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.
TD Bank offers various types of loans to small and medium-scale businesses. Here are some of the common ones:
- Small business term loan
- Business line of credit
- Commercial real estate loan
You can use a small business term loan for the following purposes:
- Business inauguration
- Business expansion
- Equipment purchase
- Working capital investment
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.
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
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.
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 Type||Terms and Conditions|
|SBA 7(a) loan||This loan can be used for real estate purchase, business expansion or acquisition, or partner buyout. It has the following loan terms:
|SBA 504 loan||An SBA 504 loan is used for construction, refinancing, and real estate purchases. The loan terms are as follows:
|SBA Express loan||SBA Express loans are a fast way to get funds for your business. The following loan terms and conditions apply:
|USDA loan||USDA loans are useful for farmers and rural communities and help them finance their agricultural and livestock businesses. They have the following loan conditions:
|Average conventional loan||You can get an average conventional loan to cater to startup costs, daily expenses, or long-term investments. It has:
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:
|Above $100,000||In person|
Here are the steps you need to follow to apply for the loan:
- Visit the Compare Small Business Loans and Lines of Credit page on the TD Bank website
- Click on Apply Now
- Answer the questions
- Fill out the loan application
- Click on Submit once you are done
- In person:
- Download your application from the TD Bank website
- Complete the application correctly
- Gather all your financial documents
- Take them to any TD Bank near you
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:
- Open DoNotPay in your web browser
- Choose the Business Loan Request Letter
- Answer a brief questionnaire
- 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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