A business loan from TD Bank can help you grow your business to new heights, but before you apply, it’s important to determine which type of business loan you’ll need and ensure you have the right paperwork. In addition to your personal credit score, there are multiple factors that go into determining whether or not you qualify for a TD Bank business loan. Use the guide below to learn more about what to expect with TD Bank business loans, including requirements and application procedures. After reading this information, you’ll be ready to move forward with your TD Bank business loan application.
About the TD Bank business loan
TD bank is a leading financial institution that offers a wide range of banking products and services to businesses and individuals. They offer a variety of business loans, including small business loans. The TD bank small business loan requirements include having a minimum credit score of 650, being in business for at least two years, and having a minimum annual revenue of $100,000. You can apply for a TD bank small business loan online by filling out an application form.
General Business Loan Application Requirements
In order to apply for a TD bank small business loan, you will need to meet the following requirements:
1. You must have been in business for at least 2 years
2. Your business must be located in the United States
3. You must have a minimum credit score of 680
4. You must have annual revenues of at least $100,000
5. You must not be currently bankrupt or in default on any loans
6. You must own your home free and clear (no mortgage)
7. And you must have an open TD checking account with sufficient funds
How to apply for a TD bank Business Loan Online
To apply for a TD bank small business loan, you’ll need to fill out an online application at TD bank website. The requirements for approval include having a strong credit score, a detailed business plan, and proof of income. Once you’ve submitted your application, a loan officer will review it and get back to you with a decision. If you’re approved, you’ll need to sign some paperwork and then the money will be deposited into your account.
Tips when Applying for TD Bank business loan Online
1. Before you begin the TD bank small business loan application online, make sure you have all of the required documentation. This includes your business license, tax information, and financial statements.
2. Gather your personal information as well. You will need to provide your Social Security number, birth date, and contact information.
3. Be prepared to answer questions about your business. TD will ask for a detailed description, the current status of your company (for example if it is just starting up), what are some objectives you hope to achieve with this loan?
4. TD also provides helpful resources on its website including answers to FAQs that may come up when applying for a TD bank small business loan application online.
5. When filling out the TD bank small business loan requirements online, be truthful and honest in order to avoid any future problems.
TD bank Business Loan Approval Process
To apply for a TD bank small business loan, you’ll need to fill out an online application. The requirements for approval include having a strong credit score, a solid business plan, and being in business for at least two years. The approval process can take up to two weeks. If you’re approved, you’ll receive the loan in the form of a line of credit that you can use as needed.
When will I hear back from the TD Bank?
After you’ve applied for a TD small business loan online, you will hear back from the bank within 10 business days. The TD bank will either approve or deny your loan based on your credit score, business revenue, and other factors. If you are approved, you will receive a loan agreement to sign and return. Once the bank has received your signed agreement, they will disburse the funds to your account within three business days.
Applying for TD Bank business loan by Phone
You can begin the TD bank small business loan application process by calling 1-888-751-9000 Monday – Friday, 8 a.m. – 10 p.m. EST. A loan specialist will guide you through the process and answer any questions you have. You’ll need to provide some information about yourself and your business, including your Social Security number, business tax ID number, average monthly sales, time in business and desired loan amount. The phone rep will also ask for personal and business financial statements, copies of your most recent federal income tax return and W2s for employees (if applicable). If you’re applying for an SBA loan (a U.S. government program), TD Bank asks that you submit a copy of the official commitment letter from the SBA. Once everything is submitted, TD Bank should be able to tell if they are qualified within 24 hours or less.