Our Verdict
Consider a relationship with Synovus Bank if you have a desire for business loan that offers competitive interest rates and flexible loan terms, making it an attractive option for small business owners.
Synovus bank is an Equal Housing Lender and lends to the states of Alabama, Georgia, Florida, Tennessee, North Carolina and South Carolina. Synovus- amidst other banks- offers a loan that range as high as thirty million dollars ($30 million). However, the bank’s eligibility requirements may be difficult for some businesses to meet, and the application process can be lengthy.
If it’s flexibility you want, Synovus offers a wide range of terms and options to structure a line of credit to most any situation up to $30 million or more. Whether you’re in need of working capital, or require the funds for a large commercial project, Synovus bank will collaborate with you to understand your situation and develop a financing structure to meet your needs.
Besides traditional business loans, Synovus also takes care of you when it comes to SBA loans. As an SBA Preferred Lender, the bank has knowledgeable bankers who can help you choose the right SBA loan for your small business (including startups) and also walk you through the SBA loan process.
Synovus bank
1111 Bay Avenue, Columbus,
Georgia, 31901, United States
www.synovus.com/business/borrow-charge/loans-and-lines-of-credit
Contact: 1-888-SYNOVUS (796-6887)
Pros
- Good fit for online and branch banking system
- Competitive interest rates
- Flexible loan terms
- SBA loans available
- Relationship-based banking
- Wide range of financing options
Cons
- High eligibility requirements
- Lengthy application process
- Limited availability of ATM services in some areas
Who This Product Is Best For
Consider a Synovus business loan if:
- You are looking for flexible loan terms and competitive interest rates,
- You have strong financial records
- You can go through a lengthy application process.
- Your business has annual revenue of minimum of $10,000.
Who This Product Isn't Right For
Avoid Synovus business loan if:
- Your businesses doesn’t meet the bank’s high eligibility requirements
- You have poor credit history or low credit score
- Your business is part of the high risk industry
- You are looking for a quick and easy application process.
What This Product Offers
Synovus Bank offers a wide range of financing options, including term loans, lines of credit, SBA loans, equipment financing, and commercial real estate loans. The bank’s loan terms are flexible and can be customized to meet the needs of each business.
- Term Loans: Apply for Synovus Business term loans if you need a lump sum of money with a set repayment schedule over a predetermined period. This loan is great for businesses that need to make large purchases or investments.
- Lines of Credit: Consider Synovus line of credit if you desire access to a predetermined amount of money that you can borrow against as needed. The borrower only pays interest on the amount borrowed.
- SBA Loans: Utilize Synovus Bank SBA loans if you need a large sum of money with a lower interest rate for your business. Synovus Bank works with the Small Business Administration (SBA) to offer loans to businesses that may not qualify for traditional financing. SBA loans typically have lower interest rates and longer repayment terms.
- Commercial Real Estate Loans: Consider applying for Synovus commercial real estate loan if you are looking for your business funds to purchase or refinance commercial property. The loan terms vary depending on the property and your financial situation.
- Equipment Financing: Use Synovus equipment financing loan option to help your business purchase the equipment you need to operate. The loan terms vary depending on the equipment being purchased.
Product Details
Business term loan
Apply for Synovus Business term loans if you need a lump sum of money with a set repayment schedule over a predetermined period. This loan is great for businesses that need to make large purchases or investments.
Loan Amounts | $5000 to $500000 |
APR | Varies based on multiple factors such as loan amount and length of loan terms |
Terms | 1 to 5years |
Repayment | Fixed monthly |
Fees |
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Availability | Alabama, Florida, Georgia, South Carolina, and Tennessee. |
Funding Speed | Varies |
Lines of Credit:
Consider Synovus line of credit if you desire access to a predetermined amount of money that you can borrow against as needed. The borrower only pays interest on the amount borrowed.
Loan Amounts | $10,000 to $500,000 |
APR | Varies |
Terms |
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Repayment | Flexible |
Fees |
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Availability | Alabama, Florida, Georgia, South Carolina, and Tennessee. |
Funding Speed | Varies |
Small Business Administration (SBA) loans
Consider Small Business Administration (SBA) loans Synovus bank offers if your business does not qualify for traditional financing. SBA loans typically have lower interest rates and longer repayment terms.
As part of the SBA Preferred Lender Program, eligible businesses can access government-guaranteed loans through Synovus bank. Enjoy streamlined procedures and the authority to make final credit decisions at the bank level.
The application and approval processes take more time, though— so prepare yourself for the procedures necessary. However, you’re more likely to get an SBA loan faster through this lender.
Select any of the below Synovus’s SBA loans, depending on your company’s needs
- SBA Express loans for small business needs with a loan amount up to $500,000.
- SBA Export Working Capital Program if you need fundings for your export orders, export receivables, or letters of credit up to $5 million.
- SBA International Trade Loan provides loan amounts for international market expansion up to $5 million.
- SBA 7(a) loans for your business’s general-purpose needs with a loan amount up to $5 million.
If you are interested in applying for an SBA 504 loan, contact your relationship manager.
Loan amounts | $5,000 to $5 million |
Interest rates | Competitive, but vary based on creditworthiness and loan type |
Repayment terms | 10 to 25 years |
Fees | Vary based on loan type
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Collateral | Varies based on loan type |
APR | Varies based on loan type |
Availability | Available nationwide |
Funding Speed | Typically, within 30-60 days |
Commercial Real Estate Loans
Acquire a new building to grow your business or as an investment, develop your current space, or start construction from the ground up with a commercial real estate loan. Fixed and variable rates are available. Consider applying for Synovus commercial real estate loan if you are looking for your business funds to purchase or refinance commercial property. The loan terms vary depending on the property and your financial situation.
Loan Amounts | Varies |
APR | Fixed and varied, typically 4-7% |
Terms | Up to 20years |
Repayment | Monthly payment |
Fees | Origination Fees |
Availability | Alabama, Florida, Georgia, South Carolina, and Tennessee. |
Funding Speed | Typically, 30 to 45 days |
Equipment financing or leasing
Finance the equipment to get to the next stage of success, from construction to manufacturing to medical. Enjoy Synovus fast and affordable lease financing options. Use Synovus equipment financing loan option to help your business purchase the equipment you need to operate. The loan terms vary depending on the equipment being purchased.
Loan Amounts | $10000 to $5 million |
APR | Fixed or varied |
Terms | Up to 10years |
Repayment | Monthly |
Fees | Origination fee |
Availability | Alabama, Florida, Georgia, South Carolina, and Tennessee. |
Funding Speed | Typically, within 5-7 days |
Where This Product Stands Out
Wide range of loan products
Look towards Synovus bank loan to enjoy a wide range of financing options. Synovus Bank is a one-stop-shop for most small business financing needs. A wide range of loan products are offered by the bank to meet the needs of different type of businesses. The loan option ranges from term loans, lines of credit to equipment loans and commercial real estate loans.
Flexible terms and competitive interest rates
Choose Synovus business loan if your desire is to obtain a loan with flexible terms and competitive interest rates. Synovus bank offers flexible terms and competitive interest rates on their business loan products, which can help businesses save money on interest charges making them suitable for a variety of business needs.
Quick Funding
Choose Synovus Business loan to enjoy fast funding process, with some loans being approved and funded in as little as 7 business days. Synovus Bank offers fast funding for many of their business loan product.
Streamlined application process
Keep Synovus business loan option in mind for a streamlined application process. Synovus offers a streamlined application process that can be completed online or in-branch. This means that businesses can apply for financing quickly and easily, without having to spend a lot of time or effort on the application process.
Personalized Services
Think of Synovus bank when thinking of a bank that runs relationship-based banking approach. This approach allows small business owners to work with a dedicated loan officer throughout the loan process. They have a team of experienced loan officers who can provide personalized guidance, and support throughout the loan process.
Where This Product Falls Short
Strict Eligibility criteria
Limit your search for business loan towards other lenders because Synovus eligibility requirements are higher than most other lenders, which can make it difficult for your business to qualify for a loan. Synovus requires for specific documentation and information, such as tax returns, financial statements, and business plans, which can take time for you to gather and organize.
Lengthy and Time-consuming
Stay away from Synovus business loan because the application process can be lengthy and time-consuming. It’s important to note that while Synovus Bank offers a streamlined application process for their business loan products, the application process can still be lengthy and time-consuming for your business. This is because of several factors, including the type of loan product being applied for, the complexity of the business’s financial situation, and the lender’s requirements for documentation and information.
Limited Availability
Look for another business loan lender if your business is not in Alabama, Florida, Georgia, South Carolina, or Tennessee. Synovus Bank is yet to have presence across all the states. Therefore, look elsewhere for financing.
High Minimum Loan amount
Search elsewhere if your business needs lower than $5000. This is Synovus Bank business loan minimum amount borrowable.
How to Qualify for This Product
To qualify for a Synovus Bank business loan,
You must have a good credit score.
To qualify for a Synovus business loan, one of the requirement is a good credit score. Synovus does not disclose an exact minimum credit score for their loans, but a credit score in the range of 640-700 is generally considered to be a good credit score for most lenders.
You must have strong financial relationship:
To qualify for a business loan from Synovus Bank establish a good relationship either on a personal or business level. Be their customer. Create an existing account with Synovus Bank and a positive history of financial activity with the bank, such as regular deposits and timely payments on loans or other financial products demonstrate to the bank that you and your business are a reliable and trustworthy borrower.
Existing Relationship with Webster Bank
Consider building a relationship with Synovus Bank! Having an existing with them could give you the edge you need to qualify if you’re looking to increase your chances of approval and secure a lower interest rate. So, start building that relationship today and create for yourself a higher chance for a financially secured future with Synovus Bank.
Business Plan
To qualify for a Synovus Bank business loan, ensure you have a solid business plan that demonstrates your potential for success. This includes detailed revenue projections, financial statements, and a market analysis that shows you’ve done your necessary assignment. Prove to Synovus Bank why your business should be considered for any of their loan product.
Maintain a positive cash flow record.
Maintain a positive cash flow record if you want to qualify for Synovus bank business loan. When you apply for Synovus business loan, you will be required to provide financial statements, including your business income statements and cash flow statements. The bank will review these statement to determine your ability to repay the loan. A positive cash flow is a prove that you have a steady in income stream and that your business is financially stable
How to Apply for This Product
- You can apply for a Synovus Bank business loan online, visit synovus.com
- You can also apply over the phone Contact Synovus bank on 1-888-SYNOVUS (796-6887)
- You can also apply in-person at a branch. visit a local branchnear you to find out more.
Understand that the application process typically takes several weeks to complete and additional eligibility requirements may apply.
Alternatives to This Product
Alternative lenders such as:
OnDeck Capital is an online small business lending company in the United States. It has offices in Chicago, IL; New York, NY; Denver, CO, and South Jordan, UT. It provides business loans and lines of credit to small businesses ranging from $5,000 to $500,000, with terms ranging from 3 to 36 months.. There is daily or weekly repayments, and there are no prepayment penalties for paying off the loan early.
Kabbage is an online lender that provides small business loans and lines of credit. Kabbage offers business loans ranging from $1,000 to $250,000, with terms ranging from 6 to 18 months..
Funding Circle Funding Circle is a peer-to-peer lending platform that offers business loans to small and medium-sized businesses in the United States, the United Kingdom, and other countries. Funding Circle offers loans ranging from $25,000 to $500,000, with terms of 6 months to 5 years. Interest rates for Funding Circle business loans start at 4.99% APR,
Customer Reviews
Expect a lengthy application process along the line of choosing Synovus Bank business loans. Though they have the best loan solution. However, some other customers’ reviews about the loan are generally positive, with many customers praising the bank’s dedicated loan officers and flexible loan terms. Visit BBB or TrustPilot have a glimpse.
Methodology
We reviewed Synovus bank business loan based on 35 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Chase 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 Synovus bank business loan customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
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