BB&T’s small business loans could help owners who need an influx of capital. BB&T is also a Small Business Administration (SBA) preferred lender, issuing SBA-backed loans.
If you’re considering a BB&T business loan or other financing, we’ll break down what you can expect from the financial institution.
BB&T business loan details
BB&T offers a few financing options for business owners. However, limited information about loan amounts, rates and terms is available online. We contacted a bank representative for further details so this review can help you make comparisons when shopping for financing.
Business owners can get a secured or unsecured loan for up to $5,000,000, according to a representative. Repayment terms are generally between 36 and 120 months, depending on collateral, per the representative. BB&T didn’t disclose the average APR range but said your credit quality, repayment term, loan amount and whether the loan is backed by collateral affect your rate, which can be fixed or variable.
Lines of credit
BB&T’s revolving line of credit — available for up to $2,000,000 with repayment terms typically between 12 and 60 months, according to a representative — allows business owners to access funding whenever they need it. You could draw from your maximum credit amount to cover day-to-day operating expenses, supplement your cash flow or pay for unexpected business costs. As you pay down your balance, you would have access to the full credit line again. BB&T said its line of credit interest rates are based on the same factors as with loans, including credit quality and loan amount, but it didn’t specify an average range.
SBA loans can be used to start a new business or buy an existing one, pay for working capital expenses, purchase land or equipment, make renovations or refinance debt. The maximum SBA loan amount available from BB&T is $5,000,000, according to a representative, though they didn’t detail average interest rates. For loans covering real estate costs, repayment terms are up to 300 months. For loans for equipment, machinery or working capital, terms can extend to 10 years. Because BB&T is an SBA-preferred lender, the bank could process your application quickly to help you get your funds faster.
Business owners can finance equipment purchases or leases through BB&T for up to $2,000,000 with terms typically from 36 to 84 months, according to a representative. BB&T financing covers industrial equipment like manufacturing and construction tools, as well as office equipment and transportation assets. Fixed interest rates are dependent on credit quality, repayment terms and financing amount, though the bank didn’t reveal its average interest rates.
What businesses are eligible for BB&T financing?
BB&T doesn’t disclose eligibility requirements on its website, which makes it hard when you’re trying to compare options. Like most traditional banks, BB&T likely prefers small businesses owners who have good credit histories. BB&T does ask for a minimum of two years in business, according to a representative.
Borrowers have to apply on the phone or in person, so you may not be eligible for BB&T financing if you’re not near a branch. The 15 states where BB&T operates are Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia. It also operates in Washington, D.C.
Your eligibility for an SBA loan would depend on how your business earns income, where the business operates and your personal character. Borrowers must own a for-profit business based in the U.S. You must have invested your own money and time in the business, and you must be unable to find funding from any other lender.
The pros and cons of BB&T
- Expedited SBA loan processing
- Several financing options from which to choose
- Large loan amounts and long repayment terms available
- Few loan details listed online
- Must apply in person or by phone
- BB&T operates in just 15 states and D.C.
Application process and requirements
Business owners can apply at one of BB&T’s branch locations or by phone. You could also submit an online request for a BB&T representative to give you a call or send you an email with more information.
When applying for financing, BB&T would likely ask for the following documents:
- Business tax returns
- Personal financial statements
- Personal tax returns
If you want to obtain an SBA loan, you may be required to submit additional items:
- A completed SBA loan application
- 3 years of business and personal tax returns
- Current financial statements
- Description of how the business will profit from the loan
- Business plan
- Copy of land sales or construction contracts for commercial real estate loans
The fine print
Few details available online. BB&T’s website does not show average loan amounts, interest rates or repayment terms. You would have to call or visit a BB&T location to find out how much you could be qualified to borrow. We reached out to a company representative for further details, but it could be difficult to compare BB&T with other lenders when shopping for business financing.
Applicants must be near a branch. If you’re not in one of the 15 states (or Washington, D.C.) where BB&T does business, you’re out of luck. Potential borrowers need to be near a BB&T branch to obtain financing, though you don’t have to apply in person. You can apply by phone in states where BB&T operates. BB&T is primarily located along the East Coast.
BB&T is one of the largest financial institutions in the U.S., and it will only gain prominence through the merger with SunTrust. BB&T’s financial history makes it a reputable business lender and a solid option for financing. However, BB&T doesn’t disclose details about its financing options online. We got more information from a representative, but you will need to apply or contact the bank for more specifics.
Also, BB&T does business in just 15 states. If you live far away, you may not be eligible for a loan or line of credit.
Like many traditional banks, BB&T could have strict eligibility requirements for business financing. You may be required to have a strong personal credit history, as well as substantial experience as a business owner, to receive favorable rates and terms.
Online business lenders typically have more lenient requirements, but you could pay a price for easier approval. Financing from online lenders can be expensive, while bank financing could have more favorable rates and terms. Consider starting your online business loan search with LendingTree, MagnifyMoney’s parent company. This way you can compare several loan options at once. You simply fill out a short form online and can get matched with up to five business loan offers from lenders, based on your creditworthiness.
SBA loans, which BB&T offers, are often the most desirable lending products, as they come with competitive rates and terms. BB&T is an SBA-preferred lender and could be able to expedite your SBA loan application.
When searching for business financing, be sure to shop around to find the best offer. If you live near a BB&T branch, you may want to consider applying to see what kind of financing you could receive from the bank. You may be able to qualify for a BB&T business loan or line of credit that can give your business a boost.
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