PRE-QUALIFY for a Remodeler’s SBA Loan
Last quarterly update:
If you’ve been in the building industry and would like to go out on your own or have trade skills you want to turn into a business, remodeling may be your ticket. So here’s top 15 banks to start up your new remodeling business:
1) TD Bank — Wilmington, DE
2017: 253 loans, $50,624 average loan, average interest rate of 9.1%
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) Huntington Bank — Columbus, OH
2017: 132 loans, $59,805 average loan, average interest rate of 5.9%
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) U.S. Bank — Cincinnati, OH
2017: 126 loans, $29,979 average loan, average interest rate of 8.9%
U.S. Bank is committed to the growth of businesses and is proud to be a leading SBA lender. They offer loans geared toward business needs of all sizes – including auto repair businesses. With business loans of $100,000 to $2 million to help cover major expenses, U.S. Bank could be a smart choice for your growing auto repair business.
4) Wells Fargo Bank — Sioux Falls, SD
2017: 85 loans, $109,747 average loan, average interest rate of 9.4%
Being one of the nation’s largest bank and SBA 7(a) lender in dollar volume since 2009, Wells Fargo Bank closed thousands of SBA loans. With their undisputed experience, Wells Fargo is our top SBA lender (overall). If you want an expert’s touch to your SBA loan for your auto repair business, contact Wells Fargo now.
5) JP Morgan Chase — Columbus, OH
52 loans, $109,629 average loan, average interest rate of 7.8%.
JP Morgan chase has made 56 loans to dentist so far this year. Just like Wells Fargo, JP Morgan is massive in size and scale and is one of the largest banks in the world. Another excellent choice for your dental practice
Want more choices? Here is our list of most active banks for small business loans for remolders:
| Rank | Bank | City | State | # of Loans | Avg Loan $ | Avg Int |
|---|---|---|---|---|---|---|
| 1 | U.S. Bank | Cincinnati | OH | 384 | $52,330 | 8.9% |
| 2 | TD Bank | Wilmington | DE | 137 | $47,209 | 10.2% |
| 3 | The Huntington National Bank | Columbus | OH | 97 | $65,893 | 6.8% |
| 4 | Wells Fargo | Sioux Falls | SD | 72 | $17,057 | 10.9% |
| 5 | United Midwest Savings Bank | De Graff | OH | 52 | $139,346 | 8.0% |
| 6 | JPMorgan Chase Bank | Columbus | OH | 49 | $114,729 | 9.1% |
| 7 | First Home Bank | Saint Petersburg | FL | 47 | $204,500 | 8.0% |
| 8 | M&T | Buffalo | NY | 39 | $103,038 | 10.4% |
| 9 | Citibank | Sioux Falls | SD | 13 | $33,308 | 9.0% |
| 10 | Five Star Bank | Rancho Cordova | CA | 13 | $241,308 | 8.1% |