Which Is the Best Bank for Business Loans?

Determining the best bank for business loans is a challenge for every founder. From matching the bank to the loan type to building a relationship with a local credit union, here are seven answers to the question, “Can you share your experience and the bank you used to get a business loan?”

• Find a Bank that Matches Your Loan Type
• Capital Bank
• Wells Fargo
• Citibank
• JPMorgan Chase
• Bank of America
• Local Credit Unions

Find a Bank that Matches Your Loan Type

Depending on the type of loan you’re seeking, there are various banking options available to business owners. From big traditional banks to small credit unions, each one offers a variety of lending products and services tailored to meet your specific needs.

When choosing a bank for a business loan, it’s important to look at their interest rates, repayment terms, and other features that help you determine which one is best for your company. Your experience with a particular bank will also play a major role in which one you choose.

Aviad Faruz, CEO, FARUZO

Capital Bank

My experience with obtaining a business loan has been positive. I used Capital Bank to get the loan, which was fast and easy, from start to finish.

The team at the bank was very helpful in reviewing my application and providing me with flexibility and options. They understood small businesses don’t always have everything perfect and in place, yet still worked with me to find the best way forward given my circumstances. It speaks volumes of their commitment to businesses in the community, and I’m grateful for them allowing me to pursue my dreams of owning a business.

Lorien Strydom, Executive Country Manager, Financer.com

Wells Fargo

I have done the research and have heard great things about Wells Fargo. I’ve recently consulted with a business owner friend who needed a small business loan for an LLC, and we asked Wells Fargo for their requirements. They have been very friendly and helpful to us, but also straightforward about what they will do and what they are not willing to do.

Finally, my client decided not to get the loan, but we learned if needed, we would go back to Wells Fargo. We would do the process online, which should be much easier and faster according to what they explained to us.

Luciano Colos, Founder and CEO, PitchGrade

Citibank

For my business loan, I went with Citibank. The process was straightforward, and I could easily understand all the terms and conditions of the loan. They also offered competitive rates and their customer service was great—someone was always available to help should I need it. Overall, my experience with Citibank for obtaining a business loan was very positive.

Martin Seeley, CEO, Mattress Next Day

JPMorgan Chase

Many times, choosing a bank for a business loan can be a challenging task. But luckily, I came to know about the best bank and had a pleasant experience getting a business loan.

JPMorgan Chase offers a variety of products for business owners, such as checking accounts, credit cards, and various payment solutions. Here are some useful features I picked up:

1. SBA Loans: It provides multiple types of SBA loans, including SBA Express loans.
2. Term Loans: The most beneficial thing I found is that you can get a loan for one to seven years.
3. Business Lines of Credit: JPMorgan Chase has business and commercial lines of credit. I know about these three because I used these services, but they may offer more.

Yogesh Kumar, Digital Marketing Manager, Technource

Bank of America

My experience with Bank of America overall was positive. The process was uncomplicated—it started with an online application and I received a response within 48 hours. From there, the bank sent me a list of documents I needed to provide in order to complete the application, including financial statements and tax returns.

The process took a few weeks, but I received the loan in the end. The interest rate was competitive, and they provided me with a very helpful representative who answered all my questions.

Matt Teifke, CEO, Teifke Real Estate

The Best Bank for Business Loans Might be Your Local Credit Union

Over five years ago, we dropped our giant bank and moved to Redwood Credit Union, which has over $5 billion in assets and serves San Francisco up to the North Coast of California.

We’re a multi-state company, but our headquarters being in San Francisco was all they needed for us to qualify. Since then, RCU has helped us with everything from financing short-term projects to securing a jumbo expansion loan.

What I love most about them is that you can actually have conversations with the people making the final decision on your loan. For our expansion, they reviewed our business plan, talked with us about our projections, and even visited the office.

With conglomerates, you’re a number on an application that runs through an algorithm. But RCU takes an interest in your business succeeding and looks at your vision for where you want to take your business. I would recommend that any small to midsize business find a local credit union and start building a banking relationship with them.

Jason Bland, Co-Founder, Custom Legal Marketing