|APR (Fixed APR)||N/A|
|Loan Term (Months)||Up to 120 months|
Metro City Bank SBA Loans Review
Metro City bank is a business financing offering by Metro City Bank, based in Doraville, GA. Founded in 2014, Metro City Bank offers access to small business loans in 7 states across the USA.
What are Metro City bank’s rates?
Metro City bank offers a fixed APR business financing product but they do not disclose their rates.
Does Metro City bank charge an origination fee?
Yes, Metro City bank charges a loan origination fee.
What limitations does Metro City bank set on the purpose of the business loan?
Metro City bank considers business loan applications for business purposes, such as:
- Equipment Purchase
- Lease Improvement
- Technology Investment
What types of small business loans does Metro City bank offer?
Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Metro City bank provides access to the following business loan types:
- SBA Loans
Does Metro City bank charge prepayment fees?Yes, Metro City bank charges additional fees to borrowers who pay off their small business loans 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 business loan early.
What is the maximum business loan term you can get with Metro City bank?
Metro City bank offers small business loans with a maximum term of 120 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for Metro City Bank SBA Loans?
Metro City Bank SBA Loans does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.Applicants with a credit score of at least 600 and up to 850 may be eligible for Metro City Bank SBA Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.
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. Active duty service members and their covered dependents are eligible to apply for a loan via Metro City Bank SBA Loans. Their rates fall within the limits of The Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by Metro City Bank SBA Loans. Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Business formation documents
- Driver's license
- Government issued photo ID
- Proof of identity
Does Metro City Bank SBA Loans report your account activity to credit bureaus?
Yes, Metro City Bank SBA Loans reports your account activity to the following credit reporting agencies:
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.
Other Services by Metro City Bank
- New Jersey
- New York
|Applicant's Minimum Percentage of Business Ownership||20%|
|Business Financing Requirements||
|Credit Score Range||600 - 850|
|Employment Statuses Considered||
|Immigration Status Considered||
|Verification Documents Required||
|Credit Bureau Reporting||
|Loan Term||Up to 120 months|
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