Want to Fund with a BB&T Business Loan? Read This Guide First.
When you’re searching for a small business loan, your knee-jerk reaction might be to visit your bank at its nearest branch. And this logic might have lead you to considering BB&T business loans as your one and only options for funding your small business.
And while this knee-jerk reaction isn’t necessarily the wrong way to go, it’s also crucial that you have an idea of all of your options when it comes to funding your business. Luckily, you’re in the right spot to do that.
Here’s your ultimate guide to figuring out whether BB&T business loans are the right choice for your business.
Who is BB&T, and What Are BB&T Business Loans?
So, who is this BB&T we’re speaking of?
Well, BB&T is one of the oldest and largest banks in the nation. And despite their size, ever since the began in 1872, they’ve been looking out for American businesses of all scales.
And their small business loans are pretty illustrative of that.
Let’s take a look at the 4 types of BB&T business loans that small business owners can access.
Business Advantage Installment Loan
With this BB&T business loan, you’ll be able to fund any costs from growing and expanding your business to refinancing and consolidating your pre-exiting debt.
Through the Business Advantage Installment Loan, you’ll be able access loan amount of up to $100,000 that will always come with monthly payments of both principal and interest.
Business Advantage Credit Line
With this BB&T business loan option, you’ll be able to access a credit limit with a wide range of features. If you opt for an unsecured line of credit, you can access limits as high as $50,000. Whereas, if you offer up collateral like real estate or savings—to name a few—you’ll be able to access credit limits as high as $100,000.
Plus, you’ll have the flexibility of potential terms that can range anywhere from 12 months to 15 years with BB&T’s Business Advantage Line of Credit.
Small Business Equipment Loan
Next up on your BB&T business loan options is their BB&T Small Business Equipment Loan.
Through this kind of BB&T business loan, you can access anywhere from $10,000 to $250,000 to buy that piece of equipment your business needs to grow. When you purchase the equipment with the loan proceeds, the equipment will act as a form of collateral securing your loan.
As you use your equipment for day-to-day use, you’ll repay your equipment loan through monthly payments of both principal and interest.
Your 4th and final BB&T business loan options is their SBA Loans. These small business loans will offer you some of the highest loan amounts, the longest repayment terms, and the lowest interest rates on the market.
Depending on which of the 4 SBA programs you decide to apply for, you could potentially access loan amounts of up to $5,000,000.
The Top Alternatives to BB&T Business Loans
That all sounds pretty nice, right?
BB&T and other banks offer top of the line financing for small business owners who qualify. If you do think you’ll qualify for a bank loan, compare your financing options at other banks. Some other bank options to consider are Bank of America business loans, US bank business loans, PNC business loans, or TD Bank business loans.
Well, though the terms that BB&T business loans offer might be nice in theory, in practice, they do come with some pretty notable downsides. For one, by nature of coming from a bank, BB&T business loans are pretty difficult to qualify for. Ever since the financial crisis, banks have seriously tightened their standards for lending to small businesses. As such, only the most qualified small businesses will be able to qualify for small business loans from banks.
Additionally, BB&T small business loans’ application and underwriting processes are seriously behind the times. You’ll have to go visit a branch in person to apply, and because there’s so little automation involved, you could end up waiting weeks, if not months, to get your hands on any BB&T business loan that you end up qualifying for.
So, no matter how wonderful BB&T business loans might seem, they’re of no help to you if you can’t qualify, or even if you can’t fund in time to take care of the expense you need to address.
But, not to worry—there are plenty of fast-funding, easily-accessed funding alternatives to BB&T business loans out there. Let’s take a look at the top alternative to each type of BB&T business loans out there.
For Installment Loans, Try Funding Circle
First up in our list of the top alternatives to BB&T business loans is the term loan from Funding Circle. This peer-to-peer lender offers a installment business loan that can compete with even the best small business bank loan, and can fund in far less time.
Let’s see the details on this BB&T business loan alternative.
- Loan amounts ranging from $25,000 to $500,000
- Repayment term lengths as long as 5 years but never less than 1 year
- Loan rates as low as 5.49% and up to 27.79%
- A personal credit score of at least 620
- At least 24 months in business
Funding Circle Term
If you decide to fund with a term loan from Funding Circle, you’ll gain access to the following ranges of potential loan terms:
Funding Circle Requirements
If these terms sound like just what you’re business needs, you’ll need to make sure that you’re eligible for this loan product before you dive into the application process.
The minimum requirements that Funding Circle sets for its borrowers are the following 2 qualifications:
Funding Circle Funding Speed
Does it sound like you fit the bill for a Funding Circle term loan?
Great! If you move quickly, so can they. In fact, Funding Circle can get you an offer as quickly as 5 days.
For Lines of Credit, Try Kabbage
Next up on our list of top alternatives to BB&T business loans is the line of credit from Kabbage. This online lender specializes in lines of credit for small businesses and can fund your application much more quickly than any bank can. Plus, you’re far more likely to even get funding with Kabbage than your bank, because their lending standards are much less strict.
Here are all the details on this alternative to BB&T business loans.
- Credit limits that can be as low as $2,000 and as high as $150,000
- Repayment term lengths from 6 months to 12 months
- Loan rates in the form of a flat monthly fee of anywhere from 1.5% to 10% of your remaining loan amount
If you qualify for Kabbage’s line of credit, your funding will come with the following ranges of terms:
If you’re eager to take advantage of the terms that Kabbage’s line of credit offers, you’ll need to ensure that you’re eligible for this BB&T business loan alternative before applying for it.
Kabbage’s minimum requirements are slight, so you’ll just have to have at least 3 months of business under your belt in order to eligible for their line of credit.
Kabbage Funding Speed
Because Kabbage’s application process involves so little paperwork and their underwriting process is so automated, they can often fund applications within a matter of hours.
In fact, Kabbage is one of the quickest-funding lenders out there.
For Equipment Loans, Try Direct Capital
Are you looking for an alternative to BB&T business loans that also offers equipment financing?
Let’s see the details on what Direct Capital’s equipment financing can offer your business.
- Loan amounts up to $250,000
- Term lengths of 12 months at the shortest and 72 months at the longest
- Loan rates as low as 5.49%
- A personal credit score of 620
- At least 2 years in business
- At least $150,000 in annual revenue
Direct Capital Terms
If you qualify to finance a piece of new equipment with Direct Capital, you’ll gain access to the following ranges of terms:
Direct Capital Requirements
Before moving forward in pursuing Direct Capital’s equipment financing, though, you and your business will need to come to the table with a few minimum requirements.
As long as you’ve got the following 3 qualifications under your belt, you’re eligible for this alternative to BB&T business loans:
Direct Capital Funding Speed
Finally, if everything checks out for you and Direct Capital’s equipment financing, it’s time to apply!
If you’re able to move quickly with paperwork and correspondence, then Direct Capital can get you an offer in as little as a single business day.
For SBA Loans, Try SmartBiz
Last but certainly not least, the SBA loan marketplace SmartBiz rounds out our list of the top BB&T business loans alternatives.
This loan marketplace can help connect you to the very best SBA lender out there for your business’s financial needs, and the proof is in the details. Let’s take a look.
- Loan amounts anywhere from $30,000 to $350,000
- Repayment terms of 10 years as a standard
- Loan rates that will land somewhere around 6.25% to 7.25%
- A personal credit score of at least 600
- At least 24 months in business
- At least $100,000 in annual revenue
SmartBiz can connect your business with an SBA lender who can provide your small business funds with the following ranges of terms:
Sounds pretty great right?
Well, unfortunately, even though SmartBiz will better your chances, SBA loans remain one of the most difficult types of funding to qualify for. In order to work with SmartBiz, you’ll need to meet the following 3 minimum qualifications:
SmartBiz Funding Speed
If SmartBiz sounds like the perfect alternative to BB&T business loans for you, then you’re in luck! This is one of the quickest-funding SBA loan sources out there. In fact, if you’re able to quick and efficient in the application process, SmartBiz can fund you in as little as 5 days.
Frequently Asked Questions
The Bottom Line
So, with all of the necessary information laid out in front of us, the question still stands—are BB&T business loans the right move for your small business?
Well, just like any small business loans from a bank, BB&T business loans will always be a double-edged sword. For one, they offer some pretty nice terms. However, they can take far too long to fund, and that’s if you’re even able to qualify for them in the first place.
The way we see it?
There are too many funding sources out there than can offer you similar, if not better, terms that are more likely to fund you, and to do it quickly.