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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) Wells Fargo Bank — Sioux Falls, SD
2017: 28 loans, $454,414 average loan, average interest rate of 7.3%
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.
2) Compass Bank — BIRMINGHAM, AL
2017: 20 loans, $144,985 average loan, average interest rate of 7.8%
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.
3) The Huntington National Bank — Columbus, OH
2017: 15 loans, $185,227 average loan, average interest rate of 6.2%
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
4) TD Bank, National Association — Wilmington, DE
2017: 15 loans, $147,367,000 average loan, average interest rate of 8.9%
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) U.S. Bank — Cincinnati, OH
2017: 13 loans, $434,623 average loan, average interest rate of 6.9%
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.
6) JPMorgan Chase Bank — COLUMBUS, OH
2017: 9 loans, $404,933 average loan, average interest rate of 6.6%
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.
If you’re still unsure, Here’s our complete list to help you further:
|Industry Rank||Bank||City||State||# Loans||Avg Loan||Avg Int|
|1||Wells Fargo||Sioux Falls||SD||28||$454,414||7.3%|
|3||The Huntington National Bank||Columbus||OH||15||$185,227||6.2%|
|6||JPMorgan Chase Bank||Columbus||OH||9||$404,933||6.6%|
|8||Bank of the West||San Francisco||CA||6||$826,617||5.2%|
|10||Harvest Small Business Finance||Laguna Hills||CA||6||$1,286,917||6.8%|
|11||Newtek Small Business Finance||Lake Success||NY||6||$500,500||6.9%|