Choose the financing option that best suits your business needs.

  • Best for businesses looking to establish a banking relationship with a large lender.
  • Pick something else if you want to apply online.

$1,000,000

Max. Amount

Details

Product Name US Bank Business loans
Max. Amount $1,000,000
Loan Term 5 to 25 years
APR 17.99% to 6.49%
Requirements At least two years in business and good to excellent personal credit score

 

Application Criteria

  • Proof of steady annual revenue
  • Business tax identification number, if applicable
  • Annual net profit and gross sales
  • List of current outstanding debt obligations

Special rates for businesses affected by the coronavirus outbreak

As of March 18, 2020, U.S. Bank offers two products at reduced rates to help small businesses affected by the COVID-19 outbreak:

  • Quick Loan. Your business may be eligible for an interest rate 2% lower than the standard rate you’d qualify for. This oan allows you to borrow between $5,000 and $250,000 with terms of one to seven years for general business purposes.
  • Cash Flow Manager. Your business may be eligible for an interest rate 1% lower than the standard rate you’d qualify for. This line of credit allows you to withdraw funds as needed, with limits ranging from $10,000 to $250,000.

For business customers that also have personal accounts, Simple Loan rates are reduced to $6 per $100 borrowed. Personal loan rates are reduced to 2.99% APR.

How much will this loan cost my business?

A term loan from U.S. Bank comes with an APR of 6.49% to 17.99%. Because your business can borrow up to $1 million — and typical terms aren’t listed online — the actual cost of your loan can vary greatly based on your business’s needs.

To get a better idea of how much your business might pay, use the calculator below to test different loan terms, loan amounts and APRs.

Monthly repayments calculator

Calculate how much you could expect to pay each month

Your loan
Loan amount
$
Loan terms (in years)
Interest rate
$%

Fill out the form and click on “Calculate” to see your estimated monthly payment.

or

Compare business loans now

How it works

The fees and interest rate your business receives depends on its annual revenue, time in business and your personal credit score, among other factors. To get the best deal, your business will need to demonstrate the ability to repay your loan — alongside a history of successful loan repayments.

What do I need to qualify?

To apply for a business loan from U.S. Bank, you must meet the following requirements:

  • Good to excellent personal credit score
  • At least two years in business

Other requirements depend on the type of business loan you’re applying for.

What information do I need to apply?

To complete an application with U.S. Bank, you must provide basic personal and financial information that includes:

  • Proof of steady annual revenue
  • Business tax identification number, if applicable
  • Annual net profit and gross sales
  • List of current outstanding debt obligations

What industries does U.S. Bank work with?

U.S. Bank doesn’t work with businesses involved in industries that include:

  • Adult entertainment
  • Bearer shares
  • Debt resolution companies
  • Drug paraphernalia
  • Internet gambling
  • Shell banks
  • Virtual currency dealers

What other types of financing does U.S. Bank offer?

U.S. Bank offers a variety of financing options for businesses at all stages of development.

Term loans

Beyond its standard term loan, U.S. Bank also has two other term loan options:

  • Quick Loan. U.S. Bank Quick Loans are the only loan you can apply for online. Your business can borrow up to $250,000. Terms and collateral requirements are flexible, and an approval decision is typically made within 24 hours.
  • Equipment financing. Loans are available for up to $500,000 or 125% financing, including soft costs. U.S. Bank equipment loans are one of the few options with a preapproval process, and they can be used to purchase multiple pieces of equipment at one time.

Invoice financing

U.S. Bank partners with LSQ to purchase your unpaid invoices. Funding may be available as soon as the same business day to help limit gaps in cash flow.

However, fees aren’t disclosed online. You’ll need to contact U.S. Bank or LSQ for details on its invoice finance program.

SBA Loans

U.S. Bank is a Preferred SBA Lender, which means faster turnaround on four SBA-backed loans:

  • SBA Express Loan
  • SBA 7(a) Business Loan
  • SBA 7(a) Real Estate Loan
  • SBA 504 Real Estate Loan

Find out if your business qualifies for an SBA loan

Lines of credit

U.S. Bank has three lines of credit to help fund different aspects of your business:

  • Cash Flow Manager. The Cash Flow Manager line of credit is good for short-term expenses and periods of slow cash flow. Credit limits stretch up to $250,000.
  • Standard business. The Business Line of Credit is secured and has a maximum credit limit of $500,000. Interest-only payments are available for draws of $100,000 or more.
  • Business equity. The Business Equity Line of Credit has a maximum credit limit of $500,000 and is secured by the equity in your business’s property. Interest-only payments are standard, and revolving terms are available for up to five years.

Commercial real estate

U.S. Bank offers two types of commercial real estate loans:

  • Owner-occupied commercial loans. Use the equity in your current business property to expand your business. U.S. Bank offers variable and fixed rates on loans with terms of 5, 10 and 15 years.
  • Investment property loans. If you’re looking to purchase a property for mixed use, U.S. Bank offers terms of 5, 10 and 15 years — with amortization for up to 25 years.

Pros and cons

Pros

  • Rate discounts for current U.S. Bank customers
  • Relatively low maximum rate of 17.99%
  • Multiple resources on starting and growing a business

Cons

  • No online application for most business loan options
  • No preapproval process for most products
  • Low maximum loan amount of $1 million

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *