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  SunTrust Bank Business Lines of Credit

SunTrust Bank Business Lines of Credit

in Business Lines of Credit from SunTrust Bank

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SunTrust Bank Business Lines of Credit

Unaffiliated

in Business Lines of Credit from SunTrust Bank

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Highlights
APR  (Fixed APR) Starting at 3.75%
Credit Score Range N/A
Loan Amount $25,000 - $5,000,000

SunTrust Bank Business Lines of Credit Review

SunTrust Bank Business Lines of Credit is offered by SunTrust Bank, a bank founded in 1865 and based in Atlanta, GA. SunTrust Bank Business Lines of Credit is available in 10 states (and Washington, DC).

SunTrust Bank Business Lines of Credit FAQ

What APRs does SunTrust Bank Business Lines of Credit offer?

SunTrust Bank Business Lines of Credit offers a fixed APR product that ranges from 3.75% APR.

Does SunTrust Bank Business Lines of Credit charge an origination fee?

Yes, SunTrust Bank Business Lines of Credit charges an origination fee.

What limitations does SunTrust Bank Business Lines of Credit set on the purpose of the line of credit?

SunTrust Bank Business Lines of Credit considers line of credit applications for business purposes, such as:

  • Equipment Purchase
  • Inventory
  • Lease Improvement
  • New Location
  • Payroll
  • Product or Service Expansion
  • Working capital

Does SunTrust Bank Business Lines of Credit charge prepayment fees?

Yes, SunTrust Bank Business Lines of Credit charges additional fees to borrowers who pay off their lines of credit sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a line of credit early.

How much can you borrow from SunTrust Bank Business Lines of Credit?

Line of credit amounts start at $25,000 and go up to $5,000,000.

What is the maximum term you can get with SunTrust Bank Business Lines of Credit?

SunTrust Bank Business Lines of Credit offers business lines of credit with a maximum term of 60 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.

What do you need to qualify for SunTrust Bank Business Lines of Credit?

SunTrust Bank Business Lines of Credit does not require or does not disclose a credit score minimum. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

SunTrust Bank Business Lines of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the SunTrust Bank Business Lines of Credit product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by SunTrust Bank Business Lines of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Recent bank statements
  • Business formation documents
  • Proof of identity

What are the business financing requirements for SunTrust Bank Business Lines of Credit?

To apply for SunTrust Bank Business Lines of Credit, the applicant needs to provide the following documentation:

  • Business license
  • Business bank account

Does SunTrust Bank Business Lines of Credit report your account activity to credit bureaus?

Yes, SunTrust Bank Business Lines of Credit reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

What types of business lines of credit does SunTrust Bank offer?

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Availability

  Available in 10 states and Washington, D.C.
  • Alabama
  • Alaska
  • Washington, DC
  • Florida
  • Georgia
  • Maryland
  • Mississippi
  • North Carolina
  • South Carolina
  • Tennessee
  • Virginia

Feature Breakdown

Annual Fee $0
Application Fee $0
Business Financing Requirements
  • Business License
  • Business Bank Account
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Age 18
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement
  • Secured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • New Location
  • Product or Service Expansion
  • Working Capital
  • Inventory
  • Payroll
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Payment Frequency Monthly
Payment Options
  • Automatic Payments
  • Bank Transfer
APR (Fixed APR) Starting at 3.75%
Loan Amount $25,000 - $5,000,000
Loan Term Up to 60 months

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