These small business loans with fixed payments can help get your business off the ground.
When you’re looking to expand your working capital or invest in a new system for your business, a small business loan can be an invaluable tool. TD Bank has you covered. With a wide range of loan amounts available, you may be able to find the perfect fit for your business.
$10,000
Min. Amount
$1,000,000
Max. Amount
Details
| Product Name | TD Bank Small Business Loan |
|---|---|
| Min. Amount | $10,000 |
| Max. Amount | $1,000,000 |
| Loan Term | From 20 years |
| Requirements | Have assets to use as collateral, realistic business plan, talk with a loan officer in person |
- Have assets available to use as collateral
- Create and submit a realistic business plan
- Talk with a loan officer in person
How much will this loan cost me?
TD Bank doesn’t disclose how much its term loans cost — they vary depending on your location. But you can find out what rates and fees are available by contacting a loan specialist at a TD Bank branch in your area. Typically business loans come with rates starting at around 6% APR.
Loans at TD Bank start at $10,000 and run as high as $100,000, with terms from 3 to 5 years. Use the calculator below to get a rough estimate of how much your loan might cost.
Business loan calculator
See how much you’ll pay
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| Loan terms (in years) |
| Interest rate |
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Fill out the form and click on “Calculate” to see your estimated monthly payment.
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How it works
Generally, the most competitive rates go to businesses with high, positive cashflow, few debts and owners must have a credit score of at least 760. Backing your loan with personal and business assets can also help you qualify for a lower rate and higher loan amounts.
What do I need to qualify?
You must be located in a state where TD Bank operates. While it doesn’t specify any hard requirements for its business loans, you’ll have an easier time qualifying if you have an excellent credit score of 760 or higher and have been in business for at least three years.
While you need to have a TD Business Checking Account to qualify for a line of credit through this lender, it’s unclear if that also applies to term loans.
Where does TD Bank operate?
TD Bank offers its small business loan products in these states:
- Connecticut
- Delaware
- Florida
- Maine
- Maryland
- Massachusetts
- North Carolina
- New Hampshire
- New Jersey
- New York
- Pennsylvania
- Rhode Island
- South Carolina
- Virginia
- Vermont
- Washington, DC
What do I need to apply?
You need to provide the following documents and information at a minimum when you apply for a TD Bank business loan:
- Legal business name and address
- Employer Identification Number
- Social Security number
- Valid, state-issued ID
- Contact information for each owner with more than a 10% stake in the company
- Incorporation or business formation documents
- Personal financial statement for all owners
Loans over $100,000 may require additional documents, like year-to-date financial statements and up to three years of business tax returns and two years of personal tax returns.
What industries does TD Bank work with?
TD Bank doesn’t specify which industries qualify for its loans. But banks typically don’t work with companies that lenders consider to be high risk. If your business has struggled to qualify for a loan in the past because of your business’s industry, you might want to consider other options.
What other types of financing does TD Bank offer?
In addition to secured and unsecured term loans, your business can also find the following products at TD Bank.
| Loan | How it works | Amounts | Terms | Type of interest rate |
|---|---|---|---|---|
|
Line of credit
|
Draw cash up to your credit limit as needed for working capital.
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$25,000 – $500,000
|
Revolving
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Variable
|
|
SBA 7(a) loan
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Government-backed loans for most business uses for businesses that don’t have enough assets for a TD Bank loan or want a long term.
|
Up to $5 million
|
Up to 25 years
|
Fixed
|
|
SBA 504 loan
|
Government-backed loans to purchase real estate or equipment.
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No limits for first mortgage. Second mortgages are capped at $5 or $5.5 million, depending on the industry
|
Up to 20 years with 25-year amortizations
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Fixed
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Commercial mortgage
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Funding for buying property and refinancing commercial real estate loans.
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Up to $1 million
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5 year terms with 20-year amortization
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Fixed
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Pros and cons
TD Bank might offer a good deal to an established business. But weigh the costs and benefits before you make a decision.
Pros
- Loans up to $1 million
- Online application available for loans up to $100,000
- Secured and unsecured loans
- More transparent about product details than other large banks
Cons
- No loans under $10,000
- Doesn’t disclose rates online
- No online application over $100,000
- Must be located near a branch
