Home » How to Get Cash as a Business Owner » Get Business Loan Requirements for the Major Banks

Understand Various Bank Terms and
Conditions for a Business Loan

When it comes to getting a business loan, it’s important to work out if a particular bank is going to accept your application and provide you with financing. We’ve looked into the major banks that provide business loans to let you know the requirements you’ll have to meet.

Of course, APRs/interest rates and repayment terms aren’t the only things you should think about. You’ll also want to read
customer reviews and understand how they treat their clients. You can find out more about that on our business loan provider reviews page.
Things that may impact your acceptance for (or desire to apply for) a specific loan include:

  • Your business credit score
  • The interest rate/APR charged
  • Repayment terms
  • Documentation you'll need to provide
  • Strong business financial management and statements
  • Origination fees and other charges
  • Penalties for paying late or defaulting

Almost all banks will require extensive business documentation including income statements, balance sheets, financial history, free cash flow, your business plans and more. They will also look into both your personal and business credit scores.

Bank of America

BOA Unsecured Small Business Line of Credit
  • Amounts available: From $10,000 to $100,000
  • Qualification: Two or more years of business history and transactions; $100,000 or more in sales for the last year
  • Interest rates: Starting at 5.75 percent. The APR you receive will depend on the loan amount, your business credit score and any previous relationship with BOA
  • Fees: $150 origination fee
BOA Unsecured Small Business Loan
  • Amounts available: From $10,000 to $100,000
  • Repayment terms: From 12 to 60 months
  • Qualification: Two or more years of business history and transactions; $100,000 or more in sales for the last year
  • Interest rates: Starting at 4.75 percent. The APR you receive will depend on the loan amount, your business credit score and any previous relationship with BOA
  • Fees: $150 origination fee
BOA Secured Small Business Loan
  • Amounts available: From $25,000 and up
  • Qualification: Two or more years of business history and transactions; $100,000 or more in sales for the last year
  • Interest rates: Starting at 4 percent. The APR you receive will depend on the loan amount, your business credit score and any previous relationship with BOA
  • Fees: 0.5 percent origination fee

BB&T

BB&T Business Advantage Credit Line Unsecured
  • Amounts available: Up to $50,000
  • Repayment terms: From 12 to 180 months
  • Qualification: Business tax returns, personal financial statements, personal tax returns
  • Interest rates: Variable. The APR you receive will depend on the loan amount, your business credit score and any previous relationship with BB&T
BB&T Business Loan
  • Amounts available: Up to $100,000
  • Qualification: Business tax returns, personal financial statements, personal tax returns
  • Interest rates: Variable. The APR you receive will depend on the loan amount, your business credit score and any previous relationship with BB&T

JPMorgan Chase

JPMC Unsecured Small Business Line of Credit
  • Amounts available: From $10,000 to $500,000
  • Qualification: Your personal and business credit score, debt-to-income ratio of less than 20 percent, any existing relationship with JPMC
  • Interest rates: Variable (indexed to the base rate)
  • Fees: Annual fee of $150 for lines of credit up to $50,000, $250 over $50,000
JPMC Business Term Loan
  • Amounts available: From $5,000 to $5,000,000
  • Repayment terms: From 12 to 84 months
  • Qualification: Your personal and business credit score, debt-to-income ratio of less than 20 percent, any existing relationship with JPMC
  • Interest rates: Up to 10 percent. The APR you receive will depend on the loan amount, your business credit score and any previous relationship with JPMC
  • Fees: A down payment of 20 percent of the value of the loan

TD Bank

TD Bank Secured Line of Credit
  • Amounts available: From $25,000 to $500,000
  • Qualification: High personal and business credit score, good business history, good annual revenue, plus collateral to secure the line of credit
  • Interest rates: Variable. The APR you receive will depend on the loan amount, your business credit score and any previous relationship with TD Bank
TD Bank Secured Term Loans
  • Amounts available: From $10,000 to $100,000
  • Repayment terms: From 36 to 60 months
  • Qualification: High personal and business credit score, good business history, good annual revenue, plus collateral to secure the loan
  • Interest rates: Variable. The APR you receive will depend on the loan amount, your business credit score and any previous relationship with TD Bank

U.S. Bank

U.S. Bank Cash Flow Manager Line of Credit
  • Amounts available: Up to $250,000
  • Qualification: Live in one of 24 states they lend in, two years of business history, personal guarantee of loan, credit history
  • Interest rates: Variable. The APR you receive will depend on the loan amount, your business credit score and any previous relationship with U.S. Bank
U.S. Bank Business Loan
  • Amounts available: Up to $2,000,000
  • Repayment terms: Up to 80 months
  • Qualification: Live in one of 24 states they lend in, two years of business history, personal guarantee of loan, credit history
  • Interest rates: Variable. The APR you receive will depend on the loan amount, your business credit score and any previous relationship with U.S. Bank

Wells Fargo

Wells Fargo Unsecured Small Business Line of Credit
  • Amounts available: From $5,000 to $100,000
  • Qualification: A good personal and business credit history, a healthy free cash flow, at least three years in business, no bankruptcy or liens, good business profitability
  • Interest rates: Wells Fargo prime rate plus 1.75 percent
  • Fees: Annual fee of $0 for lines of credit up to $10,000, $95 up to $25,000 and $175 over $25,000
Wells Fargo Unsecured Business Loan
  • Amounts available: From $10,000 to $100,000
  • Repayment terms: From 12 to 60 months
  • Qualification: A good personal and business credit history, a healthy free cash flow, at least three years in business, no bankruptcy or liens, good business profitability
  • Interest rates: From 6.25 percent to 22.9 percent. The APR you receive will depend on the loan amount, your business credit score and any previous relationship with Wells Fargo
  • Fees: $150 origination fee
As you can see, many banks have stringent requirements about who they will lend to. If you can’t meet those requirements, it might be time to consider a business financing provider — we can help.

Read More About Business Loans

Can I Link My Business Account to My Personal Account?

To keep your business banking activity separate from your non-business transactions, it is a good idea to set up a bank account in your company’s name. Whether your business and personal accounts are at the same bank or different institutions, you’ll likely be able to link them.  This makes it easier to move money where […]

By grant
Our Most Frequently Asked Questions About the Economic Injury Disaster Loan (EIDL)

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes two solutions for small business financial relief during the COVID-19 Pandemic: the Paycheck Protection Program, which ended August 8, and the Economic Injury Disaster Loans (EIDL) program. Since March, we’ve been able to provide businesses with an online application platform for the Paycheck Protection Program […]

By grant
Wells Fargo Small Business Banking – Pros & Cons

  Starting a new business? Ready to switch out your banking institution? As one of the nation’s largest small business lenders and a highly rated mobile banking app, Wells Fargo should be on your radar. Here’s the low-down on how their service can affect you.   Business Banking Accounts Wells Fargo offers checking and savings […]

By revenued