The 6 Equity Bank Business Loans
- SBA 7(a) loans
- Term loans
- Business lines of credit
- Equipment financing
- Commercial real estate loans
- Business credit cards
If you’re running a small business in Kansas, Missouri, Arkansas, or Oklahoma, then you might be considering financing your small business with Equity Bank business loans. As with any regional bank, Equity Bank will be able to offer some pretty ideal terms for business loans—if your business is able to qualify for funding in the first place.
That’s a big if, especially when you consider that you need to visit an Equity Bank branch to apply for a business loan from them. If you don’t operate near an Equity Bank branch, then you’ll need to look elsewhere for small business bank loans.
However, if you have an Equity Bank branch nearby, and you and your business is extremely well-qualified, then one of the Equity Bank business loans could very well be a top option for your business funding needs.
Let’s take a look at the details on each of the six business loan options that Equity Bank offers.
Equity Bank Business Loans: 6 Different Options
There are six different forms of business funding that Equity Bank offers to businesses in Kansas, Missouri, Arkansas, and Oklahoma. Much like most bank small business loan suites, Equity Bank business loans come in the form of more traditional loan products—you’re not going to be able to do same-day, automated underwriting invoice financing here.
That said, if you’re able to put in the time and effort it will take to apply for Equity Bank business loans, then they could offer up affordable rates that less traditional lenders won’t be able to compete with.
Let’s take a look at all of the options you have with Equity Bank business loans:
1. SBA 7(a) Loans
You can use the proceeds of an SBA 7(a) loan for almost any business expense, be it working capital, equipment purchases, or real estate purchases. And your repayment term length will depend on what you intend to use your loan for: SBA 7(a) loans can have repayment terms as long as seven years for working capital loans, 10 years for equipment purchases, and 25 years for real estate purchases.
SBA 7(a) loans adhere to the terms and conditions that the SBA dictates, so this product won’t differ much from lender-to-lender. Nonetheless, if you already work with Equity Bank, accessing an SBA 7(a) loan through them could be a good idea—a pre-existing relationship with the bank could fortify your business loan application.
2. Term Loans
If you’re looking for the most straightforward Equity Bank business loan possible, then business term loans could be your best option. Though Equity Bank doesn’t publicly offer many concrete details on their term loan product, we can assume a few things based on its fundamental nature as a term loan. For one, this Equity Bank business loan will come in the form of a lump sum that your business will pay back, plus interest, through monthly payments.
Additionally, because this Equity Bank business loan is a term loan from a bank, we can assume that it will offer up pretty ideal terms: Term loans from banks typically offer repayment terms of five years or longer and APRs between 3% and 6%.
That said, these types of Equity Bank business loans will also likely be pretty tough to qualify for: About 80% of small business owners who apply for bank loans get rejected.
3. Business Lines of Credit
Another Equity Bank business loan option to look into is their business line of credit. Business lines of credit offer a credit limit from which businesses can draw capital as needed. Once a borrower draws capital from the business line of credit, they’ll repay that capital, plus interest, over an agreed-upon repayment schedule.
Again, though, Equity Bank doesn’t offer much practical information on this funding option, so you’ll need to visit an Equity Bank branch to learn about rates, terms, and credit limits. That said, one concrete detail that Equity Bank does provide about their line of credit product is that it’s subject to annual renewal. This means that, every year, you’ll likely have to re-apply to keep an Equity Bank business line of credit open, which isn’t necessarily the case for other business line of credit options.
4. Equipment Financing
Equity Bank business loans also offer an equipment financing option. Through equipment financing, businesses can access funding for the purchase of a piece of equipment. The equipment that’s purchased with the proceeds of the loan will, in turn, act as collateral for the loan itself.
Equity Bank is staffed with bankers that have worked with a variety of different forms of equipment financing, like agribusiness equipment purchases, heavy-duty trucks, and even medical equipment.
Nonetheless, the persistent flaw of Equity Bank business loans applies to this option too: They don’t provide any information on the rates or terms of this loan option, so you’ll need to visit a branch or call in to get more details.
5. Commercial Real Estate Loans
Alternatively, if you’re looking for a business loan specifically for investing in commercial real estate, there’s an Equity Bank business loan for that, too. Equity Bank offers commercial real estate loans to business owners who need capital for purchasing or improving property. Once more, Equity Bank makes their business loan decisions locally, so the only way to get more information on what rates, terms, and amounts you can access through this type of Equity Bank business loan is by visiting the bank.
6. Equity Bank Business Credit Cards
Finally, Equity Bank also offers business credit cards. Though you won’t necessarily be able to access business capital through one of these business credit cards, a credit line on an Equity Bank business credit card could seriously up your business’s spending power.
Equity Bank offers four different credit cards:
- Visa Business Cash Card offers tiered cash back rewards and a $25 intro bonus.
- Visa Business Real Rewards Card comes with 1.5x unlimited rewards and 2,500-point intro bonus.
- Visa Business Rewards Plus Card offers tiered rewards rates and a 20,000-point intro bonus.
- Visa Business Platinum Card is a non-rewards card that offers low interest rates.
Equity Bank Business Loan Requirements
Like the limited information you’ll be able to find online for rates, terms, and amounts that Equity Bank business loans offer, the Equity Bank business loan requirements aren’t readily available online. Generally speaking, business lenders will publicly disclose the minimum requirements they have for small business borrowers so that unqualified businesses don’t apply in vain. Equity Bank, along with many other regional banks, doesn’t follow this convention, so it’s tough to pin down the minimum Equity Bank business loan requirements.
To give you an idea of what you’re working with, most bank lenders look for the following credentials from potential borrowers:
- A personal credit score of at least 700
- Ideally two years in business
- Annual revenues of at least $100,000
Equity Bank doesn’t disclose the documents you’ll need to have to apply for a business loan, either. Generally speaking, bank lenders, like Equity Bank, require the following documents to apply for a business loan from them:
- Résumé and personal background of any owner with a 20% or greater share
- Business plan
- Personal tax returns
- Business tax returns
- Financial statements
- Bank statements
- Intended use of loan
- Debt schedule
- Statement of collateral
- Legal documents like licenses and articles of incorporation
Equity Bank Business Loan Alternatives
Thinking that none of the Equity Bank business loans are quite the right fit for your business? Whether it’s the lack of transparency or the strict Equity Bank business loan requirements that come with this funding option, Equity Bank might not be your best source of funding.
Luckily, there’s a market full of Equity Bank business loan alternatives for you to look into. Here are the top four alternatives to Equity Bank business loans for you to consider:
If you’re looking for business term loans or lines of credit, then we suggest you check out Fundation. This online lender offers business loans and credit limits of as much as $350,000 with repayment terms of one to four years and interest rates as low as 7.9%.
To be eligible for Fundation funding, you’ll simply need the following minimum requirements:
- $100,000 in annual revenue
- Personal credit of at least 660
- At least a year in business
- A business address (rather than a home address that you operate your business out of)
And if you qualify for a term loan or business line of credit from Fundation, then they can fund your application within a day. Although there’s no way to tell how long Equity Bank business loans will take to fund, odds are that Fundation can fund your business much more quickly.
If you’re looking for an Equity Bank business loans alternative that can also offer you equipment financing, look to Balboa Capital. This alternative lender offers equipment financing of up to $500,000 with repayment terms of two to five years and interest rates as low as 3.99%.
To be eligible for this alternative to Equity Bank business loans, you’ll simply need to check off the following boxes:
- At least $100,000 in annual revenue
- Personal credit of at least 600
- At least a year in business
Better yet? Despite the additional underwriting that equipment financing tends to require, Balboa Capital can fund qualified applications within a day.
Finally, if you’re looking for an alternative to Equity Bank business loans that will be more accessible for less-qualified businesses without breaking the bank, look to Kabbage business lines of credit.
The online lender Kabbage offers short-term lines of credit of up to $250,000 with repayment terms of six months or a year. Kabbage interest rates are frontloaded, so if you have a six-month repayment term, your first two months of repayment will have a 1.5%-10% interest rate, and the remaining four months will have a 1% interest rate. If you have a one-year repayment term on your Kabbage line of credit, your first four months will have a 1.5%-10% interest rate, and the remaining eight months will have a 1% interest rate.
To be eligible for a Kabbage business line of credit, you’ll just need the following credentials:
- At least $50,000 in annual revenue
- A personal credit score of at least 550
- At least a year in business
And because Kabbage has automated their underwriting processes, many qualified borrowers are able to access their Kabbage line of credit within hours of applying for funding.
Equity Bank Business Loans: The Verdict
Now that you’ve made it through our complete Equity Bank business loans review, what’s the verdict? Well, that’s up for you to decide: You’ll need to gauge whether or not you meet the Equity Bank business loan requirements and whether or not you have the time to wait for funding. Unfortunately, because Equity Bank doesn’t make public many details on their business loan products, it will be tough to gauge whether or not this option is right for you. Nonetheless, if you have a pre-existing relationship with the bank and you’re highly qualified, Equity Bank business loans could be one of your most affordable funding options to choose from.