Hancock Whitney Bank Business Loans Review

(November 2024)

Hancock Whitney Bank Business Loans Review

In This Article

Our Verdict

Our Verdict

Hey, don’t let funding be the bottleneck of your business growth when Hancock Whitney is here to help you. Yes! This is a game changer for you! As a lender and a trusted partner, the bank is ready to accommodate your vision and willing to help you achieve your business goals.

Hancock Whitney is a regional financial institution founded in 1899, and has been helping businesses like yours—irrespective of the size—succeed for over 100 years. The bank operates 237 branches in Mississippi, Alabama, Louisiana, Texas, Florida, and has a proven track record of delivering the financing that your business needs to grow and thrive. So, whether you’re looking to expand your operations, purchase new equipment, or simply need working capital to keep your business running smoothly, Hancock Whitney Bank has the solutions you need. With competitive rates and flexible repayment terms, be rest assured that you’re getting a loan that works for you.

So why wait? Explore the many business loan options available from Hancock Whitney Bank today, and take your business to new heights!

Here’s additional pertinent information you need to know:

Hancock Whitney Corp.

Corporate Headquarters

One Hancock Whitney Plaza, 2510 14th Street, Gulfport, MS 39501

Phone Number: 1-800-448-8812

www.hancockwhitney.com

Pros

  • Streamlined loan application process
  • Personalized loan solutions
  • Diverse financing options for various business needs
  • Experienced loan officers available to assist
  • Option for online account management
  • Quick release of funds after approval

Cons

  • Extensive documentation required
  • Limited branch locations in the US
  • Late payment fees may apply
  • High origination fees for some loans
  • Strict credit score requirements
  • Limited loan amounts for startups

Who This Product Is Best For

who this product is for

Hancock Whitney Bank business loan is your best bet if your business:

  • Has a solid business plan and financial projections
  • Needs funding for growth and expansion
  • Holds evidence of consistent revenue and growth
  • Requires a quick infusion of capital
  • Demonstrates realistic goals and strategies for growth and profitability
  • Owns a solid collateral base

Who This Product Isn't Right For

Ignore Hancock Whitney if your business:

  • Features a history of missed payments or bankruptcies
  • Operates in a high-risk industry or sector
  • Relies heavily on seasonal sales
  • Has limited experience or expertise in the industry
  • Exhibits a negative reputation or has legal issues
  • Possesses collateral that is insufficient to secure a loan

What This Product Offers

Whether you’re just starting out or looking to expand your business, Hancock Whitney Bank has a loan option for you. Check it out!

Business Term Loans

Do you need funds for a specific business project or purchase? If yes, Hancock Whitney business term loan provides you with a lump sum of cash that you’ll pay back over a set period of time.

Small Business Administration (SBA) Loans

As an SBA preferred lender, you have a variety of SBA loan options to choose from, including 7(a) Loans, CDC/504 Loans, and SBA Express Loans. Compared to traditional loans, you’ll pay lower over a long repayment term.

Business Lines of Credit

If you require flexible funding for your business, a business line of credit is the right choice for you. Draw funds as needed, up to your credit limit, and only pay interest on the amount you borrow.

Commercial Real Estate Loans

Purchase or refinance your next commercial property with ease through Hancock Whitney’s commercial real estate loan. The bank provides you with financing for a variety of property types, including office buildings, retail spaces, and warehouses.

Equipment Financing

Lease, loan or use a line of credit option to purchase a new equipment for your business or upgrade an existing one. With Hancock Whitney equipment financing, you have options that fits your specific needs.

Product Details

Read the following specific details before you make a decision about

Hancock Whitney business loans.

Business Term Loans

A term loan is ideal for your business if you need a lump sum of money to cover expenses such as equipment purchases or real estate investments. You have access to loan amounts ranging from $25,000 to $5 million, with interest rates starting at 5.50% APR. Also, repayment is flexible for you as it ranges from 12 to 60 months, with a fixed term. Take note of the origination fee— it is compulsory, which can range from 1% to 5%, depending on the approved loan amount.

Small Business Administration (SBA) Loans:

Hancock Whitney Bank offers your small business a government-backed loan designed to provide financial assistance and help you cover expenses such as working capital, debt refinancing, and inventory. With SBA, secure loan amounts starting from $50,000 to $5 million, with interest rates from 6.25% APR. Be rest assured that your loan term varies from 10 to 25 years—depending on the loan amount, and your repayment term can be fixed or adjustable. Don’t forget! you have to pay an SBA guarantee fee, which ranges from 2% to 3.75% subject to the authorized loan amount.

Business Line of Credit

If you’re looking for a revolving line of credit, please give this type of loan your full attention. You know why? Financing your business is so easy and flexible due to availability of funds especially if your business requires constant cash flow. The good news is that the repayment term is revolving, with a maximum draw period of 10 years. You also enjoy loan amounts from $10,000 to $250,000, with interest rates starting at 7.50% APR and an annual fee of $150 to $250 based on the loan amount.

Commercial Real Estate Loans

Come to Hancock Whitney and secure a commercial real estate loan to purchase or refinance that real estate business you have been so worried about. Even if you are seeking to purchase an office building, retail space, or  a warehouse, this loan is ideal for you. With access to up to $5 million and interest rates starting at 5.50% APR, that dream is achievable. Also, loan terms range from 5 to 25 years with a fixed repayment term. You’ll pay an origination fee which is 1% to 2%—determined by the loan amount.

Equipment Financing

Looking to purchase or upgrade your machinery, vehicle(s), or any other equipment your business needs? Worry no more! Hancock Whitney is here to finance that project for you. Apply from $50,000 to $5 million, with interest rates beginning at 5.50% APR and an origination fee of 1% to 2%. After disbursement, repay the loan between 12 to 84 months at a fixed rate—meaning, just choose the loan term that is convenient for you. Easy-peasy right, yea!

Where This Product Stands Out

You’re in the market for a business loan and wondering what makes Hancock Whitney Bank stand out from the competition? Here are five unique features of Hancock Whitney Bank’s business loans:

Customizable Loan Options

Work with Hancock Whitney and have access to a range of customizable loan options designed to meet your specific needs. Whether you’re looking for a line of credit, term loan, or SBA loan, the bank’s offerings are tailored to match your unique situation. Meaning, you’ll get the funding you need without having to worry about taking an unnecessary debt or paying more than you can afford.

Fast Approval Process

Hancock Whitney Bank understands that your time is money, which is why you are assured of a fast approval process. You can apply for a loan online, and in many cases, you receive a decision within 24 hours. Therefore, you get the funding you need quickly, without having to wait weeks or even months for a response.

Competitive Interest Rates

To choose the right loan for your business, one of the most important things you consider is the interest rate and that’s where Hancock Whitney comes in! With competitive and fixed-rate options available, you save money over the life of your loan and also lock in your rate to avoid any surprises down the line.

Dedicated Support

You have access to a dedicated team of loan specialists at Hancock Whitney who are committed to your success. Understanding your needs and goals is a priority—plus a continual support throughout the life of your loan. Meaning, you have a partner who is there to navigate any challenge that arises and also ensure you stay on track.

Community Focus

Hancock Whitney Bank is deeply committed to the communities it serves— yours is not an exception, and this is reflected in the business loans. With  support to small businesses, local decision-making and personalized service,  be confident that you’re working with a bank that understands the unique challenges and opportunities in your area.

Where This Product Falls Short

Strict Credit Requirements

If your credit score is too poor to secure a loan, please forget about Hancock Whitney although that’s just one factor. The bank also looks at the overall creditworthiness of your business and other factors such as your business’s financial statements, cash flow, and collateral. It’s best if you contact Hancock Whitney directly to inquire about the current credit score requirements for a loan.

Hidden Fees

Be aware of hidden fees that can add up quickly, making the loan more expensive than you originally anticipated.

Limited Accessibility

With branches located primarily in the southern United States, Hancock Whitney bank may not be easily accessible if your business is in other regions.

Limited Online Resources

As a small business owner, the bank’s website lacks extensive resources or tools making it harder for you to research and compare loan options.

How to Qualify for This Product

To qualify for a Hancock Whitney bank business loan:

  • Demonstrate the ability to repay the loan with cash flow from your business
  • Show a positive credit history with a credit score of at least 680
  • Provide financial statements such as balance sheets, income statements, and tax returns
  • Have a solid business plan that outlines the purpose of the loan and how you’ll use it
  • Present collateral to secure the loan, such as property, inventory, or accounts receivable
  • Show proof of your business registration, licensing, and insurance
  • Provide personal guarantees who are business owners like you with a stake of at least 20% in the business
  • Demonstrate a stable business history with a minimum of two years in operation
  • Ensure you answer all questions directed to you by the assigned loan officer

How to Apply for This Product

To apply for a Hancock Whitney bank business loan:

  • Gather all your financial documents, including tax returns and financial statements
  • Complete the application online or in-person at a local branch
  • Wait for your loan approval, which typically takes a few days
  • Sign the loan agreement after approval and receive the funds in your account

Alternatives to This Product

Fundbox – Looking for quick and easy funding? Fundbox has got you covered! With Fundbox, you get a line of credit up to $100,000 in just a few clicks. Unlike Hancock Whitney, you don’t need to fill out lengthy applications or wait weeks for approval. Fundbox offers flexible repayment terms and competitive rates, making it an excellent choice to satisfy the needs of your small business such as short-term funding.

Kabbage – Choose Kabbage if you have a less-than-perfect credit score. You get a line of credit up to $250,000 with fast approval and funding even if you have a low credit score. Not so for Hancock Whitney! Funds are deposited directly into your bank account and the platform is user-friendly, which makes it easy for you to manage your account and online payments.

Customer Reviews

With a range of options to suit all kinds of businesses, it’s no surprise that customers have rated Hancock Whitney highly. The bank’s business loans have received an average rating of 4.5 out of 5 stars, based on hundreds of customer reviews.

Many customers appreciate the bank’s personalized service and the way they take time to understand their business needs. One reviewer said, “Hancock Whitney took the time to really understand my business and provided a loan that was tailored to my specific needs.” Another customer praised the bank for their “quick and easy loan application process.”

Customers also love the bank’s competitive rates and flexible repayment options. One happy borrower commented, “Hancock Whitney gave us a great rate on our business loan and worked with us to come up with a repayment plan that was manageable for our budget.”

Overall, customers seem to agree that Hancock Whitney bank is a top choice for business loans. If you’re in need of funding for your business, it’s definitely worth considering.

Methodology

We reviewed Hancock Whitney business loans based on 35 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Hancock Whitney business loans based on the weighting assigned to each category:

Loan cost: 35%

Loan details: 25%

Customer experience: 20%

Eligibility and accessibility: 10%

Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender.

Finally, we evaluated Hancock Whitney business loans customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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