Estimated Reading Time

8 minutes

Key Takeaways

• Types of loans available: Commercial Real Estate Loans, SBA Loans, Small Business Lines of Credit
• Knowing the eligibility and application requirements is key for funding success.
• TD Bank offers resources and tips for way-finding through the lending terrain.

Table of Contents

• Introduction
• Types of TD Small Business Loans Overview
• Application Requirements
• Application Process
• Resources for Applicants
• FAQ

Introduction

Finding a steady source of funding can be a lifesaver for a small business in the ever-changing world of finance. With the spotlight on TD Small Business Loan this week, let’s dive deeper into what makes these loans not just a need, but a game-changing opportunity for businesses looking to grow, control costs, or just keep their wheels turning with minimal friction. From hopeful visionaries to experienced business owners, TD Bank’s solutions are crafted to meet a variety of needs, serving as a light at the end of the tunnel for good old-fashioned brick-and-mortar shops and hip tech start-ups alike.

An Overview of the Types of TD Small Business Loans

As a small business owner, you have various financing options to help address any business needs and dreams through TD Bank. Let’s look at different varieties that might be the perfect match for your small business journey.

Commercial Real Estate Loans & Mortgages

Ever dream of owning your own business space? TD Bank’s Commercial Real Estate Loans & Mortgages can help make it a reality. These loans are intended for businesses that want to buy or refinance commercial real estate like a busy cafe or a quiet boutique shop. A few highlights of this loan are:

• Choose a 3 or 5 year fixed period amortized over 20 years with affordable monthly payments.
• A single issuance of money at closing to give you speedy access to funds [source].

SBA Loans

As a preferred SBA lender, TD Bank is renowned for its SBA (Small Business Administration) loans, known for having low costs and favorable terms. Here’s what sets them apart:

• Long-term financing that eases the burden of monthly payments.
• Lower down payment necessary to make borrowing more available.
• Customized support for start-up restaurant franchise lending, a service that could be important to you if you are considering entering the food service industry [source].
• It would only require a 10% investment, which is by far the most affordable loan in the industry [source].

Small Business Lines of Credit

Oxygen is vital to business, and TD Bank's Small Business Line of Credit is there to keep it flowing with working capital when you need it most. These LINES OF CREDIT give you:

• A flexible safety net to cover changes in your business expenses and cash flow.
• This adaptability may be why unforeseen roadblocks on the road to entrepreneurship are just a bump in the road [source].

Understanding Application Requirements

For anyone who’s ready to try their luck and go for it, it’s vital to understand what TD Bank application requirements are needed before an applicant can embark on their loan quest. While TD Bank does not publicly state specific minimum criteria for annual revenue, time in business, or personal credit score, we can infer a few of these from the available norms.

General Requirements:

• Solid credit score to demonstrate financial reliability and responsibility.
• Proven experience in business that demonstrates potential for future success [source]
• Strong Earnings As A Baseline Factor For Your Business To Repay A Loan [source].
• A personal guarantee of business owners on the business's debts [source].

Documentation Required:

• A signed and completed TD Bank Small Business Loan Application, which is essentially a ruler by which to measure progress.
• Personal financial statements of each owner with 10% or more of the business, unless otherwise noted as not required.
• State ID for verification purposes.
• LLC operating agreement or partnership banking agreement, if applicable.
• Business meeting minutes or codicils memorialize historical business decisions.
• Recent tax returns, especially for loans between $100,000 and $250,000, given they offer historic income information.
• Personal signature is required by owners with more than a 10% equity interest for reasons of final guarantees [source].

Account Requirements:

• You must keep an active TD Bank Business Checking account since your loan payments are automatically drawn from it, which is a nice convenience that also protects you on the late payment front [source].
• For business lines of credit, a TD Bank Checking account with a minimum balance of $40,000 is required - an apt gauge for liquidity and money management [source].

Applying Process

While the application process is straightforward through TD Bank [source], it depends on the size of your loan.

For Loans of under $250,000:

• Your first step will be an online application process which should take you around 15 minutes to fill in. A certain resemblance of that is extremely similar to a surf call of opportunity online [source] [source].

For Loans Above $250,000

• A visit to a TD Bank branch is necessary where you will be directed to meet with a Small Business specialist to discuss your business and its requirements.
• When pondering large lending decisions, real-world conversations provide a floodlight to the consumer journey [source] [source].
• Looking to secure a commercial real estate loan? They advise that you speak with your local SBA Small Business development center for one-on-one assistance/an online application is not the only option [source].
• TD Bank might even get in touch for additional paperwork depending on what your actual company situation is and what type of loan you need again — this goes along with their cautious, hands-on approach to financing [source].

Applicant Resources

To help bump up your financial knowledge and readiness, TD Bank has a wealth of educational resources to guide small business owners along the borrowing path. Whether you are an aspiring business owner or a seasoned one, these essential tools are available to help you make informed decisions:

• A reasoned comparison of the advantages and drawbacks of small business financing helps you balance potential benefits and risks. And the better they can see what it really costs to borrow with confidence, the more immunized they become to the pitfalls so many of them stumble into.
• An explanation on how banks will assess loan applications using the “5C’s of Credit system” will demystify the process.
• Vetted collections of important questions to ask before applying will help guide your prospects.
• Clarity around costs and fees gets you ready for what’s next [source].

For new and experienced entrepreneurs alike, these resources are treasure-troves of guidance, all designed to pave a path toward finance-fueled growth and prosperity.

FAQ

How do TD Bank small business loans work?

TD Bank offers fixed-rate loans that small business owners can use to help finance select business needs. TD Bank offers commercial real estate loans, SBA loans and small business lines of credit designed to meet various business needs.

What are the criteria, do I need to be an existing customer and should my business already be established for me to apply for a TD Small Business Loan?

There are no hard and fast financial requirements, but as a rule of thumb, applicants must have a strong credit score, established business history, and personal guarantees from the owners.

Do I have to keep a TD Bank Business Checking account?

Yes, automatic loan payments are required, which comes with the convenience and peace of mind of never worrying about late fees.

What other papers will be needed while applying visa Shengen?

TD Bank also might ask for financial statements, tax returns, and personal guarantees, depending on the particular loan and its size.