Top Banks for Landscaping SBA Loans

Last update: Jan 29, 2023

 

  find me a Landscaping lender

Every year, thousands of homes and businesses select a landscaping company to maintain their property. Many are new homeowners, aging adults, or new office parks.

Over time, a landscaping company builds a residual income from repeat customers. This decreases the time spent looking for new customers and creates more time for servicing and growing existing accounts.

An SBA loan can help get your landscaping company off the ground or expand your existing business. In addition, it can be used to buy equipment and supplies, refinance debt, purchase a competitor’s landscaping company, and many other purposes.

 

Benefits of owning a landscaping company

Along with a high earning potential, the biggest benefit of owning a landscaping company is the personal satisfaction of looking at your work and seeing a job well done. Beautifying properties is satisfying, and much of your work also helps the environment by preventing runoff and saving plants, trees, and shrubs from dying.

Owning a landscaping company also means you’ll make a nice living and set your own hours. You decide how big you want your business to grow, if you want to hire additional workers, and whether you’ll specialize in residential or commercial landscaping, or a combination of both.

 

How to obtain financing to open, expand, or buy a landscaping company

If you’re looking for landscaping company financing, consider applying for an SBA loan. The various loan programs offered by the Small Business Administration can help provide the funding you need to set up your business.

The SBA is a government agency that doesn’t lend you the money directly. Instead, it guarantees a significant portion of your loan. That lowers the risk profile for SBA’s lending partners, which include conventional banks and financial institutions, so they’re more willing to approve loan requests.

You also must put significantly less cash or equity down to qualify with an SBA loan. And, with an SBA loan, no covenants or collateral is required.

The most common SBA landscaping company loans include the SBA 7(a) and Express loans.

 

SBA 7(a) loan for starting or buying a landscaping company

The 7(a) is the preferred SBA loan for landscaping companies. You can use the funds made available through this program to purchase equipment, expand your operation, or even buy a competitor’s client base.

If you own an existing landscaping company and want to buy out a partner, you can also utilize the funds from an SBA 7(a) loan for that purpose.

The maximum SBA loan for a landscaping company is $5 million and is generally repaid with monthly payments that include interest.

The payment stays the same for fixed-rate loans since the interest rate is locked in. However, for variable rate loans, it’s up to the lender to request a different payment amount if the interest rate changes.

 

SBA Express Loans for landscaping companies

SBA Express Loans are a part of the agency’s 7(a) loan program. Up to $500,000 can be borrowed under an Express loan. The approval times are typically much faster for these loans.

Express loans over $25,000 have a collateral requirement. The SBA usually responds to Express loan applications within 36 hours.

The lenders ultimately make all eligibility and credit decisions. The market prime rate plus 4.5-6% interest is applied with repayment terms of up to 10 years.

 

How to apply for an SBA landscaping company loan

Access our network of SBA lenders that includes leading nationwide banks, credit unions, and other financial institutions. Our lending partners are experienced in handling applications for landscaping companies, so they will diligently pursue your opportunity.

 

There are countless SBA approved lenders that are ready to offer you a landscaping company SBA loan. These are just some of the top lenders:

RankBankCityState# of LoansAvg Loan $Avg Interest
1The Huntington National BankColumbusOH99$121,2136.5%
2U.S. BankCincinnatiOH58$65,3766.2%
3TD BankWilmingtonDE37$109,4468.3%
4United Midwest Savings BankDe GraffOH28$150,0006.8%
5M&TBuffaloNY25$52,2009.0%
6KeyBankClevelandOH17$430,9887.4%
7BancorpSouth BankTupeloMS12$242,0836.8%
8Wells FargoSioux FallsSD12$269,8337.8%
9BayFirst National BankSaint PetersburgFL10$310,7007.9%
10Newtek Small Business FinanceLake SuccessNY10$264,9908.1%

  find me a Landscaping lender