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  Simmons Bank Business Loans

Simmons Bank Business Loans

in Business Loans from Simmons Bank

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Simmons Bank Business Loans

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in Business Loans from Simmons Bank

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Highlights
Loan Amount Up to $25,000,000
APR 5% - 50%
Loan Term (Months) 12 - 360 months

Simmons Bank Business Loans Review

Simmons bank is a business financing offering by Simmons Bank, based in Columbus, GA. Founded in 1903, Simmons Bank offers access to small business loans in 50 states (and Washington, DC).

Simmons bank FAQ

What are Simmons bank’s rates?

Simmons bank offers a business financing product that ranges from 5% APR up to 50% APR.

Does Simmons bank charge an origination fee?

Yes, Simmons bank charges a loan origination fee.

What limitations does Simmons bank set on the purpose of the business loan?

Simmons bank considers business loan applications for business purposes, such as:

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

What types of small business loans does Simmons 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. Simmons bank provides access to the following business loan types:

  • SBA Loans

Does Simmons bank charge prepayment fees?

Yes, Simmons 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 Simmons bank?

Simmons bank offers small business loans with terms ranging from 12 to 360 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 Simmons Bank Business Loans?

Simmons Bank Business 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 700 and up to 850 may be eligible for Simmons Bank Business Loans.

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 Simmons Bank Business Loans 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 Simmons Bank Business Loans. Permanent resident / green card holders are also eligible to apply.

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

  • Proof of income
  • Proof of identity

Does Simmons Bank Business Loans report your account activity to credit bureaus?

Yes, Simmons Bank Business Loans reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian

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.

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Other Services by Simmons Bank

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Credit Score Range 700 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Verification Documents Required
  • Proof of Identity
  • Proof of Income
Credit Bureau Reporting
  • Equifax
  • Experian
Loan Amount Up to $25,000,000
APR 5% - 50%
Loan Term 12 - 360 months

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