Financing with a personal touch — but only for business owners in 10 states.
SunTrust offers small business owners a chance to find a loan tailored to their exact needs. You can work with a loan specialist to find the right type of interest, collateral, rates and terms that will work best for your business. But SunTrust’s hands-on approach and lack of an online application means it might not be ideal for emergencies.
|Product Name||SunTrust Business Term Loans|
|Loan Term||3 to 5 years|
|APR||4.54% to 8.25%|
|Requirements||2+ years in business, satisfactory personal credit history|
- 2+ years in business
- Satisfactory personal credit history
First, do I qualify?
Your business must be around for at least two years to qualify for this loan. Business owners must also have a satisfactory personal credit history. Revenue and credit score requirements vary by business type and loan amount.
What makes a SunTrust business loan unique?
SunTrust gives business owners a chance to work directly with a bank to find the best type of financing for their specific needs. It offers both fixed and variable rates, as well as options with and without collateral — most business lenders aren’t as flexible.
What is a SunTrust business loan?
A SunTrust business loan is a term loan for established small enterprises. Loan amounts start at $10,000 and go up to $10,000,000 — though how much you qualify for will depend on your business revenue, credit profile and whether you provide collateral.
As of April 2019, rates run from 4.54% to 8.25% APR with fixed and variable options. This includes a 1% origination fee and a $125 document preparation fee. You can have between 36 and 60 months to pay back the loan, though you might be able to qualify for a longer term if you provide collateral.
Like other business loan providers, SunTrust requires a personal guarantee from business owners, meaning you’re responsible for repaying the loan if your business can’t.
SunTrust is now Truist
SunTrust and BB&T have merged to become Truist. Because the transition to its new name hasn’t been finalized, your loan will continue to be serviced by SunTrust. But going forward, loan terms and business requirements may change for SunTrust’s business loans. Contact your banker for more information on how this merger will affect your business loan and accounts with SunTrust.
What are the benefits of a SunTrust business loan?
From its personalized touch to its flexible options, here are a few perks of taking out a SunTrust business loan:
- Personalized funding. SunTrust loan officers work with you to make sure you’re getting the right type of financing for your business’s needs.
- Other financial products available. Looking to keep all of your money in one place? SunTrust also offers several other business products like credit cards, bank accounts and payroll solutions.
- Fixed and variable rates. You have a choice between fixed or variable repayments — many small business lenders only offer one or the other.
- Secured and unsecured options. You don’t necessarily have to put your business’s assets on the line to get this loan — though you won’t be able to borrow as much.
What to watch out for
Keep these potential drawbacks in mind before borrowing from SunTrust:
- No online application. You’ll need to call or visit a SunTrust branch to discuss your lending options and begin the application process.
- Fees. The APR includes a 1% origination fee and a $125 document preparation fee, which you have to pay in addition to interest.
- Faster options available. Personalized loans typically come at the cost of speed. If you’re looking for a quick business loan, you might want to consider an online lender instead.
- Limited branches. SunTrust only has branches in 10 states and Washington, DC.