Read our review of

U.S. Bank Small Business Loans: 2024 Review

Name: U.S. Bank Small Business Loans: 2023 Review
Item: U.S. Bank
Rating: 4.1
Author: Allison Martin

Written by

Allison Martin

Edited by

Pippin Wilbers

Updated Aug 27, 2024

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

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

U.S. Bank offers business loans for both new and established businesses. You'll receive support from a business banker when applying to ensure you select the best financing option for your company.

Lender Details

Loan amount

$5,000-$5 million
Interest rate

8.49%
Term lengths

2-25 years
Min. annual revenue

Not disclosed
Min. time in business

6 months

Who U.S. Bank is best for

U.S. Bank business loans are ideal for small business owners who prefer a personalized, face-to-face lending experience. You’ll work with a business banker and can receive in-person support when applying. U.S. Bank is also suitable if you have a solid credit rating, even if you’re just starting out. It also works well whether you need a short-term loan or long-term financing since its repayment terms are flexible.

Who U.S. Bank may not be best for

Borrowers who prefer an online lender with rapid approvals and funding times likely won’t get fast funding with U.S. Bank's small business loans.

U.S. Bank: in the details

Loan amount

$5,000-$5 million

Interest rate

8.49%

Term lengths

2-25 years

Min. annual revenue

Not disclosed

Min. time in business

6 months

U.S. Bank pros and cons

Pros

Online application for some loans
Wide variety of loan products

Cons

Limited qualification information
Limited state footprint
Interest rates not disclosed online

Business loan types offered

Term loan
Line of credit
Commercial real estate loans
SBA loan
Equipment loan

Loan quick facts

Amounts: $5,000 to $1 million
Terms: Up to 84 months
APR: From 7.99%

U.S. Bank Quick Loan overview

The Quick Loan from U.S. Bank is a term loan disbursed in a lump sum and payable in equal monthly installments. It comes in three variations — the general purpose business loan, business vehicle loan and business equipment loan. Secured and unsecured loans are available.

Regardless of which you select, there is no origination fee. Businesses as young as six months may qualify for a U.S. Bank Quick Loan. If you need a loan amount higher than $250,000, you’ll need to apply for a U.S. Bank conventional term loan, which offers loan sizes up to $1 million.

Loan quick facts

Amounts: Up to $1 million
Terms: Up to 5 years
APR: Not disclosed

U.S. Bank business line of credit overview

U.S. Bank’s business lines of credit provide working capital to make seasonal purchases, meet short-term cash needs or acquire inventory. You’ll get a pool of cash to draw from as needed and only pay interest on the amount you borrow. The secured Cash Flow Manager line of credit is limited to $250,000; it requires a UCC lien on business assets but features lower interest rates. The unsecured line of credit has a lower limit of $100,000 and has steeper interest rates.

Lines of $50,000 or less come with a $150 annual fee. U.S. Bank states this option is best for businesses that have been established for at least two years.

Otherwise, you can get a Business Reserve Line of credit with limits up to $5,000 and no annual fee. Its Business Equity Line of Credit offers credit limits up to $500,000, monthly interest-only payments and revolving terms up to five years. And its standard business line of credit offers limits as high as $1 million with interest-only payments.

Loan quick facts

Amounts: Up to $10 million
Terms: 5, 10 or 15 years
Interest rate: Not disclosed

U.S. Bank commercial real estate loan overview

Commercial real estate loans are offered to small business owners looking to buy owner-occupied or investment properties. Loan terms of up to 15 years are available, but loans can be amortized for up to 25 years. Both fixed- and variable-rate loans are available.

Loan quick facts

Amounts: Up to $12.375 million
Terms: Up to 25 years
Interest rate from: Not disclosed

U.S. Bank SBA loan overview

U.S. Bank is an SBA Preferred Lender offering SBA loans with flexible terms, competitive rates and lower down payments than conventional loans. SBA 7(a) loans to help foster business acquisition and expansion efforts are available. Or you can explore 7(a) and 504 loans to acquire real estate or refinance existing loans.

Loan quick facts

Amounts: Up to $1 million
Terms: 24 to 60 months
Interest rate: Not disclosed

U.S. Bank equipment loan overview

A U.S. Bank equipment loan makes it easy to purchase the business-related equipment needed to keep your company moving forward. There's no down payment requirement. You can buy several pieces of equipment with a single loan and roll in additional costs, up to a total of 25 percent of the equipment’s price. You can choose to repay monthly, seasonally or semi-annually.

With U.S. Bank, online pre-approval is available. You’ll need at least two years in business to qualify.

Do you qualify?

U.S. Bank does not disclose its full eligibility guidelines for business loans on its website. Ideally, you should have a good or excellent FICO credit score to have the best chance at qualifying for a business loan with competitive terms. For example, many banks consider applicants with a personal credit score of 670 or higher. A solid business credit score helps too. Most banks require at least two years in business.

What we like and what we don’t like

U.S. Bank offers a wide selection of small business loan products — but consider potential drawbacks before deciding if one is right for you.

What we like

Online applications: You can apply online for select Quick Loans, the Cash Flow Manager line of credit and equipment loans. Many big banks lending to small businesses require in-person applications for all loans.
Wide variety of loan products: U.S. Bank offers many business loans, from general products like the Quick Loan to SBA loans and multiple business lines of credit.

What we don't like

Interest rates not disclosed online: U.S. Bank does not disclose loan borrowing costs for most business loan products. To learn what rates you might receive, you’ll have to apply.
Limited qualification information: Similarly, it can be hard to tell whether you qualify for U.S. Bank’s loan products before applying. Like many traditional lenders, the bank does not disclose minimum credit score requirements for any loan products.
Limited state footprint: U.S. Bank small business loans are limited to borrowers in 26 states.

How U.S. Bank compares to other lenders

U.S. Bank's business loan products provide funding from $5,000 to $12.4 million to cover operating costs, inventory, equipment, real estate purchases and more.

Its flexible terms and guidance from business bankers create a positive lending experience for businesses interested in exploring their financing options. And it offers a convenient online application for some loan options.

But the lender has limited qualification information available. Typically, banks require good-to-excellent credit, stable annual revenue and a minimum of two years in business. So it’s likely U.S. Bank is most suitable for established businesses looking for long-term financing.

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

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

4.4

Bankrate Score

Loan amount

$10,000-$10 million
Interest rate

7.99% APR
Term lengths

6 months-25 years
Min. time in business

6 months
Min. business annual revenue

$100,000

Read our review

on Bankrate

U.S. Bank vs. Bank of America

U.S. Bank and Bank of America stand out as two large financial institutions offering various business financing options, including term loans, equipment financing and commercial real estate loans.

Bank of America is known for its extensive national reach. Both U.S. Bank and Bank of America offer business bankers that provide ongoing support and guidance throughout the application process.

Although Bank of America doesn't cap its equipment loans, businesses specifically interested in equipment financing of no more than $1 million may find U.S. Bank's no-down-payment requirement appealing. The lender allows business owners to finance 100 percent of the cost of the equipment plus up to 25 percent more to cover additional costs such as fees. These standout options can be helpful if you haven’t had time to save up for a down payment or need a loan that covers more than the equipment you wish to purchase.

U.S. Bank vs. SMB Compass

While SMB Compass and U.S. Bank offer a variety of business loan products, SMB Compass stands out with availability across 49 states, transparency in its lending process and short-term and long-term financing options. Its terms range from six months to 25 years. The shortest repayment term available from U.S. Bank is two years, and a prepayment fee may be assessed.

Unlike U.S. Bank, SMB Compass clearly outlines its criteria and shares its range of potential interest rates, which start at 5.25 percent. Online applications for all products, as well as fast funding within 24 to 48 hours, are added advantages with SMB Compass, but U.S. Bank's online application is limited, and the funding timeline is unclear.

How to apply for a loan with U.S. Bank

The application process for U.S. Bank small business loans depends on the loan type. You can apply online for general purpose and equipment Quick Loans and Cash Flow Manager lines of credit. However, you must make an appointment to speak with a business banker if you seek another type of loan.

Visit a local branch or call 877-851-1396 to receive live support. You can also make an appointment using the online scheduler to speak with a banker virtually, by phone or in person.

Required application information

Articles of incorporation
Personal and business tax returns
Gross annual sales information
Business tax ID number
Company financial statements

U.S. Bank frequently asked questions

Yes, U.S. Bank is an SBA Preferred Lender offering SBA 7(a) and 504 loans. SBA 7(a) loans can be used for working capital, inventory, equipment purchases and commercial real estate construction, purchase or refinancing. However, SBA 504 loans are used exclusively for buying fixed assets that boost business growth, including equipment or real estate construction projects.
Prepare to provide a lot of documents when applying for a business bank loan. Many lenders request tax returns, financial statements and other financial documents, articles of incorporation, accounts receivable, accounts payable and a list of current debts.
Getting approved for an LLC loan shouldn't be challenging if you meet the lender's eligibility guidelines. Be mindful that most lenders have minimum credit score, time in business and annual revenue requirements to be considered for funding. You’re more likely to get approved if you have good or excellent credit, have two or more years in business and generate a steady stream of revenue.
You’ll generally need a personal credit score in the mid-600s to get an SBA loan. However, lenders have a right to impose more stringent credit score requirements, making qualifying for funding more difficult.

How Bankrate rates U.S. Bank

Overall Score	4.1
Accessibility	2.9	Like many banks, U.S. Bank doesn’t set a clear funding timeline for its loans — plus, it doesn’t disclose all its qualification requirements.
Affordability	4.3	The minimum interest rates U.S. Bank discloses are reasonable, but upper limits are unclear.
Transparency	4.5	U.S. Bank gets points for offering online prequalification and disclosing some rates and terms.
Customer experience	4.1	You can apply for some loans online, and customer support is available in-person or over the phone.
Flexibility	4.6	U.S. Bank offers a variety of loan types, and you may be able to change your payment date over the phone.

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.

U.S. Bank Small Business Loans: 2024 Review

The Bankrate promise

At a glance

Overview

Lender Details

Who U.S. Bank is best for

Who U.S. Bank may not be best for

U.S. Bank: in the details

U.S. Bank pros and cons

Pros

Cons

Business loan types offered

Term loan

Line of credit

Commercial real estate loans

SBA loan

Equipment loan

Loan quick facts

U.S. Bank Quick Loan overview

Loan quick facts

U.S. Bank business line of credit overview

Loan quick facts

U.S. Bank commercial real estate loan overview

Loan quick facts

U.S. Bank SBA loan overview

Loan quick facts

U.S. Bank equipment loan overview

Do you qualify?

What we like and what we don’t like

What we like

What we don't like

How U.S. Bank compares to other lenders

U.S. Bank vs. Bank of America

U.S. Bank vs. SMB Compass

How to apply for a loan with U.S. Bank

Required application information

U.S. Bank frequently asked questions

Is U.S. Bank SBA-approved?

What do I need to get a small business loan from a bank?

Is it hard to get a business loan with an LLC?

What credit score is needed for an SBA loan?

How Bankrate rates U.S. Bank

Methodology

Up next