People’s Bank Business Loans, Summarized
- SBA loans
- Business term loans
- Business lines of credit
- Equipment financing
- Commercial mortgages
- Business credit cards
- Also see People’s Bank commercial loans for larger amounts of business financing
If you’ve lived or done business in New England at any point since People’s Bank was founded in 1842, then odds are you’re familiar with the tried-and-true financial institution. Indeed, People’s Bank is a regional go-to for many Northeasterners looking for financial solutions. But are People’s Bank business loans a good option for small business owners searching for financing?
We’ve compiled a guide to help you figure out the answer to this question for yourself. From forms of funding as complicated as SBA loans to those as simple as business credit cards, the People’s Bank business loan suite has a lot to offer. So, let’s dive into the details on all there is to know about People’s Bank business loan options.
People’s Bank Business Loan Options
The People’s Bank small business loan suite consists of six different funding options for you to look into. All of these options will require you to visit a People’s Bank branch to apply for funding, so if you’re based outside of the Northeast, we suggest you skip ahead to the top, non-regional alternatives to People’s Bank business loans. Otherwise, be sure to consider these funding options, as People’s Bank business loans could very well offer up some of the best rates available to you.
People’s Bank SBA Loans
Other than the fact that they do indeed offer SBA loans, People’s Bank doesn’t provide many details on their SBA lending offerings. Unfortunately, you’ll need to make a trip to a People’s Bank branch or take the time to contact one of their business banking experts to get more information on which SBA loan programs they participate in, what they require of borrowers, and how long they typically take to fund SBA loans.
People’s Bank Business Term Loans
On the other hand, this traditional lender makes public more information about People’s Bank business term loans than they do about their SBA lending. For one, these People’s Bank small business loans can come with repayment terms of as long as 10 years. Additionally, People’s Bank business term loans can be either secured or unsecured by collateral. Borrowers will also access either fixed or variable APRs for this funding option. Plus, if you have a business checking account from People’s Bank, they’ll automatically debit your monthly payments.
Nonetheless, because underwriting is based off of what People’s Bank calls “local decision making” for their business term loans, there’s no way to tell how likely you are to qualify for this type of People’s Bank business loan until you take the time to visit a branch and apply.
People’s Bank Business Lines of Credit
Alternatively, if you need more sustained access to capital—and you don’t mind a shorter-term form of funding—then consider People’s Bank business lines of credit. Although they don’t provide details on the exact terms they offer for their business lines of credit, they do disclose that their business line of credit offers a revolving credit limit from which you can make multiple draws at a time. However, that’s true of most business lines of credit on the market these days
Again, though, whether or not you qualify for a People’s Bank business line of credit will be based on “local decision making,” so you’ll need to visit your closest People’s bank branch to find out whether or not you qualify.
People’s Bank Equipment Financing
People’s Bank equipment financing is where it gets a little more complicated. Two subsidiaries handle People’s Bank equipment financing: People’s Capital and Leasing Corporation provides equipment financing of over $250,000 with repayment terms of three to 15 years. Meanwhile, People’s United Equipment Finance Corp provides equipment financing specifically for construction, transportation, and refuse businesses.
People’s Bank Commercial Mortgages
If you need capital to invest in commercial real estate, there’s a People’s Bank business loan for that, as well. People’s Bank commercial mortgages can come with repayment terms of up to 20 years long, and they can be secured by either commercial and even residential real estate. This type of People’s Bank business loan will also be determined by local decision making, so you’ll need to visit your People’s Bank branch to learn more about this product and apply if it’s the right fit.
People’s Bank Business Credit Cards
Finally, if you’re looking for credit, then you should definitely consider the two People’s Bank business credit cards. One People’s Bank business credit card—the Business Advantage Card—offers credit of up to $25,000, while the other—the BusinessCard—offers credit of $25,000 and above.
Also Consider People’s Bank Commercial Loans
If you’re looking for larger amounts of funding from a People’s Bank business loan, then you should definitely consider your People’s Bank commercial lending options. People’s Bank commercial finance department offers up much larger sums of capital than People’s Bank small business loans can. According to their website, their commercial lending program handles financing amounts of $1,500,000 or more in multiple forms like:
- Real estate financing
- Equipment loans
- Asset-based lending
- Warehouse lending
Essentially, if you need larger-scale financing than People’s Bank business loans can provide, then People’s Bank commercial loans can be your next stop.
Top People’s Bank Small Business Loans Alternatives
Not quite convinced that any of the People’s Bank business loans or commercial loans are right for your business needs?
That’s okay—there’s a whole market of business funding options out there, each offering their own unique spin. Plus, most of your alternatives will fund much quicker and be much easier to qualify for than People’s Bank business loans.
If you’re not perfectly qualified, you’re looking for quick funding, or you simply don’t do business near a People’s Bank branch, consider these top three alternatives to People’s Bank business loans.
Fundation Business Term Loans and Lines of Credit
If you’re looking for a business term loan or a business line of credit, then the alternative lender Fundation is a solid People’s Bank alternative for you. Though Fundation won’t necessarily be able to compete with the rates that small business loans from banks can offer, they can fund a wider variety of borrowers—and do so with much more urgency. In fact, Fundation can often fund qualified applications within a day if you’re able move quickly with the required documents.
Before you jump to fill out an application for Fundation, though, make sure you and your business fulfill all of their minimum eligibility requirements:
- Annual revenue of at least $100,000
- A personal credit score of at least 660
- At least a year in business
- A business address (rather than a home address)
If you check off all four of these requirements—and you need affordable funding quickly—then we urge you to consider applying for a Fundation business term loan or business line of credit.
Balboa Capital Equipment Financing
Alternatively, if you’re looking for a People’s Bank business loan specifically for purchasing equipment, then we suggest you look into Balboa Capital. This alternative lender provides equipment loans ranging from $2,000 to $500,000 with two- to five-year repayment terms and rates as low as 3.99%.
If you’re interested in this People’s Bank business loan alternative, just make sure you fulfill all of their minimum requirements before you move forward with applying:
- At least $100,000 in annual revenue
- A personal credit score of at least 600
- At least a year in business
Sound like your business? Great! If you end up funding with Balboa Capital equipment financing, you could see the funds in as little as less than a day.
SBA Loans Through Fundera
Finally, if you’re hunting for People’s Bank business loans because you want an SBA loan for your business, then you should consider applying for funding through us. Although Fundera isn’t a direct SBA lender, we have some of the top SBA lenders on the market in our lender network. And if you qualify for an SBA loan from one of them, we can help package your loan to ensure that you’re funded as quickly as possible. Plus, you won’t have to visit a branch to learn more about your funding options. We’re just a quick, online application away.
The Verdict on People’s Bank Business Loans
Now that you’ve made it through this comprehensive guide to all six of your People’s Bank business loan options, what’s the verdict?
Just like any other bank offering small business loans, People’s Bank can offer pretty stellar rates and terms—if you’re able to qualify for a People’s Bank business loan in the first place. Unfortunately, banks’ small business loans are notoriously hard to qualify for. So much so, that this dearth in funding access has spawned a whole new breed of alternative small business lenders.
Plus, if you need funding fast, then the People’s Bank business loan application and underwriting processes will likely take too long to address your need for quick funding.
So, unless you’re a hyper-qualified small business with a lot of time to wait on the capital you need, we suggest you at least consider the People’s Bank business loan alternatives that we highlight above.