Secured business term loans and lines of credit that may suit midsize businesses best.
- Best for well-established businesses on the east or west coast.
- Pick something else if you’re looking for a loan larger than $500,000.
$25,000
Min. Amount
$500,000
Max. Amount
Details
Product Name First Republic Bank business loans Min. Amount $25,000 Max. Amount $500,000 Loan Term Up to 5 years Min. Credit Score 700 APR Starting at 2.25% Requirements 3+ years profitable, 700+ personal credit score, valid checking account with First Republic Bank, meet additional credit standards
- Profitable business for three years or more.
- Personal credit score of 700 or higher.
- Valid First Republic Bank checking account.
- No bankruptcies in the past 10 years.
- Enough personal equity to guarantee the loan.
- No negative marks on your credit report.
How much will this loan cost me?
First Republic Bank offers low variable rates starting at 2.25% — or the prime rate minus 1% — for businesses with an established banking relationship. There’s no maximum rate listed, and it doesn’t list a specific APR range for its fixed-rate term loans, either.
However, there may be an origination fee of 0.5% to 1% — although this has been waived until June 30, 2020. Loan terms last up to five years, and other discounts may be available based on your banking history.
See how much you’ll pay
Calculate monthly and overall costs
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How it works
First Republic Bank will base your APR off your business’s financial history and the total amount you borrow. An established banking history with First Republic may mean lower fees because rates on term loans depend on your relationship, and you’ll need strong personal credit to qualify for a loan.
What do I need to qualify?
To qualify for a small business loan rom First Republic, you and your business will need to meet these requirements:
- Profitable for at least two years
- First Republic checking account
- 700+ personal credit score
- No negative entries on credit report, including bankruptcies
- Located near a First Republic branch
Where does First Republic Bank have branches?
You can find First Republic Bank branches in seven states:
- California
- Connecticut
- Florida
- Massachusetts
- New York
- Oregon
- Wyoming
What information do I need to apply?
Typically, First Republic asks to see the following documents when your business applies for a loan:
- Tax returns
- Financial statements
- Bank and broker statements
To fill out its online contact form, you’ll need to enter your business’s annual revenue and select your industry.
What industries does First Republic Bank work with?
First Republic Bank doesn’t state the industries it will and will not work with. However, it may not be willing to finance businesses in high-risk industries, like those involved in the sale of cannabis or adult entertainment. For more information, reach out to a First Republic Bank representative.
Nonprofit financing
In addition to traditional business loans, First Republic offers financing specifically designed for nonprofits. Through this program, you work with a banker who specializes in nonprofit lending and can help you navigate loans to find low-cost financing that’s exempt from taxes. It also offers banking services to nonprofits, including assistance with 403(b) retirement plans and day-to-day cost management.
What other types of financing does First Republic Bank offer?
First Republic offers a wide range of business financing for its customers, including:
- Revolving lines of credit
- Commercial real estate loans
- Construction and renovation loans
- Standby letters of credit
- Mixed-use building loans
- Multifamily property loans
The exact terms and loan amounts vary based on your business and financing needs, so contact a First Republic representative to discuss your options.
Pros
- Competitive variable and fixed rates
- Low origination fee of 0.5% to 1%
- Works with nonprofits
Cons
- No online application
- Strict minimum age requirement
- Limited state availability
