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The trucking industry plays a very pivotal role in the economy of the United States of America, as well as the economy of world. So, if you’re considering trucking as your next business, here is our top banks to for a trucking loan:
1) The Huntington National Bank — Columbus, OH
2017: 599 loans, $56,085 average loan, average interest rate of 5.7%
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.
2) JPMorgan Chase Bank — Columbus, OH
2017: 102 loans, $59,434 average loan, average interest rate of 7.7%
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. 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.
3) Wells Fargo Bank — Sioux Falls, SD
2017: 79 loans, $42,294 average loan, average interest rate of 9.7%
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.
4) TD Bank — Wilmington, DE
2017: 22 loans, $40,886 average loan, average interest rate of 9.3%
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) 1st Source Bank — South Bend, IN
2017: 21 loans, $32,719 average loan, average interest rate of 6.8%
1st Source SBA Specialists are known for helping more business owners secure their loans quickly and with less hassle. As a certified Preferred Small Business Administration Lender, they know how to navigate the application process and recommend the right option for you.
6) Independence Bank — East Greenwich, RI
2017: 21 loans, $114,286 average loan, average interest rate of 7.2%
Independence Bank is an FDIC insured community bank located in East Greenwich, Rhode Island. Independence Bank specializes in small business loans through the U.S. Small Business Administration flagship 7(a) guaranteed lending program.
If you’re still undecided, look no further, here’s the complete list of top 10 banks for SBA trucking loans:
|Rank||Bank||City||State||# of Loans||Avg Loan $||Avg Int|
|1||The Huntington National Bank||Columbus||OH||597||$68,867||6.4%|
|2||Wells Fargo||Sioux Falls||SD||71||$10,597||11.3%|
|3||JPMorgan Chase Bank||Columbus||OH||62||$133,790||9.6%|
|6||Independence Bank||East Greenwich||RI||18||$131,944||7.7%|
|7||First Home Bank||Saint Petersburg||FL||15||$197,133||8.1%|
|8||Newtek Small Business Finance||Lake Success||NY||13||$1,881,400||8.1%|
|10||Fifth Third Bank||Cincinnati||OH||10||$64,240||8.6%|