Bb&t Business Loan Requirements
The higher the loan amount or the lower the rates the more requirements youll need to meet. As an approved lender BBT can process SBA loans more quickly than non-preferred lenders but if you need cash quickly and dont have a good credit history you might want to check out some online lenders too.
Lines of credit are not eligible.
Bb&t business loan requirements. Like many traditional banks BBT could have strict eligibility requirements for business financing. BBT borrowing products offer convenient access to funds when you need to finance working capital purchase equipment expand the business buy a building pay employees and more. There are some maximum business size restrictions on these loans.
For example a retail or service company could have at least 75 million in sales and perhaps up to 29 million and still be eligible. And please remember to be eligible you must be an existing business loan or deposit client with BBT or SunTrust now Truist as of January 1 2021. BBTs website posts current mortgage rates for 15-year and 30-year fixed mortgages for purchase and refinancing.
You can also get estimated mortgage rates for a variety of conventional loans. The most important criteria for business lenders typically include revenue time in business your credit score and industry type but it can vary. The Consumer Financial Protection Bureau defines credit scores of 660 to 719 as prime and scores of 620 to 659 as near-prime but keep in mind that BBT may define prime differently.
BBT Merchant Services qualifying transaction is a payment card settlement eg Visa MasterCard American Express or Discover from a BBT merchant account deposited to a linked BBT Checking account at least once during the monthly statement cycle. Some fees are excluded from the offer including attorneysettlement agent fees or fees associated with the payoff of a BBT loan. For BBT business debit cardholders replacing a standard card with a personalized card will incur a 5 replacement fee.
Religious institutions mobile homes and nonprofits are excluded from this program. When applying for a First Draw or Second Draw PPP Loan clients without a BBT or SunTrust now Truist business account will need to provide proof their BBT or SunTrust now Truist personal account is used for trade or business purposes. A wholesaler can have up to 100 employees and still qualify.
Only loans are eligible. If you have previously received a Paycheck Protection Program PPP loan certain businesses are eligible for a Second Draw PPP loan. In general the better your credit scores the higher your chances of getting approved and the better your loan rate and terms may be.
The SBA loans in particular are often aimed at business owners who have not been in business that long and they require lower credit scores than you would need for a typical bank loan. You may be required to have a strong personal credit history as well as substantial experience as a business owner to receive favorable rates and terms. With a 5 monthly fee no minimum balance requirements and no direct deposit requirements this BBT account is perfect for those wanting a simple affordable checking option.
When you take advantage of a BBT small business borrowing solution you dont just get a productyou get a suite of opportunities to help your business succeed. Commercial Lending at BBT offers a variety of loans to meet your business needs including equipment or inventory financing business lines of credit or loans. Customers can easily avoid the 12 monthly maintenance fee with direct deposits of at least 500 or a 1500 average balance.
