Last quarterly update:
If you’ve been in the building industry and would like to go out on your own or have trade skills you want to turn into a business, remodeling may be your ticket. So here’s top 15 banks to start up your new remodeling business:
1) TD Bank, National Association — Wilmington, DE
Year to date: 24 loans, $242,000 average loan, average interest rate of 6.1%
Being a Preferred SBA Lender, TD Bank is also able to guide you through the process with faster decision times for loan approvals. Their SBA Business Development Officers have broad and diverse industry experience building relationships with small businesses such as veterinary, pharmacy, and law firm. TD Bank takes pride in offering a simple and hassle-free SBA loan experience.
2) Huntington Bank — Columbus, OH
Year to date: 55 loans, $138,224 average loan, average interest rate of 5.8%
Huntington is the #1 SBA 7(a) lender in the number of loans in the regions made up of Indiana, Kentucky, Illinois, Ohio, West Virginia, Western Pennsylvania, Wisconsin, and Michigan (according to U.S. SBA from October 1, 2008, to September 30, 2016). With 8 years of pretty great track record of helping businesses like auto repair shops, you’ll never go wrong in trying to apply for an SBA loan with Huntington.
3) U.S. Bank — Cincinnati, OH
Year to date: 77 loans, $362,699 average loan, average interest rate of 6.5%
U.S. Bank is committed to the growth of businesses and is proud to be a leading SBA lender. They offer loans geared toward business needs of all sizes – including auto repair businesses. With business loans of $100,000 to $2 million to help cover major expenses, U.S. Bank could be a smart choice for your growing auto repair business.
4) Wells Fargo Bank — Sioux Falls, SD
Year to date: 89 loans, $187,243 average loan, average interest rate of 7.7%
Being one of the nation’s largest bank and SBA 7(a) lender in dollar volume since 2009, Wells Fargo Bank closed thousands of SBA loans. With their undisputed experience, Wells Fargo is our top SBA lender (overall). If you want an expert’s touch to your SBA loan for your auto repair business, contact Wells Fargo now.
5) Compass Bank — BIRMINGHAM, AL
Year to date: 74 loans, $312,028 average loan, average interest rate of 7.3%
Named a “National Preferred Lender” by the SBA, BBVA Compass has the experience and know-how to position your small business for future growth. Recognized as an “SBA Lender of the Year” in 2015 by the Small Business Administration, BBVA Compass is proud to do their part to help small businesses overcome their current economic challenges and position themselves for future growth.
Still unsure? Here’s our complete list to help you further:
|Industry Rank||SBA Rank||Bank||City||State||Avg Loan $||# of Loans||Avg Interest|
|2||3||The Huntington National Bank||Columbus||OH||$51,864||105||5.87|
|4||1||Wells Fargo||Sioux Falls||SD||$45,851||68||9.57|
|6||4||JPMorgan Chase Bank||Columbus||OH||$109,066||35||7.83|
|8||6||Celtic Bank||Salt Lake City||UT||$136,300||30||6.62|
|11||12||First Home Bank||Seminole||FL||$255,357||14||6.70|
|14||39||Independence Bank||East Greenwich||RI||$95,455||11||7.39|