Estimated Reading Time

7 min

Key Takeaways

• TD Bank provides various small business loan products tailored for varied business needs.
• Options include term loans, lines of credit, and SBA-backed financing.
• Online applications are available for loans under $250,000.
• SBA Guaranteed Loans at TD Bank offer low down payments and long terms.

Table of Contents

• Overview of TD Bank Small Business Loans
• Types of Small Business Loans Offered
• Application Process and Requirements
• Approval Criteria
• Additional Resources and Support
• FAQs

Overview of TD Bank Small Business Loans

TD Bank offers a range of small business loans that reflect the diversity of small businesses and the range of financial needs that they face. From managing cash flow to entering new markets, TD Bank provides products including term loans, lines of credit, commercial real estate loans, and SBA-backed financing. Each loan type has distinct attributes catering to different business objectives.

Types of Business Loans for Small Business

Term Loans and Lines of Credit

Use a term loan to finance major investments like equipment purchases or renovations. The capital is issued in a single lump sum at the closing. In contrast, lines of credit offer flexibility for businesses needing consistent working capital. Interest is only paid on borrowed amounts, making it a prudent choice for managing cash flow gaps.

Commercial Real Estate Loans

Through commercial real estate loans, TD Bank enables businesses to own their locations. Purchase and refinance options come with fixed terms and amortization periods extending up to 20 years.

Low-interest Initiative Loans for SBA Program Customers

TD Bank aids skill acquisition for financial management through specialized SBA loans, which offer benefits like lowered down payments and extended repayment terms. These are advantageous for niche businesses such as franchise operations.

Application Process and Requirements

Applying for a TD Bank loan is simple. Loans under $250,000 can be applied for online, while larger loans require an in-person visit. Applicants need an active TD Bank Business Checking account, and most products necessitate a personal guarantee. Extensive documentation, including financial statements and tax returns, is also required.

Approval Requirements

Though specific revenue or credit score minimums aren't disclosed, TD Bank considers creditworthiness and business track records in its approvals. A personal guarantee and down payments for SBA 7(a) loans are common requirements.

Additional Resources & Support

TD Bank offers more than just loans; they provide a variety of resources to aid small businesses. These resources include articles, loan application guides, and personalized help from business specialists.

FAQs

• Q: What is the minimum credit score to apply for a TD Bank small business loan? While not publicized, a strong credit score, both personal and business, is recommended.
• Q: Can I get a TD Bank business loan online? Yes, loans under $250,000 can be applied for online, a convenient option for small-business owners.
• Q: What documents do I need for a TD Bank loan? Required documents include a completed loan application, personal financial statements, and various tax returns.
• Q: Are there any other supports available for applying for the loan? Yes, TD Bank offers materials and information to assist applicants in determining and applying for suitable loans.