Many or all of the companies featured provide compensation to LendEDU. These commissions are how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear on our site.
What we like:
Live chat an expert
|Loan Amounts||$10,000 – $1,000,00|
|Term Lengths||3 – 5 years|
|Origination Fee||No fee up to $100,000|
With more than 150 years in business, TD Bank is known as America’s most convenient bank. The financial institution is headquartered in Canada, but it operates throughout the Northeast, Mid-Atlantic, Washington D.C., North and South Carolina, and Florida with more than 1,300 physical branch locations.
With over 9 million customers, TD Bank is one of the largest banks operating in the United States, and it offers access to a variety of financial solutions. Deposit and lending accounts, business banking and financing solutions, and wealth management services are all offered through TD Bank and its subsidiaries.
On this page:
TD Bank Business Financing Options
Business owners seeking financing through TD Bank may qualify for either a business line of credit or a small business term loan. Both financing options require a business to have a strong financial track record, up-to-date financial statements, and sufficient minimum revenue and years in operation criteria.
Lines of credit and small business loans may be applied for online, so long as the amount requested is under $100,000. An in-person visit to a branch location is required for higher loan or line of credit amounts.
TD Bank caters to small businesses that have a history of strong cash flow and profitability, although there is no single industry with which the bank prefers to work. Instead, any small business owner in need of financing who meets the credit requirements may qualify for a loan or line of credit with the financial institution.
Basic Information: Rates, Terms, Fees, and Limits
Small Business Line of Credit
With the two categories of small business financing through TD Bank, small business owners may be offered different interest rates, repayment terms, and loan limits. For a small business line of credit, financing is available from $25,000 up to $500,000 with a variable interest rate that is comparable to other lenders offering line of credit financing.
Small business owners may have up to 20 years to draw on the credit line, based on credit history and business financial standing. Lines of credit may be used for working capital needs, such as employee payroll, rent, and overhead expenses.
Small Business Term Loan
A small business term loan from TD Bank may be available from $10,000 up to $1 million with a fixed interest rate comparable to similar small business lenders. Repayment terms are also fixed at either three or five years, although businesses with larger revenue streams may qualify for a longer repayment term.
Small business term loans may be used for a variety of financing needs, including equipment and vehicle purchases, expansion or renovation, working capital funding, or real estate purchases or refinance transactions.
One of the most notable benefits for business owners using TD Bank for a loan or line of credit is the accessibility the financial institution offers. A large number of TD Bank branch locations are open seven days each week, which offers more convenience than other small business lenders. Additionally, TD Bank offers an online loan or line of credit application to small business owners who request less than $100,000 in funding.
The financial institution also offers a comprehensive resource center filled with articles, calculators, and workshops designed for small business owners, as well as specific financing options for healthcare professionals looking to expand their practice.
Although TD Bank offers more convenience than many other similar small business lenders, the application requirements may be more stringent for business owners who do not have several years in operation or do not meet minimum revenue requirements.
Also, small business owners may qualify for lower rates on both lines of credit and small business term loans through alternative lenders.
Finally, TD Bank requires applicants to visit a branch location in person for any loan requests over $100,000. The bank only operates throughout certain regions of the country, making it less convenient than larger, nationwide financial institutions.
Overall, TD Bank is a well-known, highly accessible financial institution offering two categories of financing to small business owners. For those who can meet the credit requirements and revenue thresholds to qualify, getting a small business loan or line of credit from TD Bank may be a viable solution for business financing needs.4.26 TD Bank Small Business Financing
Author: Melissa Horton