SunTrust Small Business Loan Types
This article provides information about SunTrust small business loan types to help you find the best funding choice for your company.
SunTrust offers different types of small business loans suitable for different needs:
- SBA loans
- Business term loans
- Lines of credit
To explore the SBA funding options, take a look at the following table:
|Details||SBA 7(a) Loan||SBA 504 Loan|
|Information||Long-term financing for various needs, including:||A good option for long-term business needs, such as:
||Up to 25 years|
Keep in mind that there is a fee you need to pay for the SBA guarantee
The following rules apply for both of the above-listed loans:
- Maximum loan amount—$5 million
- Qualifications—Businesses that:
- Operate for profit
- Meet the SBA’s small business definition
- Are up to $15 million in net worth and $5 million in net income
- Collateral—SBA loans do not require specific collateral, but:
- The funded assets can be used as collateral
- Personal assets might be used in case the financed assets are not sufficient
The SBA Express loan might be suitable for you if you want to get the funds fast since there is less documentation and the application process is faster.
The loan criteria are as follows:
- Maximum term—Ten years
- Maximum loan amount—$250,000
- Maximum SBA guarantee—50% (no fee required)
- Down payments—Lower than with conventional business loans
Aside from SBA 7(a), 504, and Express loans, SunTrust also participates in the following two SBA programs that can provide funds for your export-related projects:
- SBA Export Express program
- SBA Export Working Capital program
These two programs could meet your needs if you would like to expand into new foreign markets or grow the existing ones.
Business term loans at SunTrust could be what you are looking for if:
- Your small business is financially sound
- You would like to get funding for particular activities or projects, including:
- Buying equipment
- Expanding facilities
- Acquiring more assets
- Different term lengths suit your repayment needs (up to 20 years)
- You can provide collateral for the loan
You could open a line of credit for your small business at SunTrust if:
- Your funding needs are short term
- You need a small amount of cash that you can use to cover different business costs, such as:
- Increasing your working capital
- Building inventory for a short period, e.g., over the holidays
- Prepare a precise budget (make sure you cover all sections, e.g., marketing, sales, etc.)
- Look into different conditions, including:
- Interest rates
- Processing time
- Eligibility criteria
- Repayment periods
- Collect the necessary documentation, such as the:
- Profit and loss statement
- Balance statement
- Cash flow statement
- Search for the best loan provider
- Draft a compelling loan request letter
You can use DoNotPay to get assistance with the last two steps on this list.
Our AI-powered app can help you:
- Find an online loan provider that best meets your specific needs—Use our Find Online Business Loan Lender product to get a list of the top three most suitable options for your demands
- Create a convincing loan request letter to make your application stand out
Here is what you should do—sign up for DoNotPay and follow these steps:
- Access the Business Loan Request Letter feature
- Answer a few questions about your business, needs, and loan requirements
- State the amount you would like to borrow
- Let us know if you would like us to provide you with the names of three loan providers (you can skip this step if you know what lender you want to get the funds from)
- Upload previously collected documents
As soon as you enter the required details and upload the requested documents, DoNotPay generates a loan request letter that you should submit together with your application to ensure its success.
If you would like to get more details about any SunTrust small business loan, you can get in touch with a representative or banker by phone at:
Keep in mind that there are complaints about long waiting times, so you should either arm yourself with patience and time or use DoNotPay’s Find Online Business Loan Lender feature to find alternative loan providers.
The business world is extremely competitive—that is why it is always good to have some extra capital set aside when you need to invest in your company. You can leave the bureaucratic task to us—DoNotPay will draw up business loan request letters in your stead.
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