TD Bank Business Loans Review

(February 2025)

TD Bank Business Loans Review

In This Article

Our Verdict

Imagine that you have a brilliant business idea, but you need some funding to make it happen. Where do you go? You may want to try crowdfunding, angel investors, or venture capitalists, but they may take too long, ask for too much, or reject you altogether. Or you can go to TD Bank, one of the best banks for small business loans in the US.

If you are in doubt, compare TD Bank’s business loan options with other lenders and see how they stack up. Are you aware that TD Bank offers a variety of loans, from term loans and lines of credit to commercial mortgages and SBA loans? You may even know that TD Bank has generous loan limits, rapid approvals, and interest rate discounts for automatic payments from TD Bank business checking accounts.

However, consider the drawbacks of TD Bank business loans before you apply. You must know that TD Bank is not available in all 50 states, only in 16.

TD Bank has over 1,100 stores and 2,600 ATMs in the following states:

  • Connecticut
  • Delaware
  • Florida
  • Maine
  • Maryland
  • Massachusetts
  • New Hampshire
  • New Jersey
  • New York
  • North Carolina
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Vermont
  • Virginia
  • Washington, D.C.

Also, know that TD Bank charges loan origination fees, which can add to your borrowing costs. And be aware that some loans require in-person application and collateral, which can be inconvenient and risky.

Notwithstanding, the ball is in your court. Decide if TD Bank business loans are right for you and your business. If you are looking for a reliable, flexible, and accessible lender, TD Bank may be a good choice. But if you are looking for a fast and easy online lender, TD Bank may not be the best option. Weigh the pros and cons carefully and compare TD Bank with other lenders before you make a final decision.

TD Bank US
Corporate Headquarters: 1701 Marlton Pike East, Cherry Hill, NJ 08034, USA.
Phone Number: 1-888-751-90006
Website: https://www.td.com/us/en

Pros

  • Enjoy funding accessible if your business is among the startups.
  • Benefit from generous loan limits ranging from $10,000 to $5 million for term loans, $100,000 to $1 million for lines of credit, and up to $10 million for commercial mortgages.
  • Receive rapid approvals.
  • Save money with interest rate discounts.
  • Choose from a variety of loan options.

Cons

  • Limits your options if you are not in TD Bank’s service area.
  • Ready for loan origination fees.
  • Requires you to visit a branch for some loans.
  • Provide collateral for some loans.

Who TD Bank Business Loans Is Best for?

TD Bank business loans are best for you if your business:

  • Needs funding accessible to startups.
  • Wants generous loan limits.
  • Seeks rapid approvals.
  • Prefers interest rate discounts.
  • Values a variety of loan options.

Who TD Bank Business Loans Isn’t Right For?

Think of other alternatives to TD Bank business loans if your  business:

  • Needs fast and easy online lending.
  • Is not in TD Bank’s service area.
  • Wants to avoid loan origination fees.
  • Does not have collateral to secure the loan.
  • Can find better rates, terms, or features elsewhere. TD Bank is not the only bank that offers business loans.

What TD Bank Business Loans Offer?

What-TD-Bank-Business-Loans-Offer
  • SBA Loans
  • Term Loans
  • Lines of Credit
  • Commercial Mortgages
  • Commercial Equipment
  • Financing
  • Healthcare Practice
  • Financing

TD Bank Business Loans Details?

SBA Loans

Note that these loans have the backing of the Small Business Administration (SBA), a government agency that helps small businesses. Use these loans for starting, buying, expanding, or improving your business. TD Bank is an SBA Preferred Lender, which means they can approve your loan faster and easier. They offer three types of SBA loans:

  • 7(a) loans: Think of these loans as the most common and flexible SBA loans. You can borrow up to $5 million for up to 25 years, with interest rates starting from 5.5%.
  • 504 loans: These are SBA loans that help you buy or improve fixed assets, such as real estate or equipment. You can borrow up to $20 million for up to 25 years, with interest rates starting from 4.25%.
  • Express loans: These are SBA loans that give you fast access to cash for working capital or other short-term needs. You can borrow up to $350,000 for up to 10 years, with interest rates starting from 9.75%.

Term Loans

With term loans, expect a lump sum of money that you pay back over a fixed period. You can use these loans to buy inventory, equipment, or other big-ticket items for your business. TD Bank offers term loans from $10,000 to $5 million, with terms from 1 to 5 years, and interest rates starting from 9.24%.

Lines of Credit

Get access to a pool of money that you can use and repay as you need. You can use these loans to cover frequent expenses, such as inventory or payroll. TD Bank offers lines of credit from $10,000 to $1 million, with terms from 1 to 5 years, and variable interest rates.

Commercial Mortgages

Use these loans to buy or refinance commercial property, such as office buildings, warehouses, or retail stores. In addition, you can use these loans for securing long-term financing and capitalizing on real estate opportunities. TD Bank offers commercial mortgages up to $10 million, with terms of up to 10 years, and variable interest rates.

Commercial Equipment Financing

Buy or lease commercial equipment, such as vehicles, machinery, or technology. You can use these loans for upgrading or replacing your equipment, improving your cash flow, or preserving your capital. TD Bank offers commercial equipment financing with customized terms and payment options and competitive interest rates.

Healthcare Practice Financing

Consider these loans if you are a healthcare professional, such as a dentist, veterinarian, optometrist, or physician. You can use these loans for buying or starting a practice, expanding or relocating a practice, or acquiring equipment or technology. TD Bank offers healthcare practice financing with flexible terms, and competitive rates, and does not require collateral or personal guarantees.

Where TD Bank Business Loans Stands Out

Where-TD-Bank-Business-Loans-Stands-Out

Trust a Reliable And Experienced Lender

Remember that TD Bank is one of the top 10 banks in the US and one of the top SBA lenders in the country. It has been serving small and medium-sized businesses for over 150 years, with a strong track record of customer satisfaction and financial stability.

Choose from a Wide Range of Loan Options

 Get access to various types of business loans, including term loans, lines of credit, commercial mortgages, SBA loans, USDA loans, healthcare practice financing, and commercial equipment financing. You can find the loan that best suits your business needs and goals, whether you need funding for startups, acquisitions, expansions, or working capital.

Enjoy Flexible Terms And Competitive Rates

Enjoy generous loan limits, flexible repayment terms, and competitive interest rates for its business loans. You can also save money with interest rate discounts for automatic payments from a TD Bank business checking account.

Get Fast And Easy Approvals

With TD Bank, know that one thing is certain. You can have a fast and easy application process, with the bank approving some loans in as little as 24 hours.

Access Integrated Banking Solutions

With TD Bank, anticipate more than just business loans. It also provides a full suite of banking products and services, such as business checking and savings accounts, credit cards, merchant services, treasury management, and more. You can work with a dedicated TD Relationship Manager who can help you craft a comprehensive banking plan that fits your business.

Where TD Bank Business Loans Falls Short

Limit Your Options If You Are Not in TD Bank’s Service Area

TD Bank is not available in all 50 states, only in 16. If you are not in one of those states, you can not apply for a TD Bank business loan.

Pay Loan Origination Fees

TD Bank charges a loan origination fee for some of its business loans, which can range from 0.5% to 2% of the loan amount. This can increase your borrowing costs and reduce your net loan proceeds.

Visit a Branch for Some Loans

TD Bank requires in-person applications for some of its business loans, such as commercial mortgages and SBA loans. This can be inconvenient and time-consuming, especially if you are not near a TD Bank branch.

Provide Collateral for Some Loans

TD Bank requires collateral for some of its business loans, such as term loans, lines of credit, and commercial mortgages. This means that you have to pledge some of your business or personal assets as security for the loan, which can put them at risk if you default on the loan.

How to Qualify for TD Bank Business Loans

To qualify for TD Bank Business Loans, you need to meet some basic requirements and provide some documents. Here are some of the common criteria and documents that you need to prepare:

  • Business Location: You need to have a business location in one of the 16 states where TD Bank operates. These states are Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C.
  • Business Age: You need to have a business that has been operating for at least two years, except for SBA loans, which you can use for startups.
  • Business Revenue: You need to have a business that has a minimum annual revenue of $100,000, except for SBA loans, which do not have a revenue requirement.
  • Business Credit Score: You need to have a business that has a good credit history and score, typically above 680, except for SBA loans, which may have lower credit standards.
  • Personal Credit Score: Have a personal credit score of at least 680, as TD Bank checks your personal credit history as well as your business credit history.
  • Personal Guarantee: Get a personal guarantee for most of the TD Bank business loans, which means that you are personally liable for the loan if your business fails to repay it.
  • Collateral: Provide collateral for some of the TD Bank business loans, such as term loans, lines of credit, and commercial mortgages. Collateral can be any business or personal asset that has value, such as real estate, equipment, inventory, or accounts receivable.
  • Business Plan: Write a business plan for some of the TD Bank business loans, especially for SBA loans and USDA loans. A business plan is a document that describes your business goals, strategies, market analysis, financial projections, and other relevant information.
  • Financial Statements: Provide financial statements for your business, such as income statements, balance sheets, cash flow statements, and tax returns. These statements show your business performance, profitability, and solvency.
  • Loan Application: Fill out a loan application form for the type of loan that you want to apply for. The loan application form asks for your personal and business information, such as your name, address, phone number, email, social security number, business name, business address, business phone number, business email, business tax ID number, and other details.

How to Apply for TD Bank Business Loans

How-to-Apply-for-TD-Bank-Business-Loans

To apply for TD Bank Business Loans, you need to follow different steps depending on the type of loan that you want. Here are the steps for each loan type:

  • SBA Loans: Apply for SBA loans online, by phone, or in person at a TD Bank branch. You need to fill out an online form with your personal and business information and upload the required documents, such as your business plan, financial statements, tax returns, and SBA forms. Wait to receive a confirmation email and a TD Relationship Manager may contact you to review your application and guide you through the process.
  • Term Loans and Lines of Credit: You can apply for term loans and lines of credit online, by phone, or in person at a TD Bank branch. You need to fill out an online form with your personal and business information and upload the required documents, such as your financial statements, tax returns, and collateral information.
  • Commercial Mortgages: Apply for commercial mortgages in person at a TD Bank branch. You need to schedule an appointment with a TD Relationship Manager, who can help you complete the application and provide you with a list of documents that you need to submit, such as your property information, financial statements, tax returns, and appraisal report.
  • Commercial Equipment Financing: You can apply for commercial equipment financing online, by phone, or in person at a TD Bank branch. Fill out an online form with your personal and business information, and upload the required documents, such as your equipment information, financial statements, tax returns, and vendor quotes.
  • Healthcare Practice Financing: You can apply for healthcare practice financing online, by phone, or in person at a TD Bank branch. Fill out an online form with your personal and business information, and upload the required documents, such as your professional license, financial statements, tax returns, and practice information. You will receive a confirmation email and a TD Relationship.

Alternative to TD Bank Business Loans

Lendio

Know that Lendio is an online marketplace that connects you with various lenders and loan products. You can fill out one application and get matched with multiple offers from different lenders, including banks, credit unions, online lenders, and more. Lendio offers a wide range of loan types, such as term loans, lines of credit, SBA loans, equipment financing, and more. Lendio has flexible eligibility criteria, fast funding speed, and no origination fees.

BlueVine

Choose BlueVine if you want an online lender that specializes in flexible lines of credit and invoice factoring for small businesses. You can access up to $250,000 in revolving credit or up to $5 million in invoice factoring, with interest rates starting from 4.8% and 0.25% per week, respectively. BlueVine has a simple and quick application process, with minimal paperwork and instant approvals. BlueVine does not charge any maintenance fees, prepayment fees, or lockbox fees.

Funding Circle

Understand that Funding Circle is an online lender that offers term loans to you if you are an established business. You can borrow from $25,000 to $500,000, with terms from 6 months to 5 years, and interest rates starting from 7.49%. Funding Circle has a transparent and straightforward application process, with dedicated account managers and fast decisions. Funding Circle charges a one-time origination fee of 3.49% to 6.99% of the loan amount.

Customer Reviews

TD Bank has an A+ rating from the Better Business Bureau, based on its response to customer complaints, honesty in advertising, and transparency in business practices. However, it has only 1.05 out of 5 stars from 95 customer reviews, mostly complaining about poor customer service, account issues, and fees.

On ConsumerAffairs, TD Bank has 1 out of 5 stars from 3 customer reviews, based on its overall satisfaction, customer service, and product quality. The reviews are mostly negative, citing problems with online banking, loan payments, and account closures.

Likewise, on Trustpilot, TD Bank has 1.3 out of 5 stars from 100 customer reviews, based on its service, value, and quality. The reviews are overwhelmingly negative, mentioning issues with deposits, transfers, customer service, and fraud.

Pro Tips

  • Know your business needs and goals:
  • Understand the loan options
  • Prepare your documents.
  • Check your credit score
  • Compare and negotiate rates, terms, and features.

Recap

Wrap up your research on TD Bank business loans with this summary. TD Bank is a reliable and experienced lender that offers a wide range of loan options, flexible terms, competitive rates, and fast approvals. However, TD Bank also has some drawbacks, such as limited availability, loan origination fees, in-person application, collateral requirements, and competition.

Know your business needs and goals, understand the loan options, prepare your documents, check your credit score, compare and negotiate, and apply for the best loan for your business. TD Bank business loans may be the right choice for you, but you must always do your homework before you sign the deal.

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