Welcome to our complete guide to BB&T business loans! As one of the leading banks in the U.S., BB&T offers a range of financing options to help businesses meet their needs. Whether you’re a small business owner looking to expand your operations or a startup looking for working capital, BB&T has a loan to suit your business needs.
What is BB&T?
BB&T is one of the largest banks in the U.S. and has been serving customers for over 150 years. The bank operates in 15 states and Washington D.C., and offers a range of financial products and services including checking and savings accounts, credit cards, insurance, and loans.
BB&T prides itself on being a community bank that focuses on building relationships with its customers. To this end, the bank has local branches and loan officers who work closely with business owners to understand their needs and provide tailored solutions.
What is a BB&T business loan?
BB&T business loans are a type of financing that businesses can use to fund their operations. The bank offers several types of business loans, including:
Loan Type |
Loan Amount |
Term Length |
|---|---|---|
Small Business Administration (SBA) loans |
Up to $5 million |
10 to 25 years |
Term loans |
$50,000 to $1 million |
1 to 7 years |
Lines of credit |
$10,000 to $1 million |
1 year renewable |
Each loan type has its own eligibility requirements, repayment terms, and interest rates, which we’ll dive into in more detail below.
Why choose a BB&T business loan?
There are several reasons why you might consider a BB&T business loan for your financing needs:
- Flexible loan terms: BB&T offers several loan types with varying term lengths, so you can choose the loan that best fits your business needs.
- Competitive interest rates: BB&T’s interest rates are competitive with other lenders in the market, so you can save money on interest over the life of your loan.
- Tailored solutions: BB&T has loan officers who work closely with business owners to provide tailored financing solutions that meet their unique needs.
- Expertise: BB&T has been serving businesses for over 150 years, which means they have a wealth of experience and knowledge to support your financing needs.
Eligibility requirements for BB&T business loans
SBA loans
BB&T is an approved lender for the Small Business Administration (SBA) and offers several SBA loan programs, including the 7(a) loan program, the 504 loan program, and the SBA Express loan program.
To be eligible for these loans, your business must meet the SBA’s size standards, which vary by industry. Additionally, you must have a good credit score, a solid business plan, and collateral to secure the loan.
Term loans
To be eligible for a BB&T term loan, your business must:
- Be in operation for at least 2 years
- Have a credit score of at least 680
- Have annual revenue of at least $250,000
- Be a for-profit business
- Not have any bankruptcies or foreclosures in the past 3 years
Lines of credit
To be eligible for a BB&T line of credit, your business must:
- Have a credit score of at least 680
- Have annual revenue of at least $250,000
- Be a for-profit business
- Not have any bankruptcies or foreclosures in the past 3 years
How to apply for a BB&T business loan
The application process for a BB&T business loan varies depending on the loan type you choose. In general, the process involves:
- Fill out an application: You can apply for a BB&T business loan online or in person at a local branch. The application will ask for information about your business, including your revenue, expenses, and assets.
- Provide documentation: BB&T will require documentation to verify the information you provided on your application. This might include financial statements, tax returns, and business licenses.
- Wait for approval: Once you submit your application and documentation, BB&T will review your information and make a decision on your loan request.
- Sign the loan agreement: If you’re approved, you’ll need to sign a loan agreement that outlines the terms of the loan, including interest rate, repayment terms, and any fees.
- Receive funding: Once you sign the loan agreement, BB&T will disburse the funds to your business.
FAQs
1. Can I use a BB&T business loan to start a new business?
Yes, you can use a BB&T business loan to start a new business. However, you’ll need to have a solid business plan and meet BB&T’s eligibility requirements.
2. How long does it take to get approved for a BB&T business loan?
The approval process for a BB&T business loan varies depending on the loan type and your creditworthiness. In general, you can expect to hear back within a few business days to a week.
3. What interest rates can I expect with a BB&T business loan?
Interest rates for BB&T business loans vary depending on the loan type, your creditworthiness, and other factors. Typically, interest rates range from 5% to 10%.
4. How much can I borrow with a BB&T business loan?
The amount you can borrow with a BB&T business loan depends on the loan type, your creditworthiness, and your business’s financials. Generally, loans range from $10,000 to $5 million.
5. Can I pay off my BB&T business loan early?
Yes, you can pay off your BB&T business loan early without penalty. In fact, paying off your loan early can save you money on interest charges.
6. What collateral do I need to secure a BB&T business loan?
The collateral required to secure a BB&T business loan depends on the loan type and your business’s financials. Generally, collateral can include equipment, real estate, and/or accounts receivable.
7. Can I get a BB&T business loan if I have bad credit?
BB&T does have minimum credit score requirements for its business loans, but the specific requirements vary depending on the loan type. If you have bad credit, you may still be able to qualify for a line of credit or a secured loan.
8. What fees does BB&T charge for its business loans?
BB&T charges fees for its business loans, including origination fees, application fees, and late payment fees. The specific fees vary depending on the loan type and size.
9. Do I need a co-signer to get a BB&T business loan?
A co-signer is not typically required for a BB&T business loan, but may be requested if your creditworthiness is not strong enough to qualify on your own.
10. How long does it take to receive funding from a BB&T business loan?
The time it takes to receive funding from a BB&T business loan varies depending on the loan type and amount. In general, you can expect to receive funding within a few business days to a few weeks.
11. Can I refinance my existing business loan through BB&T?
Yes, BB&T offers business loan refinancing options to help businesses save money on interest charges and improve their cash flow.
12. What industries does BB&T provide business loans for?
BB&T provides business loans for a wide range of industries, including healthcare, manufacturing, retail, and professional services.
13. How can I contact BB&T for more information about its business loans?
You can contact BB&T by phone, email, or in person at a local branch to learn more about its business loan options and eligibility requirements.
Conclusion
Whether you’re a new business owner or an established one, a BB&T business loan can help you achieve your goals. With a range of loan types, competitive interest rates, and personalized service, BB&T can help you find the financing solutions you need to succeed.
If you’re interested in learning more, contact BB&T today to speak with a loan officer and start your application process.
Closing Disclaimer
The information provided in this article is for informational purposes only and should not be construed as financial advice. We recommend that you consult with a financial advisor to determine the best financing options for your specific business needs. BB&T is not responsible for any errors or omissions in the information provided.