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TD Bank Small Business Loans: 2025 Review

Name: TD Bank
Item: TD Bank
Rating: 3.7
Author: Allison Martin

Written by

Allison Martin

Edited by

Rob Watts

Updated Jan 17, 2025

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At a glance

3.7

Bankrate Score

Bankrate Rating = 3.7/5

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

TD Bank is a lending giant offering business loans currently in 15 states and Washington, D.C. You can choose from a variety of loan types from term loans to business lines of credit to SBA loans. Unlike most traditional banks, TD Bank considers all businesses when evaluating applications, including startups.

Lender Details

Loan amount

$10,000-$25 million
Interest rate

8.00% APR
Term lengths

3-30 years
Min. annual revenue

Not stated
Min. time in business

N/A

Who TD Bank is best for

TD Bank small business loans are ideal for established companies and startups. There’s no minimum time in business requirement, and you can choose from multiple flexible commercial loan solutions. Borrowers seeking a more personalized lending experience may also find TD Bank attractive. You can visit physical branches to receive face-to-face assistance from a loan officer.

Who TD Bank may not be best for

A TD Bank business loan may not be ideal if you’re seeking a streamlined online lending experience. You can apply for select loan products under $250,000 online. Still, the documentation requirements are generally heftier than with online lenders. You may also be required to meet with a loan officer to discuss your funding request in greater detail.

TD Bank: in the details

Loan amount

$10,000-$25 million

Interest rate

8.00% APR

Term lengths

3-30 years

Fastest funding

1 business day

Min. annual revenue

Not stated

Min. time in business

N/A

TD Bank pros and cons

PROS

Funding accessible to startups
Generous loan limits
Rapid approvals

CONS

Not available in all 50 states
Some loans require in-person application

Business loan types offered

TD Bank offers business term loans, lines of credit, commercial mortgages and SBA loans in addition to healthcare practice financing and numerous commercial equipment financing solutions. Beyond loans, TD Bank has checking accounts and credit cards meant for small businesses.

If you set up automatic payments from a TD Bank business checking account, you may be eligible for an interest rate discount.

Term loan
Line of credit
Commercial mortgage
SBA loan

Loan quick facts

Amounts: $10,000 to $1 million
Terms: 3 to 5 years
APR: Not disclosed

TD Bank term loan overview

The term loan from TD Bank is suitable for business owners seeking working capital to expand operations. You can also use it to buy a commercial vehicle or equipment. It comes with a fixed interest rate and predictable monthly payment.

The loan proceeds are dispersed in a lump sum and repaid through automatic deductions from your checking account. While most traditional banks offer unsecured loans, TD Bank typically requires collateral for its term loan.

TD Bank charges an origination fee, and additional third-party expenses may apply.

Loan quick facts

Amounts: $25,000 to $500,000
Terms: Revolving
Interest rate from: From 8.00% APR

TD Bank business line of credit overview

The business line of credit is also a secured product that requires collateral to get approved — usually secured by cash or your accounts receivable. You can borrow and re-use funds as needed and only pay interest on the amount you withdraw. You can also choose to make interest-only payments during the specified period before paying off the rest of the loan. The rate you’ll receive is variable.

To qualify for a TD Bank line of credit, you’ll need a TD business checking account with a balance of at least $40,000, and you must allow payments to be automatically deducted from that account.

TD Bank charges an origination fee, and additional third-party expenses may apply.

Loan quick facts

Amounts: Up to $1 million
Terms: 5 years (up to 20-year amortization)
APR: Not disclosed

TD Bank commercial mortgage loan overview

A commercial mortgage can be used to acquire real estate for your company or refinance an existing loan. It comes with a fixed interest rate determined by your credit rating and relationship with the lender. The loan is secured by the property you acquire or refinance.

TD Bank charges an origination fee on commercial mortgages.

Loan quick facts

Amounts: Up to $5.5 million
Terms: Up to 25 years
APR: 11.00% to 16.00%

TD Bank SBA loan overview

TD Bank also offers flexible loans backed by the U.S. Small Business Administration. These loan products cater to business owners who aren’t a good fit for a conventional commercial loan and seek an affordable financing solution. SBA 7(a), 504 and Express loans are available. TD Bank charges a packaging fee on SBA loans; you’ll also need to make a 10 percent down payment.

Additionally, the bank offers USDA loans of up to $25 million for businesses in rural communities, with terms up to 30 years. You can use the loan in areas such as business expansion, debt refinancing and purchasing inventory.

Do you qualify?

To be eligible for a TD Bank small business loan, your business must operate in one of the 15 states they serve or Washington, D.C. Collateral is also required if you’re applying for a term loan or business line of credit. But if you’re seeking an SBA loan, you’ll need to have the funds available to make the minimum down payment.

TD Bank does not specify industry or spending limitations for its business loan products. There’s no set time in business requirement; instead, according to a company representative, "All businesses regardless of establishment date are considered."

Connecticut

Delaware

Florida

Maine

Maryland

Massachusetts

New Hampshire

New Jersey

New York

North Carolina

Pennsylvania

Rhode Island

South Carolina

Vermont

Virginia

Washington, D.C.

What we like and what we don’t like

TD Bank features a variety of business loan options and other benefits worth considering.

What we like

Funding accessible by startups: TD Bank's business loans do not have a minimum time in business requirement for small business loans.
Generous loan limits: Most loans offer generous loan amounts, such as $1 million for conventional business lines of credit. SBA loans also reach into the $5.5 million for SBA 504 loans.
Rapid approvals: Some borrowers receive lending decisions as soon as one business day for loans under $250,000 or three days for most other business loans.

What we don't like

Not available in all 50 states: TD Bank only offers business loans in 15 states and Washington, D.C.
Loan origination fees: You’ll pay an origination fee on term loans, commercial mortgages and lines of credit. SBA loans are subject to a packaging fee.
Some loans require in-person application: You can apply online for loans under $250,000, but for higher amounts, you’ll have to print a physical application and bring it into a TD Bank location.

How TD Bank compares to other lenders

TD Bank is an ideal choice for new companies that want access to flexible lending options. They also offer a more personalized experience with in-person application options. But this lender is only available in a limited number of states. And it’s always in your best interest to shop around and compare your options to find the best low interest business loan.

3.7

Bankrate Score

Loan amount

$10,000-$25 million
Interest rate

8.00% APR
Term lengths

3-30 years
Min. time in business

N/A
Min. business annual revenue

Not stated

4.1

Bankrate Score

Loan amount

Starts at $1,000
Interest rate

7.00% APR
Term lengths

6 months-25 years
Min. time in business

6 months
Min. business annual revenue

$50,000

Read our review

on Bankrate

3.3

Bankrate Score

Loan amount

Up to $15 million
Interest rate

11.50% to 16.50% APR
Term lengths

Up to 25 years
Min. time in business

Not stated
Min. business annual revenue

Not stated

Read our review

on Bankrate

TD Bank vs. Bank of America

Bank of America is one of the largest banks in the United States and may be an appealing alternative to small business loans from TD Bank.

Bank of America tends to target established companies more than TD Bank and usually works best for companies that already bank with Bank of America. It offers both secured and unsecured lines of credit and term loans, SBA loans, as well as specialized loans like equipment loans, giving borrowers more options than TD offers.

Where TD beats the competition is in its availability to newer companies. TD Bank has no time in business requirement, while Bank of America lends mostly to established businesses with at least two years in business.

TD Bank vs. Live Oak

Live Oak’s starting loan amounts for most of its loans begin at $150,000, which isn’t helpful for businesses seeking smaller loan amounts. But it has a larger footprint than TD Bank, providing loans in all 50 states.

Like TD Bank, Live Oak is a lender that specializes in SBA loans and USDA rural development loans and is an SBA Preferred lender. Both banks consistently rank as top SBA lenders in the nation, according to the SBA weekly lending report, though Live Bank has a slight advantage. In fiscal year 2024, Live Oak Bank ranked as the second-largest SBA lender by loan amount, while TD Bank ranked ninth.

So if you’re in the market for a government-secured loan, Live Oak may be more appealing than TD Bank. But if you’re looking for an in-person experience, you’ll want to go with TD Bank since Live Oak Bank doesn’t have any physical locations.

How to apply for a loan with TD Bank

The application process varies by loan product. You can apply online for a line of credit or loan under $250,000. If you’re looking to borrow more or apply for a commercial real estate loan or SBA loan, you’ll need to make an appointment to visit a TD Bank branch.

TD Bank offers small business customer support from 8:30 a.m. to 5 p.m. ET, Monday through Friday. You can also log in through the mobile app to reach a live agent or visit a local branch during business hours for assistance.

Company’s legal name and address

Fictitious name registration (if applicable)

Tax ID number

LLC operating agreement (if applicable)

Company bylaws or most recent meeting minutes with newly appointed officers

Partnership banking agreement (if applicable)

Most recent business tax return (for loan and line of credit requests between $100,000 and $250,000)

Entity guarantee form (if the company is partially or wholly owned by another entity)

Property schedule and the purchase and sales agreement (new commercial mortgage applications only)

Accounts receivable aging report, three most recent years of business tax returns, two years of personal tax returns and personal financial statement for anyone with an ownership stake exceeding 10 percent (for loan and line of credit requests over $250,000)

TD Bank frequently asked questions

It depends on your financial profile, but TD Bank is more lenient with its time in business requirements than most banks. TD Bank does not specify its minimum credit score or annual revenue guidelines. For most banks, it’s best if your credit rating is good-to-excellent and your company is in good financial standing and earning consistent revenue before applying.
TD Bank does not disclose minimum credit score requirements for business loans. Generally, the most competitive terms are reserved for borrowers with good or excellent credit ratings.
A representative stated that you could get approved for a loan as soon as one business day if you apply online or within three days for full underwriting. That said, the response time depends on if you’ve uploaded the requested documentation in a timely manner.

How Bankrate rates TD Bank

Overall Score	3.7
Accessibility	3.3	TD Bank offers a range of loan amounts and fast approval times, though some requirements aren’t disclosed.
Affordability	3.7	Interest rate ranges for most TD Bank loan products are unclear, but it gets points for its autopay discount.
Transparency	3.8	TD Bank discloses some, but not all, rates and requirements for their products.
Customer experience	3.6	Customers can apply online for some loan products, and TD Bank offers a highly rated app.
Flexibility	3.7	TD Bank offers many funding solutions and the option to change your payment due date.

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.

What small business owners think

TD Bank has 13 reviews

Dive into community reviews below and see what others think about TD Bank.

4.3

13 ratings

Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.

To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.

Score breakdown

5 stars

54%

4 stars

23%

3 stars

23%

2 stars

1 star

Score by category

Customer experience 4.5 / 5

Accessibility rating 4.5 / 5

Affordability rating 3.9 / 5

Transparency rating 3.8 / 5

Flexibility rating 3.8 / 5

Community Reviews

See what users like you are saying about TD Bank.

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Overall

What was your biggest pain point during the application process?

The unclear part was the biggest pain.

Score by category

Flexibility rating 3 / 5

Transparency rating 4 / 5

Accessibility rating 3 / 5

Affordability rating 4 / 5

Customer experience 5 / 5

Overall

What was your biggest pain point during the application process?

Just the length and time it takes for the whole application process

Score by category

Flexibility rating 3 / 5

Transparency rating 4 / 5

Accessibility rating 4 / 5

Affordability rating 4 / 5

Customer experience 5 / 5

Overall

What was your biggest pain point during the application process?

The time it took to finish

Score by category

Flexibility rating 3 / 5

Transparency rating 3 / 5

Accessibility rating 4 / 5

Affordability rating 3 / 5

Customer experience 4 / 5

Overall

Was the lender receptive to your business unique needs? If so how? If not, why not?

Yes they were open to my ideas and plan. Not condescending and showed personal interest

Score by category

Flexibility rating 2 / 5

Transparency rating 4 / 5

Accessibility rating 5 / 5

Affordability rating 2 / 5

Customer experience 5 / 5

Overall

Were you able to contact the lender for customer support? What was the process like?

I needed to contact them once to resend some documents. It’s was a longer process than expected, but I did get the needed papers

Score by category

Flexibility rating 4 / 5

Transparency rating 2 / 5

Accessibility rating 4 / 5

Affordability rating 4 / 5

Customer experience 2 / 5

Overall

Was the lender receptive to your business unique needs? If so how? If not, why not?

Very receptive they didn't understand my business to begin with ans we set up an appointment for me to explain to them what I do and what I needed the loan for but to my surprise when I got there my loan officer had already found the information in detail of what my business does and exactly what I needed the funds for and had decided to approve my business loan before we ever met. TD is an amazing company and I will recommend them to everyone..

Score by category

Flexibility rating 4 / 5

Transparency rating 5 / 5

Accessibility rating 5 / 5

Affordability rating 4 / 5

Customer experience 5 / 5

Overall

Did you feel that the lender was knowledgeable about their product and loan terms? Why or why not?

Yes knowledgeable about terms to be exact

Score by category

Flexibility rating 4 / 5

Transparency rating 3 / 5

Accessibility rating 3 / 5

Affordability rating 3 / 5

Customer experience 4 / 5

Overall

Was the lender receptive to your business unique needs? If so how? If not, why not?

No. They just wanted the business

Score by category

Flexibility rating 4 / 5

Transparency rating 1 / 5

Accessibility rating 5 / 5

Affordability rating 4 / 5

Customer experience 4 / 5

Overall

Did you feel that the lender was knowledgeable about their product and loan terms? Why or why not?

I could say from my experience that the lender is knowledgeable about their loan terms and products.

Score by category

Flexibility rating 4 / 5

Transparency rating 5 / 5

Accessibility rating 5 / 5

Affordability rating 5 / 5

Customer experience 4 / 5

Overall

Did you feel that the lender was knowledgeable about their product and loan terms? Why or why not?

The lender seems more knowledgeable in loan and products than me.

Score by category

Flexibility rating 5 / 5

Transparency rating 4 / 5

Accessibility rating 5 / 5

Affordability rating 5 / 5

Customer experience 5 / 5

TD Bank Small Business Loans: 2025 Review

The Bankrate promise

At a glance

Overview

Lender Details

Who TD Bank is best for

TD Bank: in the details

TD Bank pros and cons

PROS

CONS

Business loan types offered

Term loan

Line of credit

Commercial mortgage

SBA loan

Loan quick facts

TD Bank term loan overview

Loan quick facts

TD Bank business line of credit overview

Loan quick facts

TD Bank commercial mortgage loan overview

Loan quick facts

TD Bank SBA loan overview

Do you qualify?

States served by TD Bank

What we like and what we don’t like

What we like

What we don't like

How TD Bank compares to other lenders

TD Bank vs. Bank of America

TD Bank vs. Live Oak

How to apply for a loan with TD Bank

Required application information

TD Bank frequently asked questions

Is it hard to get a business loan from TD Bank?

What credit score is needed for a loan with TD?

How long does it take to get approved for a loan from TD?

How Bankrate rates TD Bank

Methodology

What small business owners think

TD Bank has 13 reviews

Community Reviews

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