U.S. Bank Business Loans Reviews

U.S. Bank has been in business for over 160 years and offers several options for business owners, from conventional loans to equipment financing to commercial real estate loans. Business loans are dispersed as a lump sum payment and are offered with both fixed and variable rates. U.S. Bank is also a preferred lender with the Small Business Administration (SBA), enabling an expedited loan process for qualified borrowers.

The company offers a quick loan option for unsecured loans under $50,000 and secured loans under $250,000, where borrowers complete the entire loan process online. For all other loans, borrowers are required to speak with a business banker directly. U.S. Bank advertises competitive rates but does not list these online, so borrowers looking for this information upfront may prefer working with another lender.

U.S. Bank offers several business loan products. Depending on the loan type, there may be restrictions based on the state your business is located in or how long it’s been established.

• Business term loan:  Includes both secured loans ($5,000 to $250,000, with terms up to 84 months) and unsecured loans ($5,000 to $50,000, with terms up to 48 months).
• Commercial real estate: Loans for owner-occupied and non-owner-occupied properties for refinancing or remodeling. Variable and fixed rate options available at 5-, 10- or 15-year terms.
• Small Business Administration (SBA) loans: Business or real estate loans of up to $12.375 million that are partially guaranteed by the federal government. Borrowers must meet certain eligibility requirements.
• Equipment financing: Loans of up to $2.5 million to finance commercial vehicles, computer hardware, manufacturing or construction equipment, etc. Monthly, quarterly or semiannual payment terms available.
• Business Diversity Lending Program: Qualified borrowers can get approved under modified credit requirements on all loans listed above except SBA and equipment. Businesses must be owned and operated by people of color, women or veterans.
• SBA Paycheck Protection (PPP): For businesses that received a PPP loan and are seeking forgiveness.

U.S. Bank doesn’t list its rates online but does set minimums and maximums. Your actual rate is determined by factors like creditworthiness, cash flow, debt-to-income (DTI) ratio, how long you’ve been in business and available collateral.

There are no origination or annual fees for U.S. Bank business loans, but there may be prepayment penalties depending on the type of loan. For instance, quick loans that are paid off in full within the first year will incur a 1% prepayment fee.

There are no prepayment fees for SBA-guaranteed loans. However, SBA loans may have other fees, such as the SBA Guaranty Fee, that are incurred by the lender but may legally be passed along to the borrower.

Interested borrowers can either fill out an application online for a quick loan or connect with a business banker by phone, video call or at a local U.S. Bank branch for loans that exceed the quick loan limits.

When applying, be prepared to submit information and documents such as:

• Personal and business tax returns
• Gross annual sales
• Articles of incorporation
• Business plan

After all required information has been submitted and reviewed, most loans are approved and funded within a week.

Yes, U.S. Bank business loans are legitimate and backed by a company with over 160 years of experience in the financial sector. The bank offers a quick loan option that can be completed entirely online, but larger loans require borrowers to connect directly with a business banker.

There are several loan products available, including equipment financing, commercial real estate and SBA-backed loans. U.S. Bank business loans may be a good fit for those looking to work with a long-established financial institution. However, your loan options may be limited based on where your business is located.