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PNC Bank Small Business Loans: 2024 Review

Name: PNC Bank Small Business Loans: 2023 Review
Item: PNC Bank
Rating: 4.1
Author: Emma Woodward

Written by

Emma Woodward

Edited by

Pippin Wilbers

Updated Aug 27, 2024

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At a glance

4.1

Bankrate Score

Bankrate Rating = 4.1/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Accessibility

Affordability

Customer experience

Transparency

Flexibility

How Bankrate Scores work

Overview

PNC Bank has 2,500+ retail locations in 28 states and D.C. The lender provides various business loan products like term loans, lines of credit and SBA loans. But the website offers limited details regarding lending criteria, fees and rates.

Lender Details

Loan amount

$10,000-$3 million
Interest rate

8.76% APR
Term lengths

2-15 years
Min. annual revenue
Min. time in business

2 years

Who PNC Bank is best for

PNC Bank business loans are best for well-established businesses looking to grow. It offers both secured and unsecured loan options, but, as a traditional lender, PNC Bank has stringent requirements, demanding two years in business. Businesses must also have no bankruptcies and a strong personal net worth to act as a secondary repayment source in the event of default.

Who PNC Bank may not be best for

Businesses looking for convenient digital tools to help manage their loan will want to find a different lender. PNC Bank doesn’t offer an online application or app to oversee their business loans. And their in-person branches are only located in 28 states (plus Washington, D.C.).

PNC Bank: in the details

Loan amount

$10,000-$3 million

Interest rate

8.76% APR

Term lengths

2-15 years

Fastest funding

1 business day

Min. time in business

2 years

Personal credit score

660

PNC Bank pros and cons

Pros

Multiple small business loan types
Quick approval times
Long terms

Cons

No online application process
Don’t offer a prequalification option
Not available in all states
Require businesses to be open for at least two years

Business loan types offered

PNC Bank offers a variety of business loan options, including SBA loans. The bank doesn’t provide specific information on current interest rates for most loans, but you can reach out by phone or in person to learn more. For all types of PNC Bank business loans, a personal guarantee is required by any business owner who owns 25 percent or more of the company.

Loan quick facts

Amounts: $20,000 to $100,000
Terms: 2 to 5 years
Interest rate from: Not disclosed; fixed rate

PNC Bank unsecured small business loan overview

The small business loan from PNC Bank is a traditional term loan that doesn’t require any collateral. Businesses can expect to pay a 1 percent origination fee for this loan. Payments are automatically deducted from your PNC business checking account. Payments are fixed amounts paid monthly.

Loan quick facts

Amounts: $100,001 and up
Terms: 2 to 7 years
Interest rate from: Not disclosed; fixed or variable rate based on WSJ prime

PNC Bank secured business loan overview

If you want a lower interest rate and larger loan amount, you may want to apply for the secured small business loan. Collateral that can be used for this loan includes machinery, equipment or other non-real estate business assets.

Loan quick facts

Amounts: $100,001 and up
Terms: Up to 20 years; up to 25-year amortization
Interest rate from: Not disclosed; fixed or variable rate based on WSJ prime

PNC Bank commercial real estate loan overview

PNC’s commercial real estate loan for small businesses can help fund a real estate purchase or refinance. The real estate itself secures the loan, but must be owner-occupied. Loan terms are flexible, with loan term options going up to 20 years, and borrowers have the choice of a fixed or variable interest rate. The loan includes origination fees of 0.5 percent plus any third-party costs.

Loan quick facts

Amounts: $10,000 to $250,000
Terms: 2 to 6 years
Interest rate from: Not disclosed; fixed

PNC Bank small business vehicle finance loan overview

This loan allows you to finance the purchase of a new or used vehicle to use for business purposes. It can fund up to 100 percent of the purchase amount, which means no down payment may be required. As with personal vehicle loans, your vehicle functions as the collateral for the loan. You’ll need to pay a title recording fee.

Loan quick facts

Amounts: $20,000 to $100,000
Terms: Not stated
Interest rate from: 10.08% to 19.69% APR

PNC Bank unsecured business line of credit overview

An unsecured small business line of credit doesn’t require collateral, but interest rates will be higher, and loan amounts are smaller than the secured line of credit. The annual fee for unsecured lines of credit with PNC is $175. Funds can be accessed by writing a check or transferring funds to an eligible PNC account, and they can be used as overdraft protection for a business checking account with PNC.

Loan quick facts

Amounts: $100,001 and up
Terms: Not stated
Interest rate from: 9.01% to 13.27% APR

PNC Bank secured small business line of credit overview

This type of PNC Bank business loan offers businesses a revolving line of credit secured by non-real estate business assets. There is an annual fee of 0.25 percent of the committed credit limit. Funds can be accessed by writing a check or transferring into an eligible PNC account. You have the option to make interest-only payments with this credit line. In addition, the secured small business line of credit can also be used for overdraft protection on a business checking account with PNC Bank.

Loan quick fact

Amounts: Up to $5 million
Terms: 10 to 25 years
Interest rate from: 10.75% to 15.00% APR

PNC Bank SBA loans overview

PNC Bank offers multiple SBA loans, including the SBA 7(a) loans, 504 loan and Express lines of credit. Most banks stick with offering SBA 7(a) and 504 loans. SBA 7(a) loans can be used for general financing purposes, including funding operational expenses, acquiring new businesses, purchasing inventory and more.

SBA 504 loans are used to buy assets that will boost the business’s growth, including equipment, commercial real estate and real estate construction projects. SBA Express lines of credit work well for covering operational expenses or other purchases up to $500,000.

Do you qualify?

PNC Bank doesn’t offer any information on industry limitations on its website. If you want to make sure they offer business loans in your industry or clarify any other requirements, reach out to the bank for questions.

PNC Bank doesn’t give specific details on every qualifying factor for their business loans, but they do give some requirements and guidelines. And you’ll need to live in a state where they have a retail bank. Here are the categories they examine for loan applicants and any specific qualifications you will need for each factor:

Credit history of business owners: All owners should have a clean credit history for at least the past five years with no foreclosures, collection accounts, charged-off accounts, judgments, lawsuits or unsatisfied tax liens.

Business credit history: The business should have a clean credit history, as well. The loans above require a FICO credit score of 660, with the exception of the secured small business loan, for which PNC doesn’t specify a minimum score.

Company financial history: The business should be able to show profitability and show that this has increased steadily over time.

Years in business: Most applicants will need to show at least two years in business with the same ownership. However, PNC does work with healthcare startups.

Business debt service coverage: Lenders look at a business’s DSCR to determine if they have enough income to cover outstanding debts.

Debt-to-income ratio: Similarly, DTI shows whether the owners have enough earnings to cover the outstanding personal debts. PNC looks for owners to have about 60 percent left of their income after paying any debt and interest payments.

Leverage: Leverage examines a company’s total liabilities compared to its total net worth. A strong company should have more net worth than liabilities. PNC looks for applicants that have liabilities that do not exceed four times their net worth.

Recent payment history with PNC: If the company received any loans from PNC before, they should have made timely payments.

Overdraft history: PNC also looks for little to no overdraft activity if the applicant is a PNC account holder.

Industry: If the applicant is part of a volatile industry, they must show longer times in business and an especially strong financial performance.

Net worth of the business owner(s): If the business owners have a stronger net worth, they show that they can offer secondary payment support for the loan, if needed.

Collateral available: Strong collateral gives another option for secondary payment support.

What we like and what we don’t like

Offering a variety of loan types, PNC Bank has options for businesses. However, they lack some of the convenience that other lenders offer.

What we like

Multiple small business loan types: PNC has both secured and unsecured loan options. They offer business loans that finance real estate purchases, vehicle purchases and working capital needs.
Quick funding times: Loan funding times can vary, but some loans are funded within one to five days. Businesses can get their hands on needed cash efficiently without worrying about slow processing timelines.
Long terms. Depending on the loan you choose, repayment terms reach a maximum of six to 25 years, with the longest repayment terms for commercial real estate and SBA loans.

What we don't like

No online application process: PNC doesn’t offer applicants a way to apply online, making the application process less convenient. To apply for a PNC business loan, you must call or visit a local branch.
Don’t offer a prequalification option: Some lenders allow you to fill out a few questions and find out if you qualify for the loan without doing a hard credit check, but PNC doesn’t give potential applicants this option.
Not available in all states: PNC only has branches in 28 states and Washington, D.C., and you can only apply if you live in a state with a retail bank location.
Long time in business requirement: Aside from healthcare startups, young businesses won’t find funding options through PNC. Like many traditional banks, PNC requires at least two years in business.

How PNC Bank compares to other lenders

PNC Bank business loans are designed for well-established businesses seeking growth opportunities. With a variety of lending options available, including secured and unsecured loans, PNC Bank caters to businesses demonstrating a strong financial history and stability, although it doesn't fully provide its lending requirements.

Loan amounts range from $10,000 to $5 million, terms go from two to 25 years, and quick funding times of one to five days ensure timely access to much-needed cash. Since the lender doesn't offer online applications or pre-qualification and branch locations are limited, some small business owners may want to look elsewhere.

4.1

Bankrate Score

Loan amount

$10,000-$3 million
Interest rate

8.76% APR
Term lengths

2-15 years
Min. time in business

2 years
Min. business annual revenue

4.1

Bankrate Score

Loan amount

$5,000-$5 million
Interest rate

8.49%
Term lengths

2-25 years
Min. time in business

6 months
Min. business annual revenue

Not disclosed

Read our review

on Bankrate

4.3

Bankrate Score

Loan amount

Starts at $1,000
Interest rate

6.25% APR
Term lengths

6 months-25 years
Min. time in business

6 months
Min. business annual revenue

$50,000

Read our review

on Bankrate

PNC Bank vs. U.S. Bank

PNC Bank and U.S. Bank offer similar secured and unsecured financing solutions. PNC Bank business loans cater to businesses in need of $10,000 to $5 million and quick funding, which can vary but may take one to five days. But there are no online applications, pre-qualification options or other digital tools to manage loans.

U.S. Bank business loans have high loan amounts from $5,000 to $12.4 million and extended terms up to 25 years as well as equipment financing, which requires no down payment. This lender does provide online applications and pre-approval for certain loans, but funding may be slower than PNC Bank.

Both banks lack transparency in their lending criteria and rates, but banks generally require two to three years in business and a strong credit history. U.S. Bank does offer a quick loan option, which is open to businesses as young as six months.

PNC Bank vs. Bank of America

Bank of America business loans are also a suitable option for established businesses. Most loan products are available to businesses that have been in operation for two years. And businesses that qualify for its Preferred Rewards for Business program will get the most benefits, including interest rate discounts.

Its various loans and lines of credit start as low as $1,000, and terms range from 12 months to 25 years, making it ideal for short- or long-term financing needs. Veterans may also benefit from fee discounts on certain business loans.

With PNC, funding can happen as quickly as one to five days, but Bank of America may be slower with both loan approval and funding, which is something to consider if you're in need of quick access to your loan funds.

How to apply for a loan with PNC Bank

To apply for a PNC Bank business loan, fill out the application in-person at a branch or by phone. You can call 1-800-762-2365 anytime between 8:30 a.m. and 8 p.m. ET, Monday through Friday. Hours for branch locations vary, so check with local branches before you visit them and consider making an appointment to avoid wait time.

There is no online application option available. Before you sit down to apply for a loan, make sure you gather all the necessary documents and information.

Any promotional codes or offers you plan to use

How much funding you're looking for and how you plan to use it

The collateral you plan to use (if you need collateral for your loan type)

Basic business information including business name, business tax ID number, the year your business started, the number of employees and annual sales

Identifying details and contact information for each owner of the business (personal ID, Social Security number, address, phone number)

Business tax statements from the last few years

Business financial statements from the last few years

Personal tax returns from the last few years for each business owner

PNC Bank frequently asked questions

Yes, PNC is part of the SBA Preferred Lender program. The bank works with the Small Business Administration (SBA) to provide business funds through SBA funding options, including SBA 7(a) loans, SBA 504 loans and SBA Express lines of credit.
Some of PNC’s loans charge an origination fee. Origination fees for loans are generally charged as a percentage of the loan. If the loan has an origination fee, they may range from 0.5 percent to 1 percent.
PNC Bank offers several secured and unsecured small business loan options. These loan options include:
- Secured or unsecured small business loan
- Small business commercial real estate loan
- Small business vehicle finance loan
- Secured small business line of credit
- Unsecured small business line of credit
- SBA loans

How Bankrate rates PNC Bank

Overall Score	3.9
Accessibility	4.3	PNC offers a great maximum loan amount, but its minimum amounts could be smaller.
Affordability	3.6	PNC has minimal fees and a good starting interest rate on its lines of credit.
Transparency	4.1	Unlike most banks, PNC discloses the majority of its eligibility requirements for loans.
Customer experience	3.5	PNC offers weekday phone support but its lack of an online application drags this score down.
Flexibility	3.8	With many traditional loan options, this lender offers a funding solution for most needs.

Methodology

years in business

30+

lenders reviewed

loan features weighed

770+

data points collected

To select the top small business lenders, Bankrate considers more than 20 factors. These factors include loan amounts, approval and funding times, credit requirements, APR or factor rate ranges, fees, and easy-to-find rate and fee disclosures. Bankrate reviewed more than 30 lenders and gave each a rating, which consists of five categories:

Accessibility: Factors considered in this category include minimum loan amounts, approval and funding speed, minimum annual revenue and minimum credit score.
Affordability: This section measures interest or factor rates and fees.
Transparency: How easy it is to find important rates, fees and eligibility requirements are considered in this category.
Customer experience: Customer service hours, online applications and app availability are considered in this category.
Flexibility: This category considers factors like the number of loan products and ability to change payment due date.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

PNC Bank Small Business Loans: 2024 Review

The Bankrate promise

At a glance

Overview

Lender Details

Who PNC Bank is best for

Who PNC Bank may not be best for

PNC Bank: in the details

PNC Bank pros and cons

Pros

Cons

Business loan types offered

Unsecured small business loan

Secured small business loan

Commercial real estate loan

Small business vehicle finance loan

Unsecured small business line of credit

Secured small business line of credit

SBA loans

Loan quick facts

PNC Bank unsecured small business loan overview

Loan quick facts

PNC Bank secured business loan overview

Loan quick facts

PNC Bank commercial real estate loan overview

Loan quick facts

PNC Bank small business vehicle finance loan overview

Loan quick facts

PNC Bank unsecured business line of credit overview

Loan quick facts

PNC Bank secured small business line of credit overview

Do you qualify?

Creditworthiness guidelines

What we like and what we don’t like

What we like

What we don't like

How PNC Bank compares to other lenders

PNC Bank vs. U.S. Bank

PNC Bank vs. Bank of America

How to apply for a loan with PNC Bank

Required application information

PNC Bank frequently asked questions

Is PNC an SBA-approved bank?

Do PNC small business loans charge an origination fee?

What types of small business loans does PNC offer?

How Bankrate rates PNC Bank

Methodology

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