Business LoansSmall Business Lender Reviews
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Truist Business Loans Review

Published on:
Content was accurate at the time of publication.

 Starting rate: Not publicly disclosed

 Best for: Small business owners who want the experience of working with a traditional bank and conventional lending products, but don’t need excessive funds.

Pros and cons of Truist

ProsCons

 No minimum time-in-business or annual revenue requirements

 Wide suite of traditional lending products

 More than 100% financing available for auto loans and commercial vehicle and equipment loans

 Relatively small loan amounts compared to other traditional lenders

 Lack of transparency about rates and minimum credit score requirements

 Doesn’t offer SBA loans

Truist is the result of the 2019 merger between SunTrust and BB&T Banks. As a traditional brick-and-mortar bank with over 2,000 branches across the U.S., Truist offers a range of affordable small business financing options like term loans, lines of credit, vehicle and equipment financing, commercial real estate loans, business credit cards and more. Truist doesn’t facilitate SBA lending, and its maximum loan amounts are relatively smaller than other conventional banks. However, you may qualify for higher loan amounts with its commercial lending program if your annual revenue exceeds $2 million.

Who is Truist for?

  • Borrowers who need relatively small amounts. Max loan amounts cap at $250,000 at Truist — you won’t be able to borrow millions.
  • Business owners wanting to work with a traditional bank. With Truist, you’ll find a wide selection of traditional lending products and small business solutions like business banking, employee benefits, insurance and merchant services.
  • Those not needing SBA funding. Truist is not an SBA lender.

ProductLoan amountsRepayment termEstimated APR rangeFees
Unsecured term loans$3,500 to $100,000Up to 60 monthsNot shared publiclyNo origination fee; other fees and closing costs may apply
Secured term loans$3,500 to $250,000Up to 60 months with 180-month amortizationNot publicly sharedOrigination fee of 0.50% or $100, whichever is greater
Unsecured lines of credit$3,500 to $100,00012 to 36 monthsNot shared publiclyOrigination fee of 0.50% or $100, whichever is greater
Secured lines of credit$3,500 to $250,00012 to 60 monthsNot publicly sharedOrigination fee of 0.50% or $100, whichever is greater

Additional closing costs
Small business auto loans$3,500 to $250,000Up to 75 monthsNot shared publiclyOrigination fee of $100
Commercial vehicle and equipment financing$3,500 to $250,000Up to 84 monthsNot shared publiclyOrigination fee of 0.50% or $100, whichever is greater

Additional closing costs
Commercial real estate loans$3,500 to $250,000Up to 180 months

180-month amortization on residential loans

300-month amortization on commercial loans
Not shared publiclyOrigination fee of 0.50% or $100, whichever is greater

Additional closing costs

Term loans

Truist offers two different types of business term loans: secured and unsecured. Both start at $3,500 with repayment terms of up to 60 months. The origination fee only applies to the secured option, which is either 0.50% of the loan amount or a flat $100, whichever is greater.

You can borrow up to $100,000 with Truist’s unsecured term loan or up to $250,000 if you secure your loan with assets. Secured business loans also come with a potential 15-year amortization period, which means you’d have three choices at the end of your initial, up-to-60-month term:

  • Pay off your remaining balance in full.
  • Renew your loan with Truist at a new interest rate.
  • Refinance the remaining balance with another lender after the initial term is over.

This is known as a balloon loan, and some risks are involved. Truist may choose not to extend a new loan, which means you’d only have the option of refinancing your business loan elsewhere or owing the remaining balance in full after the initial term expires.

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Lines of credit

Truist also offers secured and unsecured business lines of credit with credit amounts starting at $3,500 and origination fees that are the greater of 0.50% or $100. You’ll need to make either interest-only payments or pay 1.5% of the balance due each month.

While unsecured lines of credit max out at $100,000 with terms of up to 36 months, you can get a secured line up to $250,000 with terms of up to 60 months. If you go the secured route, there may be additional closing costs that include the following:

  • Title insurance premiums
  • Attorney fees
  • Evaluation fees
  • Flood certification
  • Recording fees

Small business auto loans

Truist offers small business auto loans with 110% financing available. The extra 10% can finance soft costs like equipment add-ons, delivery fees, taxes and tag and licensing costs. Loan amounts range from $3,500 to $250,000 with terms of up to 75 months. You will also incur an origination fee of $100.

Commercial vehicle and equipment financing

Commercial vehicle and equipment loans also come with 110% financing available at Truist. The extra 10% can cover the same soft costs as auto loans. It’s important to note that soft costs can only be applied when financing passenger vehicles, commercial vehicles, agricultural equipment or construction equipment.

Loans are available from $3,500 to $250,000 with terms of up to 84 months. In addition to origination fees (the greater of 0.50% of the loan amount or $100), you may also pay closing costs for evaluation and recording fees.

Commercial real estate loans

Truist offers residential investment property loans and commercial real estate loans for small business owners. Your loan-to-value ratio on these products can be up to 85%. Loan amounts range from $3,500 to $250,000 with initial terms of up to 180 months and an origination fee of 0.50% or $100, whichever is greater. Additionally, you will likely incur closing costs for things like:

  • Title insurance premiums
  • Attorney fees
  • Evaluation fees
  • Flood certification
  • Recording fees

With a residential loan, you will be paid in full at the end of your up-to-15-year term. But for commercial loans, you might be able to get an amortization period of up to 25 years, which means it’s a balloon mortgage. At the end of your 15-year term, you’ll still owe 10 years of payments, which you can pay all at once or refinance through Truist or another lender.

Minimum annual revenueNone
Minimum time in businessNone, but there might be extra paperwork requirements if you’ve been in business for less than two years
Minimum credit scoreNot publicly shared

Truist works with each small business individually to determine if it’s in strong enough financial standing to qualify for a small business loan. Because of this, it doesn’t have explicit minimum annual revenue or business history requirements. However, startups with less than two years in operation might have to submit additional paperwork during the underwriting process.

For businesses needing loans larger than $250,000, Truist does have a separate suite of commercial lending products if you generate at least $2 million in annual revenue.

Required documents

If you are ready to apply for a small business loan, Truist accepts applications online, over the phone or in person at a local branch. Gathering the following business loan documents in advance can help speed along your application process:

  • Basic info about your business and its operations
  • Your name, address, phone number and Social Security number
  • Two years of employment history
  • Information regarding your personal income, debts and business taxes
  • Information about your collateral, if applicable
  • Name and contact information for any co-borrowers, guarantors or anyone who owns a 20% or more stake in the business

Remember, if you’ve been in business for less than two years, there may be additional paperwork requirements.

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
TruistPNCU.S. Bank
Minimum credit scoreNot disclosedNot disclosedNot disclosed
Loan products offered
  • Unsecured and secured term loans
  • Unsecured and secured lines of credit
  • Auto loans
  • Commercial vehicle and equipment loans
  • Residential and commercial real estate loans
  • Unsecured and secured term loans
  • Unsecured and secured lines of credit
  • Vehicle finance loans
  • Commercial real estate loans
  • SBA loans
  • Unsecured and secured term loans
  • Unsecured and secured line of credit
  • Equipment financing
  • Commercial real estate loans
  • SBA loans
Starting APRNot disclosedNot disclosed
  • 8.49% for secured term loans
  • 9.99% for secured lines of credit
  • Not disclosed for other products

Maximum loan size
  • $100,000 for unsecured term loans and lines of credit
  • $250,000 for secured term loans and lines of credit
  • $250,000 for auto loans
  • $250,000 for commercial vehicle and equipment financing
  • $250,000 for residential and commercial real estate loans
  • $100,000 for unsecured term loans and lines of credit
  • $100,001 and up for secured term loans and lines of credit
  • $250,000 for vehicle financing
  • $100,001 and up for commercial real estate loans
  • $5,000,000 for SBA 7(a) loans
  • $5,500,000 for SBA 504/CDC loans
  • $500,000 for SBA Express Lines of Credit
  • $50,000 for unsecured term loans
  • $100,000 for unsecured lines of credit
  • $250,000 for secured term loans and lines of credit
  • $1,000,000 for equipment financing
  • $10,000,000 for commercial real estate
  • $5,000,000 to $12,375,000 for SBA loans
Minimum annual revenueNo specific minimumNot disclosedNot disclosed

Truist vs. PNC

If you want access to more capital, PNC could be a better fit for your business with its SBA loan program providing up to $5,500,000 in funds. However, new companies looking for a startup business loan might have better luck with Truist since there isn’t a set minimum time-in-business requirement. In contrast, PNC typically requires at least two years of business history to qualify for small business financing.

While both lenders don’t publicly disclose their business loan interest rates, each bank’s rates will likely be competitive since traditional banks are known to offer lower rates than alternative online lenders.

Truist vs. U.S. Bank

If you’re looking for an unsecured term loan, Truist could be a better choice since it offers $50,000 more than U.S. Bank. However, U.S. Bank takes the lead with equipment financing, providing up to $1,000,000 versus Truist’s $250,000. If your business needs an SBA loan, U.S. Bank can help fast-track your SBA loan application as an SBA-preferred lender, allowing you to access up to $12,375,000 million in funds in as little as two weeks. Furthermore, U.S. Bank offers quick business loans with funding as quickly as the same business day.

While U.S. Bank doesn’t list its eligibility requirements, you’ll likely need at least two years in business with a credit score of 680 or higher to qualify, according to standard SBA loan requirements. Meanwhile, Truist might be more willing to lend to newer companies if they can provide additional paperwork.