, you may need to provide additional information and documentation to support your application.
How do repayments work with U.S. Bank?
U.S. Bank allows you to repay your loan online, at a branch, by phone or through its mobile app. The exact terms of your repayment — along with any late fees or missed payment fees — depend on your loan agreement.
U.S. Bank is best for established businesses. For startups and smaller businesses, read our guide to business loans to learn how to compare lenders.