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High demand for plumbers means that there are many opportunities for starting your own plumbing business. In fact, the bureau of labor statistics predicted that the plumbing industry will grow by 16 percent between 2008 and 2018, which is faster than average for job growth in other occupations. Listed below are our top banks to help you start your business:
1) TD Bank — Wilmington, DE
2017: 110 loans, $63,141 average loan, average interest rate of 9.0%
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) The Huntington National Bank — Columbus, OH
2017: 101 loans, $140,183 average loan, average interest rate of 5.9%
Huntington National Bank has been the #1 SBA lender for the past eight years in their region. Their SBA team of professionals provides creative SBA lending solutions for all types of businesses. Huntington is confident that they can offer superior turnaround time that most often exceeds the market competition.
3) U.S. Bank National Association — Cincinnati, OH
2017: 85 loans, $85,062 average loan, average interest rate of 8.3%
Committed to the growth of businesses, U.S. Bank is proud to be a leading SBA lender. They offer loans geared toward business needs of all sizes.
4) Wells Fargo Bank — Sioux Falls, SD
2017: 58 loans, $298,260 average loan, average interest rate of 7.6%
As the nation’s largest SBA 7(a) lender in dollar volume since 2009, Wells Fargo Bank closed thousands of SBA loans. So, they promise that business owners will understand how to take advantage of the program they offer. Wells Fargo Bank offers long repayment terms for lower monthly payments, and lower down payments that make upfront costs more affordable. No wonder they’re #1 for Plumbing and HVAC loans.
5) JP Morgan Chase Bank, National Association — Columbus, OH
2017: 42 loans, $238,117 average loan, average interest rate of 6.1%
JP Morgan 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. Just like Wells Fargo, 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.
Still undecided? Here’s our complete list to help you further:
|Rank||Bank||City||State||# of Loans||Avg Loan $||Avg Int|
|3||The Huntington National Bank||Columbus||OH||54||$96,637||6.8%|
|4||JPMorgan Chase Bank||Columbus||OH||41||$272,656||8.1%|
|5||Wells Fargo||Sioux Falls||SD||33||$234,452||9.0%|
|6||First Home Bank||Saint Petersburg||FL||25||$189,000||8.0%|
|9||United Midwest Savings Bank||De Graff||OH||20||$147,000||7.8%|
|10||Independence Bank||East Greenwich||RI||18||$136,389||6.1%|
Top PPP lenders for plumbing & HVAC
|Rank||Bank||# PPP Loans|
|1||JPMorgan Chase Bank||2,376|
|2||Bank of America||2,340|
|3||Wells Fargo Bank||1,802|
|6||Cross River Bank||958|
|11||Celtic Bank Corporation||579|
|13||KeyBank National Association||498|