Business owners can apply for traditional term loans and lines of credit, US Small Business Administration (SBA) loans, and even other products like credit cards and checking accounts through TD Bank.
TD Bank offers business loans ranging from $10,000 to $1 million with terms ranging from one to five years. If you’d rather have access to a line of credit, it offers credit lines ranging from $25,000 to $500,000. Additionally, TD Bank is an SBA-approved lender, which means you can apply for an SBA through the bank. SBA loans typically have loan amounts of up to $5 million and terms of up to 25 years.
The company also excels at healthcare professionals, offering unique financing opportunities for dentists, veterinarians, doctors and optometrists. For example, it offers lending solutions up to $12 million with 100% practice financing plus working capital, in addition to partnership buy-ins and buyouts, equipment purchases, and practice mergers and acquisitions.
Note: While online applications are available for loans up to $100,000, you must apply in person for loans over $100,000. TD Bank has offices in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington DC
authorization: To qualify, applicants must have a personal credit score of at least 660. Your business must also have been in operation for at least one year. In general, qualifying for TD Bank is more difficult than non-bank online lenders on this list.
change of sides: While TD Bank offers same-day approval on their business loans and lines of credit, it may take up to two business days to receive your funds. SBA loans, on the other hand, can take several weeks to fund.