Business owners can apply for traditional term loans and lines of credit, U.S. 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’d rather have access to a line of credit, it offers credit lines between $25,000 and $500,000. What’s more, TD Bank is an SBA-approved lender, meaning you can apply for an SBA through the bank. SBA loans typically have loan amounts of up to $5 million and terms up to 25 years.
The company also stands out for healthcare professionals and offers unique financing options for dentists, veterinarians, physicians and eye care professionals. For instance, it offers lending solutions up to $12 million with 100% practice financing plus working capital, in addition to partnership buy-ins and buy-outs, equipment purchase, and practice mergers and acquisitions.
Note: While 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, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington D.C.
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 more difficult to qualify for compared to nonbank online lenders on this list.
Turnaround time: While TD Bank offers same-day approval for its business loans and lines of credit, it may take up to two business days to receive your funds. SBA Loans, on the other hand, may take several weeks to fund.