How Does a TD Bank Small Business Loan Work?

Small Business Loan Request Letter How Does a TD Bank Small Business Loan Work?

The Best Guide to Getting a TD Bank Small Business Loan

Banks, such as TD Bank, are well-known providers of loans in the U.S. If you need funds to cover your expenses, you can consider securing a TD Bank small business loan. This article will explain the types of small business loans offered by TD Bank so you can make the right choice for your business.

When applying for a loan, you can use DoNotPay to generate a watertight loan request letter.

Types of Small Business Loans Offered by TD Bank

TD Bank offers various types of loans to small and medium-scale businesses. Here are some of the common ones:

  1. Small business term loan
  2. Business line of credit
  3. Commercial real estate loan

Small Business Term Loan

You can use a small business term loan for the following purposes:

You can borrow between $10,000 and $100,000 at a fixed interest rate. The payments are deducted automatically from your account on a set schedule. The interest will be deducted as a normal business expense in your income and tax statements.

If you are borrowing a larger amount, you will need to provide collateral, such as equipment or inventory, to secure the fund.

Business Line of Credit

Whether you want to fund short- or long-term expenditures, a business line of credit can sort it out. You can use the funds to cover various types of expenses, such as payroll and inventory.

TD Bank offers the following terms and conditions:

  • Interest rate that is market-competitive
  • Ability to reuse the line of credit after repayment
  • Access to your money through checks

Commercial Real Estate Loan

You can secure a real estate loan to finance real estate acquisition or expansion. TD Bank offers the following terms:

  • A lump sum amount of capital given to the business owner
  • A three- to five-year period amortized up to 20 years

If you’re not sure how these business loans work, contact TD customer support at 1-855-278-8988 to get all the information you need.

Does TD Bank Offer SBA Loans?

Small Business Administration (SBA) loans are government-backed loans offered through an intermediary (in this case, TD Bank) to small businesses.

The following can be attributed to a TD Bank SBA loan:

  • Long-term financing
  • Flexible terms and conditions
  • Quick access to loan funds

Currently, TD Bank offers the following SBA loan types:

SBA Loan TypeTerms and Conditions
SBA 7(a) loanThis loan can be used for real estate purchase, business expansion or acquisition, or partner buyout. It has the following loan terms:

  • 10% down payment
  • $5 million loan amount
  • A 25-year loan term
  • No balloon payment
SBA 504 loanAn SBA 504 loan is used for construction, refinancing, and real estate purchases. The loan terms are as follows:

  • 10% down payment
  • No maximum loan amount
  • A 20-year loan term
  • No balloon payment
SBA Express loanSBA Express loans are a fast way to get funds for your business. The following loan terms and conditions apply:

  • Up to $350,000 borrowing amount
  • Fixed or variable interest rate
  • A 25-year repayment period
USDA loanUSDA loans are useful for farmers and rural communities and help them finance their agricultural and livestock businesses. They have the following loan conditions:

  • Up to $25 million borrowing amount with a 30-year repayment term
  • Collateral required
  • Fixed and variable interest rates
Average conventional loanYou can get an average conventional loan to cater to startup costs, daily expenses, or long-term investments. It has:

  • No fixed loan amount
  • A five- to ten-year repayment period

The TD Bank Small Business Loan Application Process

To apply for a small business loan at TD Bank, you need to meet the following eligibility criteria:

  • A personal guarantee form
  • Strong financial documentation
  • A healthy credit score

Once you have selected the loan that meets your budget and requirements, you can apply for it in a couple of ways, depending on the amount you need to borrow:

AmountApplication Type
Below $100,000Online
Above $100,000In person

Here are the steps you need to follow to apply for the loan:

  1. Online:
    1. Visit the Compare Small Business Loans and Lines of Credit page on the TD Bank website
    2. Click on Apply Now
    3. Answer the questions
    4. Fill out the loan application
    5. Click on Submit once you are done
  2. In person:
    1. Download your application from the TD Bank website
    2. Complete the application correctly
    3. Gather all your financial documents
    4. Take them to any TD Bank near you

Write a Loan Request Letter Effortlessly Using DoNotPay

Applying for a loan can be a tedious and challenging process. You cannot afford to make a single mistake because of the risk of your application getting rejected. Increase your chances of getting a loan approved by using DoNotPay’s Business Loan Request Letter.

Our app can help you create a formal loan request letter with all the relevant information in no time! All you need to do is follow these instructions:

  1. Open DoNotPay in your web browser
  2. Choose the Business Loan Request Letter
  3. Answer a brief questionnaire
  4. Upload your documents

You can also use DoNotPay to find online lenders. Let us know what kind of funding you are interested in when filling out our short questionnaire, and we will list the best options for your specific needs.

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