BB&T Bank is one of the largest financial services companies in the U.S.—it operates in 15 states and Washington, D.C.—and has been working with small and large businesses alike for over 100 years. Wondering what BB&T has to offer in terms of small business loans?
We’re here to help. In this review, we’ll walk you through everything you need to know about BB&T business loans, including their options, how to qualify, top alternatives, and more.
BB&T has an entire division devoted exclusively to small business borrowing solutions. Within this branch of the bank, they offer small business loans, lines of credit, SBA loans, as well as business credit cards.
That said, although not labeled under their small business borrowing solutions, it’s worth noting that BB&T also provides commercial lending products, as well.
Let’s break down these BB&T business loan options.
BB&T offers both secured and unsecured business term loans that can be used to finance startup costs, maintain cash flow, make improvements, and for a variety of other business expenses.
These BB&T business loans are lump-sum loans with monthly repayments that may have fixed or variable interest rates. You’ll receive a set loan amount with a specified repayment length established at the beginning of the loan process.
Unfortunately, other than these basic details, BB&T doesn’t give additional information about their term loans on their website. Therefore, if you’re interested in a BB&T business term loan, you’ll have to visit a branch or call a representative to learn more.
Next, BB&T offers business lines of credit for their small business customers.
Again, similar to their business loans, they don’t provide too much information about these products upfront. Here are the details they do offer:
As an SBA Preferred Lender, BB&T not only offers SBA loans, but they actually have the ability to expedite the loan process.
According to their website, BB&T allows you to choose from multiple SBA borrowing options, benefit from a lower down payment and more flexible terms, and access competitive rates. They also state that for owner-operated, for-profit companies, their SBA loans can be used for a variety of purposes, including:
With this in mind, although BB&T doesn’t specify which types of SBA loans they offer on their website, we know at the very least they provide SBA 7(a) loans—as they were named on the list of the 100 most active SBA 7(a) lenders.
Although you may not typically consider credit cards under the umbrella of business loans, BB&T does group their business credit cards in with their small business borrowing solutions.
That said, BB&T offers three different business credit cards:
Use our guide to learn more about these BB&T business credit cards in more detail.
As we mentioned above, in addition to these BB&T business loans, there are separate commercial loan options that BB&T offers as part of their commercial lending division.
Once again, BB&T doesn’t go into too much description on their website about all of these different solutions, however, it’s worth mentioning that these products are also available. Overall, BB&T’s commercial lending products include:
Now that you have a better sense of the different types of loans BB&T has to offer, you might be wondering—why choose BB&T over another bank, or another lender?
With that question in mind, let’s review some of the most notable benefits and drawbacks of BB&T business loans.
If you think a BB&T business loan might be right for your business, your next step is to determine how to qualify.
As we mentioned above, BB&T does not disclose their eligibility criteria, however, banks traditionally ask that businesses meet a higher level of loan requirements in order to qualify. With this in mind, you should expect BB&T loan requirements to include:
That said, for any of BB&T’s SBA loans, it’s important to note that you’ll need to meet SBA loan requirements in addition to the general loan requirements set out by BB&T.
To actually apply for a BB&T business loan, you’ll need to visit a local branch or call a representative to start the process.
Although BB&T doesn’t provide access to its loan application online, its “Borrowing Guidelines for Businesses” does offer some insight into what you might expect when preparing and submitting your application. According to their article, you should expect to provide any or all of the following with your business loan application:
Once again, if you’re planning to apply for an SBA loan, remember that you’ll likely need to submit additional documentation and fill out specific SBA forms.
When it comes down to it, it’s hard to get a true overview of BB&T business loans without visiting a branch or talking to one of their representatives.
Therefore, if you’re at all interested in these loan products, we’d recommend taking that step and learning more about the rates, terms, and loan amounts they may be able to offer your business.
On the other hand, however, whether you want access to more information right away or don’t think you’ll qualify for one of these bank loans for your business, you might check out one of the following alternatives:
Funding Circle is an alternative lender that offers medium-term loans in amounts up to $500,000.
Funding Circle is great if you’re looking for terms and rates that are similar to a bank lender, like BB&T, but an online-based application process, more flexible qualification requirements, and a faster time to fund.
Plus, you can find all the details about Funding Circle’s term loans on their website.
Read our full Funding Circle review to learn more.
Kabbage is an online lender that specializes in lines of credit for small businesses.
With Kabbage, you can access a line of credit up to $250,000 through a streamlined, online-based application process. Like Funding Circle, Kabbage lists all of the details about their line of credit on their website and has flexible requirements for businesses to qualify.
Although a Kabbage line of credit will more than likely have higher interest rates than a credit line from BB&T, Kabbage can offer funding much more quickly and easily than a traditional brick-and-mortar bank.
Read our Kabbage review for more details.
At the end of the day, the answer depends on the unique financing needs of your business.
It’s important to remember, however, that BB&T doesn’t provide many details about their loans online, so be sure to contact a representative for more details before making your final decision.