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One of the most important career anyone can have is nurturing and taking care of children. In running a day care, you’re literally holding the future in your hands, and we know just how important it is that your business has the funds to do things right. As more and more families seek professional child care, the day care industry is flourishing. So if you’re ready to step-up your business, here are the top 12 banks for day care SBA loans:
1) Wells Fargo Bank — SIOUX FALLS, SD
2017: 75 loans, $1,155,241 average loan, average interest rate of 5.9%
Wells Fargo Bank takes pride in being the #1 SBA 7(a) lender by dollars according to the U.S. Small Business Administration as of September 30, 2014. With their years of experience working with thousands of customers, including day care owners, they can offer a deep understanding of business needs, with benefits you won’t find anywhere else. Take note that they also have the highest number of approved loans (year to date) in our list -no surprise they’re #1!
2) The Huntington National Bank — Columbus, OH
2017: 47 loans, $338,843 average loan, average interest rate of 6.4%
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) JPMorgan Chase Bank, National Association — COLUMBUS, OH
2017: 41 loans, $406,337 average loan, average interest rate of 6.5%
With JPMorgan Chase Bank’s SBA financing, businesses can take advantage of longer repayment terms and higher borrowing limits. They offer greater flexibility in repayment terms and lower monthly payments. JPMorgan is confident that you’ll benefit from their national experience, all you need to do is call them and inquire.
4) TD Bank, National Association — Wilmington, DE
2017: 36 loans, $426,794 average loan, average interest rate of 8.4%
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.
5) Compass Bank — BIRMINGHAM, AL
2017: 30 loans, $2,432,963 average loan, average interest rate of 5.5%
Recognized as a “SBA Lender of the Year” in 2015 by the Small Business Administration, BBVA Compass takes pride on their experience and expertise to position your small business for future growth. Their SBA Lending Group focuses exclusively on lending to businesses like daycare/childcare. And with a SBA Loan financed through BBVA Compass, you’ll benefit from lower down payment, longer terms (fixed or variable), and lower equity terms according to their site.
Still didn’t find the right bank that suits your day care business? Here’s the complete list of our top banks for day care SBA loans:
|Rank||Bank||City||ST||# Loans||Avg Loan||Avg Int|
|1||Wells Fargo||Sioux Falls||SD||75||$1,155,241||5.9%|
|2||The Huntington National Bank||Columbus||OH||47||$338,843||6.4%|
|3||JPMorgan Chase Bank||Columbus||OH||41||$406,337||6.5%|
|7||Newtek Small Business Finance||Lake Success||NY||16||$638,656||6.9%|
|10||First Chatham Bank||Savannah||GA||13||$1,571,300||6.7%|
|11||Celtic Bank||Salt Lake City||UT||13||$714,238||6.8%|
|13||United Community Bank||Blairsville||GA||11||$1,602,545||6.4%|
|15||Meadows Bank||Las Vegas||NV||9||$3,241,444||5.8%|
|16||First Home Bank||Seminole||FL||9||$424,222||6.7%|
|17||Bank of the West||San Francisco||CA||8||$760,963||5.4%|
|19||Independence Bank||East Greenwich||RI||8||$100,000||7.6%|
|20||Plains State Bank||Humble||TX||7||$2,156,829||5.9%|