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You’re envisioning that new piece of equipment on the floor, dreaming of expansion or upgrades but you just need the capital to make it happen. Look no further. Here are the leading banks that can help you tackle the inevitable growth challenges of your auto body shop.
1) U.S. Bank — Cincinnati, OH
2019: 24 loans, $479,500 average loan, average interest rate of 7.3%
U.S. Bank offer loans geared toward business needs of all sizes and is proud to be a leading SBA lender. Since 1976, they have provided more than $6 billion in SBA loans to thousands of small businesses nationwide including auto body shop businesses. They will work closely with you and help make the loan application process as easy as possible.
2) Wells Fargo Bank — Sioux Falls, SD
2019: 17 loans, $364,006 average loan, average interest rate of 7.9%
As the nation’s largest SBA 7(a) lender in dollar volume since 2009, Wells Fargo Bank closed thousands of SBA loans. With Wells Fargo Bank’s years of experience working with thousands of customers, including auto body shop owners, they can offer a deep understanding of business needs, and offer the best funding solutions available, with benefits you won’t find anywhere else. No surprise they’re #1 on our list by a wide margin.
3) TD Bank, National Association — Wilmington, DE
2019: 16 loans, $56,994 average loan, average interest rate of 9.5%
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.
4) JPMorgan Chase Bank — Columbus, OH
2019: 13 loans, $166,500 average loan, average interest rate of 7.7%
JPMorgan Chase Bank is confident that they can help you guide along the process as easy as possible while fully understanding each step you need to take. JP Morgan is massive in size scale and is one of the largest banks in the world. So with their years of experience working with undeniable thousands of customers, JP Morgan can also be a great choice for you.
5) The Huntington National Bank — Columbus, OH
2019: 11 loans, $126,755 average loan, average interest rate of 7.3%
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
If you’re still unsure, here’s our complete top 10 auto body shop loan list to help you further:
|Rank||Bank||City||State||# of Loans||Avg Loan $||Avg Int|
|2||Wells Fargo||Sioux Falls||SD||17||$364,006||7.9%|
|4||JPMorgan Chase Bank||Columbus||OH||13||$166,500||7.7%|
|5||The Huntington National Bank||Columbus||OH||11||$126,755||7.3%|
|6||United Midwest Savings Bank||De Graff||OH||6||$133,333||8.0%|
|8||Bank of the West||San Francisco||CA||6||$624,450||6.4%|