SunTrust Bank Business Loans

SunTrust Bank Business Loans Review

SunTrust Small business is a business financing offering by SunTrust Bank, based in Atlanta, GA. Founded in 1865, SunTrust Bank offers access to small business loans in 10 states (and Washington, DC).

SunTrust Small business FAQ

What are SunTrust Small business’s rates?

SunTrust Small business offers a fixed APR business financing product but they do not disclose their rates.

Does SunTrust Small business charge an origination fee?

Yes, SunTrust Small business charges a loan origination fee.

What limitations does SunTrust Small business set on the purpose of the business loan?

SunTrust Small business considers business loan applications for business purposes, such as:

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

What types of small business loans does SunTrust Small business 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. SunTrust Small business provides access to the following business loan types:

• Unsecured Term Business Loans
• Lines of Credit
• SBA Loans
• Commercial Real Estate Loans

Does SunTrust Small business charge prepayment fees?

Yes, SunTrust Small business 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 SunTrust Small business?

SunTrust Small business offers small business loans with a maximum term of 300 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 SunTrust Bank Business Loans?

SunTrust 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.

SunTrust Bank Business Loans does not require or does not disclose a credit score minimum.

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 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 SunTrust 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 SunTrust Bank Business Loans report your account activity to credit bureaus?

Yes, SunTrust 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.