Business owners can apply for traditional term loans and lines of credit, US Small Business Administration (SBA) loans, and even other products like credit cards and checking accounts through TD Bank.
TD Bank offers business loans between $10,000 and $1 million with terms ranging from one to five years. If you prefer to have access to a line of credit, it offers lines of credit between $25,000 and $500,000. Additionally, TD Bank is an SBA approved lender, which means you can apply for an SBA through the bank. SBA loans typically have loan amounts up to $5 million and terms up to 25 years.
The company also stands out to healthcare professionals and offers unique financing options for dentists, veterinarians, physicians and eye care professionals. For example, it offers loan solutions up to $12 million with 100% practice financing plus working capital, in addition to buyouts and partnership buyouts, equipment purchase, and practice mergers and acquisitions.
Note: Although online applications are available for loans up to $100,000, you must apply in person for loans over $100,000. TD Bank has branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York State, North Carolina, Pennsylvania, Rhode Island , South Carolina, Vermont, Virginia and Washington DC.
Eligibility: To qualify, applicants must have a minimum personal credit score of 660. Their businesses must also have been in operation for at least one year. Generally, TD Bank is harder to qualify than the non-bank online lenders on this list.
Completion time: Although TD Bank offers same day approval for its business loans and lines of credit, it can take up to two business days for you to receive your funds. SBA loans, on the other hand, can take several weeks to fund.