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U.S. Bank was founded in 1863. It’s among the largest banks on the planet, with millions of customers, over $650 billion in total assets, and thousands of branches across the USA.
It offers a variety of business lending options to help small and large companies alike, such as term loans, lines of credit, and equipment financing. Many loans have no origination fee, and you can borrow anywhere from $5,000 to $250,000.
The bank lets you apply online in minutes for loans, and the website navigation is streamlined. It provides details about the different lending options, as well as a helpful blog that covers topics like running a business, spending smarter, and more.
U.S. Bank is a great choice for businesses that need to borrow large amounts, as its limits are higher than many other lenders. This saves you from having to take out multiple smaller loans to get the funds your business needs.
It’s also a solid option for companies that want direct support and guidance from a dedicated business banker. U.S. Bank’s experts can provide ongoing assistance throughout your application process and beyond.
Finally, with thousands of locations across the country, U.S. Bank is good for businesspeople who want to bank in person, as you’re never too far from a branch.
U.S. Bank offers numerous types of business lending, including business term loans, and equipment financing. Applying online is quick and easy, and many loans have no origination fee or collateral requirement. Whether you need a small loan or a large one, U.S. Bank can help. It also has plenty of helpful online resources for businesses.
U.S. Bank offers a quick and easy online application for Quick loans, Cash Flow Manager lines of credit, and some equipment financing options. If you want to apply for any other loan or line of credit, you need to make an appointment to speak with a business banker over the phone or in person.
To apply online, navigate to your preferred lending option page on the site and click “Apply now.” Next, provide your personal information like name, address, date of birth, social security number, phone number, and email. You’ll also have to report your personal income and income sources.
After that, you’ll provide business information such as the structure, contact info, Employer ID Number (EIN), address, and date it was established. It will also ask about your role at the company, what you’ll use the loan/line of credit for, your industry, and your company revenue.
Next, you can adjust a slider to choose your loan amount and select the term. There’s also a handy section afterward that shows your estimated monthly payment (for loans) and estimated interest rate based on the information you’ve provided.
Following that, you need to enter the bank details for the account where you want the money deposited.
Overall, the online application is streamlined and only takes about 15 minutes to complete. Keep in mind that you’ll have to provide personal information for everyone who has a 20% or higher stake in your business. You may also need financial statements, articles of incorporation, and tax returns to support your application.
U.S. Bank lets you borrow up to $250,000, but each loan product has a different range.
There’s also some variety within each lending type. For example, you can get an unsecured Quick loan of up to $50,000, but up to $250,000 if it’s secured. Similarly, you can only get up to $100,000 with an unsecured Cash Flow Manager line of credit, but this rises to $250,000 if it’s secured.
While credit requirements vary, the minimum annual revenue requirement is $100,000—which breaks down to approximately $8,333 per month. Additionally, loans and lines of credit require your business to have existed for at least six months (or two years for equipment financing).
U.S. Bank offers repayment terms of up to 25 years, but the exact terms vary from one lending option to the next. For example, quick loans up to seven years and SBA loans up to 10 years.
The interest rate also varies—at the time this review is written, U.S. Bank offers loans with interest rates as low as 8.49% and lines of credit as low as prime + 3.49%. Your exact rate depends on your credit history and the overall financial health of your business.
U.S. Bank takes your security seriously and has several measures to protect you and your business. These include secured buildings and files, a fraud team, and firewalls.
The website uses Secure Sockets Layer (SSL) encryption to ensure all communication between your computer and the company’s servers is secure. You can set up biometric and two-factor authentication for additional account protection, too.
The company also has a detailed privacy policy that outlines what information the company collects, how it’s gathered, what it’s used for, and who it’s shared with.
Its website contains written resources to help keep your information safe, such as guides on protecting your business from fraud, identifying student loan scams, and more.
U.S. Bank offers business customer service over the phone at 800-872-2657, 8am-8pm (CT) on weekdays and 8am-6:30pm (CT) on Saturdays. Unfortunately, there’s no email or live chat assistance.
The U.S. Bank website includes an online support section full of FAQs like how to report fraud, how to change contact information, how to make a loan payment, and more.
There’s a blog full of useful information for business owners, as well. It covers topics like how to build a brand, tips for finding the best talent, how to manage cash, and how to drive more sales.
The U.S. Bank site also has a business lending quiz to help you identify the right borrowing option for your situation.
Unfortunately, the site lacks details about interest rates and credit score requirements for many of its loans.
U.S. Bank
800 Nicollet Mall
Minneapolis, MN 55402
U.S. Bank provides numerous business lending options for small and large businesses alike. Applying online is quick and easy, and many loans have no origination fee or collateral requirements. While extra details about the interest rates would be nice, the website contains helpful information and resources for businesses, and the company has business bankers to help you throughout your application.
This review was created using information from the U.S. Bank website and its Trustpilot page.
