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Opening a grocery store can be a lucrative business venture, when people are looking for specialty foods or ingredients that can’t be found at the corner store or neighborhood supermarket, they typically head to grocery stores. To set up your grocery store, here’s our top 11 banks that can provide you loan for your starting up business:
1) NewBank — New York City, NY
2017: 34 loans, $1,408,676 average loan, average interest rate of 6.3%
With a loan amount up to $5,000,000 and term up to 10 years for business loans and 25 years for real estate purchase, this bank is in no doubt, in the position to help you grow and start your grocery store. NewBank was also an SBA Pinnacle Award Winner in 2013-2016. No wonder it is top #1 in our list.
2) TD Bank — Wilmington, DE
2017: 32 loans, $46,050 average loan, average interest rate of 9.2%
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.
3) JP Morgan Chase — Columbus, OH
2017: 21 loans, $217,648 average loan, average interest rate of 7.3%.
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.
4) Bank of Hope — Los Angeles, CA
2017: 19 loans, $1,018,632 average loan, average interest rate of 5.9%
Based out of Los Angeles, Bank of Hope specializes in financial services for the Korean-American community. They offer quick decision-making process and competitive approved loan amount. If you’re in a hurry with your loan needs, with Bank of Hope’s experience and quick process, they will not disappoint.
5) The Huntington National Bank — Columbus, OH
2017: 19 loans, $91,521 average loan, average interest rate of 6.1%
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.
6) Wells Fargo Bank — Sioux Falls, SD
2017: 17 loans, $464,800 average loan, average interest of 7.4%
Wells Fargo is one of the largest banks in the world and takes pride in being the #1 SBA 7(a) lender by dollars according to the U.S. Small Business Administration as of September 30, 2014. With their years of experience working with thousands of customers, they can offer a deep understanding of business needs, insurances, and benefits you won’t find anywhere else. Wells Fargo Bank offers long repayment terms for lower monthly payments, and lower down payments that make upfront costs more affordable.
Want some more options? Here are the top banks for small business grocery store SBA loans:
|Rank||Bank||City||State||# of Loans||Avg Loan $||Avg Int|
|2||The Huntington National Bank||Columbus||OH||22||$286,859||7.2%|
|3||NewBank||New York City||NY||15||$1,118,400||7.1%|
|4||Bank of Hope||Los Angeles||CA||15||$277,767||7.6%|
|8||Commonwealth Business Bank||Los Angeles||CA||8||$871,875||6.8%|
|9||Wells Fargo||Sioux Falls||SD||8||$130,838||10.1%|
|10||Metro City Bank||Doraville||GA||7||$1,000,000||6.7%|