Is a SunTrust Small Business Loan Suitable for Your Company?

Small Business Loan Request Letter Is a SunTrust Small Business Loan Suitable for Your Company?

SunTrust Small Business Loan Types

Finding the necessary funds to meet your startup or small business expenses can be grueling, especially with a bad or no credit score.

To explore different loan types, you first need to understand how this kind of funding works and what banks offer the most suitable funding for your business and personal needs.

This article provides information about SunTrust small business loan types to help you find the best funding choice for your company.

What SunTrust Small Business Loans Can You Choose?

SunTrust offers different types of small business loans suitable for different needs:

  1. SBA loans
  2. Business term loans
  3. Lines of credit

Are SBA Loans What You Are Looking For?

SunTrust has partnered with the U.S. Small Business Administration (SBA) to offer government-guaranteed loans with flexible terms.

To explore the SBA funding options, take a look at the following table:

DetailsSBA 7(a) LoanSBA 504 Loan
InformationLong-term financing for various needs, including:

A good option for long-term business needs, such as:

  • Starting a business
  • Constructing a facility
  • Purchasing commercial real estate
Maximum term
  • Working capital—Five to seven years
  • Real estate—Up to 25 years
  • Other loans—Ten years
Up to 25 years
SBA guarantee
  • 75% for a loan amount of more than $150,000
  • 85% for less than $150,000

Keep in mind that there is a fee you need to pay for the SBA guarantee

  • Bank portion according to the SunTrust pricing
  • SBA second-lien portion defined at the time of debenture sale

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

SBA Express Loan

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:

  1. SBA Export Express program
  2. 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.

SunTrust Business Term Loans

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

SunTrust Bank—Small Business Loans and Lines of Credit

You could open a line of credit for your small business at SunTrust if:

  1. Your funding needs are short term
  2. You need a small amount of cash that you can use to cover different business costs, such as:
    1. Increasing your working capital
    2. Building inventory for a short period, e.g., over the holidays

How To Get a Small Business Loan

To secure a loan or a grant for your small business or startup, you should:

  1. Prepare a precise budget (make sure you cover all sections, e.g., marketing, sales, etc.)
  2. Look into different conditions, including:
    1. Interest rates
    2. Processing time
    3. Eligibility criteria
    4. Repayment periods
  3. Collect the necessary documentation, such as the:
    1. Profit and loss statement
    2. Balance statement
    3. Cash flow statement
  4. Search for the best loan provider
  5. Draft a compelling loan request letter

You can to get assistance with the last two steps on this list.

DoNotPay Helps You Secure the Funding for Your Business

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— and follow these steps:

  1. Access the Business Loan Request Letter feature
  2. Answer a few questions about your business, needs, and loan requirements
  3. State the amount you would like to borrow
  4. 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)
  5. 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.

Get More Information on SunTrust Small Business Loans

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:

  • 800-752-2515
  • 877-370-5108
  • 866-624-3084

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.

Get the Upper Hand With DoNotPay

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.

If your finances are taking a hit, rely on our app. With our assistance, you will be able to:

  • Fight fraudulent chargebacks
  • Remove fake negative reviews online
  • Register and protect your trademark
  • Send mail and faxes at no additional cost
  • Handle clients breaching contracts and get what you are owed

Whatever the task at hand, our AI-powered app will see it through successfully.

DoNotPay—The Assistant Every Business Needs

You cannot escape bureaucracy in business. What you can do is let DoNotPay deal with it. Whether you need to register a DMCA agent or complete an Employer Identification Number (EIN) registration, our app will lead the way.

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