Valley Bank Business Loans Review

(April 2024)

Valley Bank Business Loans Review

In This Article

Our Verdict

Choose Valley Bank for flexible financing solutions to help your business grow. Valley Bank’s experienced loan officers provide personalized service to meet your specific needs.

Manage your loan with convenience through Valley Bank’s online banking services. With branches in New Jersey, New York, and Florida, Valley Bank serves small and medium-sized businesses throughout the Northeastern United States.

Keep in mind that Valley Bank has strict creditworthiness and financial stability requirements, and their rates and fees may be higher than other lenders.

Evaluate your loan options carefully and choose Valley Bank for personalized service and flexible financing solutions.

Here’s other relevant information you need to know:

Valley Bank

1455 Valley Road

Wayne, NJ 07470

Phone Number: 1-800-522-4100

www.valley.com/business-loans

Pros

  • Personalized service
  • Flexible financing options
  • Convenient online banking services
  • Community-focused
  • Quick loan decisions

Cons

  • Limited availability
  • Higher fees and interest rates
  • Strict eligibility requirements
  • Limited loan amounts
  • Longer application and approval process

Who This Product Is Best For

Inside Valley Bank

Benefit from Valley Bank’s business loan if your business:

  • Is a small business
  • Needs working capital
  • Is looking to expand
  • Is in specific industries – healthcare, real estate, or transportation.
  • Has a strong credit history

Who This Product Isn't Right For

Consider other borrowing options if your business:

  • Is a startup
  • Has a low credit score or a history of defaults.
  • Needs a large loan
  • Needs a loan quickly
  • Isn’t located in one of Valley Bank’s service areas

What This Product Offers

  • Business Term Loans

Grow your business with a lump sum of money from Valley Bank’s Business Term Loans. Enjoy fixed interest rates and choose from terms ranging from a few months to several years to suit your business needs. Choose Valley Bank’s Business Term Loans to get the financing you need to take your business to the next level.

  • Equipment Financing

Finance the purchase of new equipment or machinery for your business with Valley Bank’s Equipment Financing. Benefit from their competitive interest rates and flexible repayment terms. Choose Valley Bank to acquire the equipment you need to grow your business.

  • Lines of Credit

Consider Valley Bank’s lines of credit if you need the flexibility to borrow money when you need it without the hassle of applying for a new loan every time. With Valley Bank’s lines of credit, you’ll only be charged interest on the funds you use, making it an affordable financing option for your business.

  • Commercial Real Estate Loans

Seek Valley Bank’s Commercial Real Estate Loans if you’re looking to buy or refinance commercial real estate for your business. These loans come with competitive rates and flexible repayment terms that can help you expand or relocate your business.

  • SBA Loans

Choose Valley Bank’s Small Business Administration (SBA) loans if you need financing for your business. SBA loans are partially guaranteed by the government, making them a great option if you have difficulty qualifying for traditional loans due to a lack of collateral or less-than-ideal repayment terms. Valley Bank can help you secure an SBA loan with flexible repayment terms.

  • Invoice Factoring

Improve your cash flow with Valley Bank’s Invoice Factoring option. Get an advance on outstanding invoices to access the funds you need to keep your business running smoothly, even if your business is struggling with cash flow.

Product Details

Valley Bank

Business Term Loan

Choose the right loan option with Valley Bank! Consider a Business Term Loan for specific capital needs, or Draw Loans and Advised Lines if not. Borrow within a year with Draw Loans and repay like a Business Term Loan. Advised Lines interest rates vary on timing and purchase frequency. Choose the option that best suits your business financing needs!

Loan amount

$10,000 to over $1 million

APR

Fixed

Terms

1 to 25 years

Repayment schedule

Monthly

Fees

Varies

Availability

All 50 states

Funding speed

Varies

Business Line of Credit

Get flexible financing for your business’s short-term working capital needs with Valley Bank’s Business Line of Credit! Once approved, you’ll have access to a line of credit that you can borrow from as needed for up to five years. You only need to make a monthly repayment of one percent of your outstanding balance during this draw period. After five years, repay the amount borrowed. Choose Valley Bank’s Business Line of Credit for greater control over your business’s finances.

Loan amount

$10,000 to $500,000

APR

Varies

Terms

Renewable five-year term

Repayment schedule

Monthly

Fees

Varies

Availability

All 50 states

Funding speed

Varies

Commercial Real Estate Loans

Consider Valley Bank’s commercial real estate loans for purchasing, refinancing, or renovating a commercial property. A 20% down payment is required. Construction loans with interest-only payments are also available. Get financing for your business’s real estate needs today!

Loan amount

$50,000 to over $1 million

APR

Fixed and negotiable rates

Terms

7 to 10 years

Repayment schedule

Monthly

Fees

Varies

Availability

All 50 states

Funding speed

Varies

SBA Loans

Consider applying for an SBA loan from Valley Bank if your business has strong credit, finances, and personal finances. SBA loans are backed by the U.S. government, which may make the application and approval processes longer, but the rates and terms are often more favorable. Valley Bank is an approved SBA lender and can assist you in navigating the application process and securing the SBA loan you need. Choose Valley Bank’s SBA loan to obtain the financing that your business requires.

Loan amount

Up to $5 million

APR

Fixed and adjustable rates

Terms

Up to 25 years

Repayment terms

Monthly

Fees

Varies

Availability

All 50 states

Funding speed

Varies

Equipment Financing and Leasing

Acquire equipment without tying up cash reserves or taking on debt with Valley Bank’s Equipment Financing and Leasing options. Lease new or upgraded equipment for a set period and return or purchase it at the end of the lease term. With flexible lease terms, competitive rates, and personalized service, find the best leasing option for your business needs. Choose Valley Bank for your equipment financing and leasing needs.

Lease amount

Varies

Terms

Varies

Funding speed

Varies

Repayment term

Varies

Fees

Varies

Availability

All 50 states

Where This Product Stands Out

Loan Options

Discover the range of loan options Valley Bank provides to meet your business requirements. From Business Term Loans, Business Lines of Credit, Commercial Real Estate Loans, SBA Loans, and Equipment Financing and Leasing, Valley Bank offers a variety of financing options to provide flexibility and convenience. Choose the loan that fits your specific needs and take your business to the next level.

Funding Speed

Get your business funded quickly with Valley Bank’s fast funding speed. Don’t let a lack of capital hold you back from growing your business. With Valley Bank’s reputation for a relatively quick turnaround time, you can get the financing you need in no time. Funding speed varies based on the loan type and application process, but rest assured that Valley Bank can provide the fast capital you need to keep your business moving forward.

Availability

Consider Valley Bank as an option for your business loan needs, as it offers loans to businesses in all 50 states, making it a convenient choice for those located across the country.

SBA Approval

Take advantage of Valley Bank’s approved SBA lender status to apply for SBA loans and get a longer repayment term or lower interest rates than traditional business loans. Valley Bank can help you explore the SBA loan option that’s best for your business needs.

Competitive Rates

Get competitive interest rates on your business loans by choosing Valley Bank. Save money on interest expenses over the life of the loan, thanks to Valley Bank’s rates. Rates vary based on the loan type, amount, and borrower creditworthiness, but you can trust Valley Bank to provide competitive rates that are generally comparable with the industry.

Where This Product Falls Short

Limited Loan Amounts

Expects limitations on financing options to occur due to Valley Bank’s loan amounts for certain products, such as its business term loan and business line of credit, having lower maximum limits compared to other lenders in the market. Consider this when assessing your business’s capital needs.

Lack of Transparency on Fees

Contact Valley Bank directly to obtain a clearer understanding of the fees associated with your business loan, as the exact amounts are not readily available on their website. Though the bank provides information about the fees associated with its business loans, you may need to communicate with them to acquire a more detailed explanation.

Limited Eligibility

Look elsewhere for SBA loans if your business is located outside of the areas where Valley Bank operates since their SBA loan program is only available in certain states.

Longer Funding Time

Don’t let delays slow down your operations. Keep in mind that some customers have reported that Valley Bank’s funding process can be slower than expected, which could be a disadvantage for businesses that need funds quickly.

How to Qualify for This Product

To qualify for a business loan from Valley Bank, you typically need to meet the following requirements:

However, here are some general eligibility criteria:

Business Age and Revenue

If you’re looking to secure a business loan from Valley Bank, you need to show them that you’re serious about your business! Your business must have been operating for at least two years and must have an annual revenue of at least $150,000. Don’t worry if you’re not quite there yet, keep pushing and growing your business to meet these requirements, and you’ll be well on your way to securing the funding you need to take your business to the next level!

Credit Score

Want to secure a Valley Bank business loan? Don’t settle for a mediocre credit score! You need to bring your A-game with a minimum credit score of 650. But don’t worry, even if your score is lower, you may still have a chance to be considered. Valley Bank will look at each application individually to determine if you’re the right fit for their business loan. So, put in the effort to get your credit score up and prove to Valley Bank that you’re a rockstar entrepreneur deserving of their support!

Collateral

Valley Bank doesn’t settle for mediocre when it comes to securing their business loans. In some cases, they may require collateral to secure the loan. This is to ensure that you receive the financial support you need to achieve your business goals. The collateral required could be in the form of real estate, equipment, inventory, or accounts receivable. Show Valley Bank your commitment and dedication to your business, and they will provide you with the funds you need to take it to the next level!

Business Plan

Are you ready to take your business to the next level? To qualify for a Valley Bank business loan, you’ll need to 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 homework. Don’t hold back – show Valley Bank why your business is a winning investment!

Personal Guarantee

Get ready to put your skin in the game! If you own at least 20% of the company, Valley Bank may require a personal guarantee from you to secure your business loan. This means that you’ll be on the hook for paying back the loan if your business is unable to. It’s a big responsibility, but it shows Valley Bank that you’re serious about your business and committed to its success.

How to Apply for This Product

To apply for Valley Bank business loans, follow these steps:

  • Determine your loan needs

Identify how much funding you require, what you plan to use the loan for, and the repayment terms that would work best for your business.

  • Gather necessary documentation

Collect all the documentation you’ll need for the application process, including business financial statements, tax returns, and legal documents.

  • Fill out the application

Complete the online application on Valley Bank’s website or in person at a local branch.

  • Provide additional information

You may be asked to provide additional information or documentation to support your application.

  • Wait for approval

The bank will review your application and notify you of their decision. If approved, you’ll receive the loan documents to review and sign.

  • Receive funding

After signing the loan documents, you’ll receive the funds within a few business days.

Alternatives to This Product

Wells Fargo

Consider Wells Fargo if your business requires financing within the range of $5,000 to $5,000,000, as they offer SBA loans, business lines of credit, and commercial mortgages.

Funding Circle

Choose Funding Circle if your business needs an alternative lender that offers loans up to $500,000. Unlike traditional banks, they have less stringent eligibility requirements, so you may qualify even with less-than-perfect credit. Plus, you can choose from repayment terms ranging from six months to five years, giving you the flexibility to find a plan that fits your business needs.”

Kabbage

Get a line of credit up to $250,000 from Kabbage with funding in as little as 24 hours. The application process is simple and fast, and Kabbage evaluates more than just credit scores when reviewing applications.

OnDeck

Get a business loan of up to $500,000 from OnDeck and enjoy flexible repayment terms that range from three to 36 months. OnDeck considers factors beyond just credit scores when evaluating applications, so you have a good chance of qualifying even if you don’t have a perfect credit score.

Customer Reviews

Discover why Valley Bank is a top choice for business loans! Customers rave about their exceptional service, from knowledgeable staff to speedy loan approvals. With flexible repayment options, you can customize your repayment schedule to fit your business needs. While a few customers have faced communication issues with the bank, the majority of reviews praise Valley Bank’s reliability and value as a financing resource for small business owners. Join the ranks of satisfied customers and apply for a loan with Valley Bank today!

Methodology

We reviewed Valley 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 Valley 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 scores and time in business requirements and the geographic availability of the lender.

Finally, we evaluated Valley 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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