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How do i contact td bank customer service
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Best Banks For Business Loans
What are the best banks for business loans? When we think of startup funding, we usually think of venture capital — but that’s not the only option out there. Small business loans are a more traditional way of getting financing that are also open to startups. In addition to not requiring founders to give up any equity, they may even be easier for some startups to get than venture capital, which can be a long and arduous process.
Small business loans are a great option for startups that already have some momentum and — even better — some income coming in. That’s because while venture capitalists are all about taking big risks for the potential of big rewards, traditional banking institutions are more careful with their funds.
So, if you think a small business loan is a good option for your startup funding, here are the best banks for business loans, as well as the types of loans available and the steps you need to take if you’re going to apply for a small business loan.
Types of banks for small business loans
While it may seem like a no-brainer to go right to a big bank, many small businesses and startups find more success with smaller or local institutions. The best banks for small business loans listed below are mostly national banks because this is an international publication, but don’t neglect your local lending institutions when you’re looking for the best bank for your small business loan.
It’s worth it to consider local financial institutions, like credit unions — which often not only award business loans to smaller companies and startups, but may actually do so at a lower rate than a larger institution. Most credit unions require people to be a member in order to get a loan, you should do their research before applying.
Online Financial Institutions
Recently, a new wave of online financial institutions that help people apply for business loans has also cropped it. It’s worth doing some research to see if this avenue is a good fit for your startup as well. Oftentimes the times to apply and the times between applying and receiving the loan are shorter with these online financial institutions than with traditional banks.
The Small Business Administration also offers long term, low-interest loans that are partially guaranteed by the government. They can be a great option for startups looking to apply for a business loan. SBA loans are available through local or national lending institutions in your area.
And, of course, national banks are always an option, too. It really depends on your startup, the size of your loan, and your own personal financial history.
Best banks for business loans
1. Wells Fargo
Wells Fargo is all about small business loans. They’ve actually set themselves a goal of $100 billion loaned over five years to businesses with less than $20 million in revenue. They also offer other great support services to entrepreneurs and should be one of your first stops when you’re looking for a business loan.
They offer unsecured business loans and unsecured business lines of credit. “Unsecured” means you don’t have to put up collateral for them.
2. Bank of America
Bank of America is a great bank for small business loans for two reasons. One, they have branches throughout the country. Two, they’re committed to serving small businesses, with $30 billion already loaned to small businesses. Like Wells Fargo, they offer unsecured term loans and unsecured credit lines.
Their loans range from $10,000 to $100,000 and have a fixed rate starting at 5.50%.
3. JPMorgan Chase
While Chase hasn’t quite met the loan amounts of the two first best banks for small business on this list, they’re getting there. They’ve already loaned $19.1 billion to small businesses and have made a commitment to increase that lending by 20 percent over three years. They’re also known for their business credit cards, if that’s the route you’re looking to take.
4. Capital One
If it’s variety in loan types you’re looking for, Capital One should be at the top of your best bank for business loans list. They offer lines of credit, commercial real estate loans, equipment and vehicle financing, business installment loans, and SBA loans, including the SBA 7(a) and 504 program.
5. US Bank
US Bank is an excellent option for small business loans — if you have one in your area. While they’re a major player, they’re currently only available in 25 states, primarily in the West and Midwest. However, if they do exist in your state, you’ll find a range of options, including term loans, lines of credit, equipment finance, to commercial real estate loans.
6. TD Bank
TD Bank is another regional one that’s a great option, if you have one in your area. They’re primarily East Coast and they offer all three types of SBA loans. You do have to apply in person, however — they don’t have an online application option yet. They’re a good bank for business loans if you’re looking for a relatively small amount of capital, with an average loan size of $53,717.
7. Live Oak Banking Company
While the first few banks on this list are more traditional national banks, Live Oak Banking Company doesn’t have any consumer loan products and doesn’t have any physical locations. Instead, they focus solely on small business loans. They’re especially great for SBA loans and have made the entire process of applying for an SBA loan streamlined and electronic.
8. Huntington Bank
Huntington Bank is based in Columbus, Ohio, but available in Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, West Virginia and Wisconsin.. They offer SBA-backed loans, term loans, business lines of credit, and real estate loans to small businesses.
Types Of Small Business Loans
Small business startup loan is an umbrella term under which a few different types of financing fall. However, there are two general categories under which all small business loans fall: term loans and business lines of credit.
Term loans are what you’re probably thinking of when you hear “small business loan.” They’re a certain amount of capital that a bank loans over a specified period of time and interest rate. They can be used for most business purposes.
Business lines of credit are like credit cards, but specifically for business. You only pay interest on what you’ve spent and not paid back.
Here’s a general breakdown of the main types of small business startup loans you might run across as you figure out the best option for financing your startup. Each section gives a clear outline, with some links to more in-depth information if you’re interested in learning more.
A SBA — or small business loan — is a loan that is backed by the Small Business Administration (SBA). Founded in 1953, the SBA is a federal government program that provides support to small business owners in the form of mentorship, workshops, counseling, and small business loans.
While the loans are backed by the SBA, they don’t come directly from the SBA. You’ll have to find a local lender who provides SBA loans in order to access to the funding. That local lender could be a national bank or a local institution, depending on where you live.
There are three main types of SBA small business loans: the 7(a) Loan Program, the 504 Loan Program, and the 7(m) Microloan Program.
Each type of SBA small business loan has slightly different requirements, but generally you have to qualify as a small business according to the SBA size requirements, be a for-profit business, operate within the United States, have good personal and business credit, and not have other financing options (like your own wealth).
SBA loans have an upper limit of $5 million. Therefore, they’re a better option for small businesses and startups who need smaller amounts of capital, versus those who might need many millions of dollars.
Time To Funds
The process for applying for a SBA loan can take up to six weeks, with some taking only a couple weeks. If you qualify for a SBA loan, you can expect your funds as soon as one week after qualifying.
As of May 2018, maximum interest rates on SBA loans range from 7% to 9.50%.
Pros of SBA Loans:
1. The loan is backed by the federal government. That means banks are more likely to loan to riskier companies — like startups — than they might otherwise.
2. The equity requirement is relatively low compared to other loans.
3. SBA loans have a floating interest rate that’s tied to the Prime Rate. The maximum interest rate for these loans is Prime Rate plus 2.25 percent for loans maturing in 10 years or less, and Prime Rate plus 2.75 percent for loans maturing in 25 years.
4. People and companies who don’t have access to other forms of capital might find it easier to qualify for a microloan than for a larger or more traditional loan type.
Cons Of SBA Loans:
1. SBA small business loans are relatively small. They have an upper limit of $5 million.
2. These loans may require more paperwork than a traditional loan.
3. Startups or founders with poor credit are unlike to qualify.
How To Apply
If you’re interested in applying for a SBA loan, you can check out the SBA website to find a financial institution in your area that provides SBA loans.
While not a traditional “loan,” business credit cards are a great option for very early stage startups who need help getting going. Choose one with a 0% introductory APR, because that means that as long as you’re able to pay off the balance each month (or at least by the end of the first year, which is when most credit cards interest rates kick in), you’re basically getting a free loan.
However, beware of high interest rates — and don’t overestimate how quickly you’ll be able to pay back a credit card. Once that introductory period is over, any balance you’re carrying will likely come with a hefty interest rate.
Credit cards usually have very few requirements for qualification. Banks are in the business of profiting off of small businesses. (While, yes, helping them grow.) However, people with bad personal credit will find it difficult to qualify for a business credit card, as most banks are going to look at your personal credit to determine whether or not they’re willing to give you a credit card for your new business or startup.
Most banks use the FICO scoring system, which is:
Excellent Credit: 750+
Good Credit: 700-749
Fair Credit: 650-699
Poor Credit: 600-649
Bad Credit: below 600
Check your credit rating with one of the big three credit agencies before starting the process of applying for a business loan.
The loan amount — or credit line — that you can get with a credit business card depends totally on the type of card, your personal credit history, your business credit history (if you have any), and your business itself. However, the highest business credit limit right now probably tops out around $50,000.
Time To Funds
Unlike other sources of small business funding, credit cards are very quick to apply for. Once you’ve been approved, you can expect to have your card in hand within seven to 10 days.
Interest rates vary from card to card. As mentioned above, it’s a good idea to go for a card that has an initial 0% APR (annual percentage rate). That way you have a year without any interest whatsoever.
As of April 2018, the common APRs offered online for business credit cards was 14%, which is about 2.5 points lower than average for personal cards.
Pros of Business Credit Cards:
1. They’re easier to get than other loans or lines of credit.
2. They have higher credit limits than personal credit cards.
3. They can help boost your credit rating.
4. It’s easier to keep personal and professional expenses separate.
5. You can build up points that can be used for travel and other perks.
6. It’s easier to keep track of employee spending, if you have employees, and some even offer preset employee spending limits.
7. It helps build credit history for your business.
Cons Of Business Credit Cards:
1. If you have trouble making payments, it may affect your personal credit.
2. High interest rates, late fees, and annual fees can add up and be brutal.
3. Many business cards don’t have purchase protection.
4. Business credit cards often have a higher APR than personal cards.
5. Interest rates can fluctuate.
6. A business credit card may come with foreign transaction feeds.
How To Apply
First, get your credit score so you can determine which business credit cards you even qualify for. You can get it from one of the big three credit agencies. Once you have that, calculate your business’ annual revenue — the credit card agency is going to want to know that information. Decide what kind of rewards program you want, and then go take a look at different business credit cards to see what’s the best fit. Maybe make a spreadsheet of the factors most important to you — like APR, credit score needed, limits, rewards, signup bonuses, etc. — in order to do a side-by-side comparison.
Then, apply via the card’s website. That’s it! If you’re rejected for your first choice move on to the next. There are plenty of options out there. You can find some recommendations here.
Short term loans
Short term loans relatively small amounts of money that have to be paid back within three to 18 months. They’re often used as a stop-gap when a company is having cashflow problems, for emergencies, or to help companies take advantage of a business opportunity.
Short term loans are a good option for startups with good cash flow who have been in business for at least two years. If your startup has good cash flow, it may even override other factors like poor credit. Companies who make between $25,000 and $150,000 yearly, with a credit score of at least 600, and who have been business for at least two years may consider this option.
Short term loans are usually between $2,500 and $250,000.
The loan terms for short term loans are usually between three and 18 months.
Time To Funds
The time to funds for short term loans is extremely fast! If you qualify, you can expect access to the funds as quickly as one day.
Interest rates start at 10%.
Pros Of Short Term Loans:
1. People with less-than-perfect credit may apply.
2. There’s very little paperwork required.
3. Short term loans come with a set payment structure.
4. They can be used for a range of purposes, including FILL IN.
Cons Of Short Term Loans
1. Payments have to be made weekly.
2. May have higher annual costs than longer-term loans.
How To Apply
Short term loan applications exist online only. You’ll need your driver’s license, a voided business check, proof of ownership of your company, bank statements, your credit score (business and personal), and your personal tax returns.
Check out this list of options for companies that offer short term loans.
Small business grants
Small business grants are offered by the government and some private interests to promote small business growth. They don’t have to be repaid, which can make them an appealing option for startups and small businesses that qualify.
Most small businesses probably won’t qualify for a small business grant, as they’re tied directly to US government agencies that have specific goals. However, research and development companies often do well, as do some high tech companies.
State level grants are also tied to the direct economic or social needs and many of them are matching grants. That means that you’re expected to match the amount you’re loaned with your funds.
Finally, there are local small business grants that are usually less competitive than federal or state grants, but are often for less money. If your startup is clearly helping your local community, this could be a good avenue for getting some funding.
Small business grants can be as low as a couple thousand dollars and as high as a few hundred thousand. They are generally a lower amount of money than other financing options.
The terms of each grant depends entirely on the grant.
Time To Funds
Small business grants take a long time to get. You can expect at least a year from the beginning of the process — and three to six months after applying — to get funding, if you qualify.
There is no interest with a small business grant, because you don’t have to pay anything back!
Pros of Small Business Grants:
1. You don’t have to pay anything back.
2. No interest, because it’s not a loan.
Cons Of Small Business Grants:
1. They’re difficult to qualify for.
2. The provisions for how you use the money are very specific.
3. They’re difficult to find.
4. They can’t be used to start a business.
5. They can’t be used to pay off debt.
6. They can’t be used to cover operational expenses.
How To Apply
Check out the following for updated lists of available small business grants:
- Want Free Money? Check Out This List of 106 Small Business Grants
- Small-Business Grants: Where to Find Free Money
Friends and family
Getting money — in the form of loans or investment — from family and friends is another one that doesn’t fall under traditional “small business startup loans.” But it’s a common way for startup founders to get money to either start their companies or get help along the way.
Friends and family are a great source of early investment or loans — but it can be a tricky relationship to navigate. It’s common for people to feel like they can be casual and personal with these types of investments because their relationships with the investors are personal. That’s a mistake.
You should a treat investment or loan from friends and family as a professional addition to your existing personal relationship. It’s a good idea to get a written contract stipulating the terms of the investment or loan and also to make it clear that it’s very, very likely they won’t get their money back if it’s an investment.
Anyone with family and friends who have the money and are willing to lend or give it qualifies!
Advantages Of Working With Friends And Family:
The biggest advantage of borrowing money from friends and family lies in the fact that you already have an established, trusting relationship with these people. That means they’re easier to get a meeting with, more inclined to say “yes,” and are more likely to be flexible with their expectations and timeline.
The structure of the loan will also likely be simpler than the structure of a loan obtained through more formal means. When you borrow from friends and family, you don’t have to worry about long, complicated applications.
Disadvantages Of Working With Friends And Family:
1. Introducing large sums of money into a relationship that was previously entirely personal has the potential to ruin that relationship. That’s a particularly big risk if a startup fails — as most do — and investors lose all of their investment or you’re not able to pay back a loan. It’s important for you to be very clear about the potential for loss with investment money or loans from friends and family.
2. Friends and family members also may not be able to add value to a company in the same way that more formal, established investors can. Venture capitalists, for example, typically invest in startups in fields that they are familiar with. Having that kind of knowledge on board is a huge advantage for any new company.
How to apply for a small business loan
Be clear on why it’s needed — and how much you need.
First things first: You need to be extremely clear on why you need a small business loan, as well as how much you need. While VCs might be willing to hand over money on a hope and dream, a bank is going to want to see a clear plan and explanation before loaning money. It’s worth it to create a business plan and financial statements that clearly outline what will happen with the money you’re asking for. It also makes it easier to come in with a clear number when you go to apply for the business loan.
Get advice from experts.
When applying for a business loan for the first time, it doesn’t hurt to get some advice from business owners who have gone before. Personal connections are great, if you have them, but there are also organizations that offer advice specifically for small business owners and startup founders looking for help figuring out the business loan process.
One such group is the SCORE Association, which is a nonprofit, volunteer-run association of business mentors, primarily retired executives. You can search for a chapter in your area for in-person advice, or request a mentor via email or video. They also offer workshops (online and in person) and a digital library of small business resources, including templates.
Another great resource is the Small Business Development Association, which has offices throughout the United States, offers free business mentoring. Both organizations are part of the Small Business Administration, which is an independent agency of the federal government created to help small businesses grow and also advocate for their concerns.
Pick up a loan application.
Every institution is going to be slightly different about what they require, so be sure to pick up a loan application form early in the process in order to make sure you have everything. Many loan applications will have a checklist that can help you guide you as you prepare to apply for a business loan.
To give you an idea of what you might be able to expect, here are the sample forms offered by the Small Business Association.
Get your personal and business credit history in line.
More mature companies will be assessed based on their business credit score, but less mature companies (fewer than three years old) and startups with no financial history will be assessed on the founders’ credit scores as well. While there’s not much that you can do to improve a bad credit score immediately, it’s worth getting a copy of credit history to make sure that everything is accurate. If it’s not, you can submit a correction to the credit agency.
Generally, a score above 700 is considered good, with above 750 being considered very good. People with a score below 680 should prepare an explanation for their low credit and those below 650 will most likely be rejected and should reconsider applying for a business loan.
Make a business plan.
You should never, ever try to apply for a business loan without a business plan already in hand. Even early stage startups need to be able to show financial institutions that they have a roadmap they’ll be following. It’s reassuring to the bank or credit union because it not only gives them an idea of what you’re going to do with their money, but also shows that you’ve thought seriously about the issue.
Make sure your business plan includes:
– Executive Summary
– Company Description
– Problem, Solution & Market Size
– Product (How it Works)
– Revenue Model
– Operating Model
– Competitive Analysis
– Customer Definition
– Customer Acquisition
– Management Team
Get your pitch together.
After all that preparation, it’s important to make sure you’re prepared for the actual loan application. You’re going to need to prepare a two main things before the meeting itself: a pitch and a packet of information about your startup, including your executive summary.
First, the pitch. All startup founders should have a short, succinct, clear pitch prepared for seeking funding.
While it’s a good idea to have a pitch deck on hand and your pitch perfected, it’s also important to make sure that your pitches and decks are oriented toward the person or institution you’re pitching to. That means that while a VC might want to hear about 10x return, a traditional financial institution like a bank may be more interested in hearing about how you’re going to get to profit quickly. This is another area where you may want to consider consulting with a mentor or friend who has already done a pitch to the institution (or type of institution) that you’ll be pitching, in order to get a better handle on what your pitch should highlight.
The other important thing to bring when applying for a business loan is a packet of information about your startup. Start with an executive summary, and then make sure it includes any other information that will help encourage the loan officer to take a risk with you. This is a good place to include your business plan — it can make up the majority of this packet. Be sure to also include a repayment plan, an asset and liability financial statement, your current income and your startup’s current profits and losses, and any collateral you’re willing to put up to secure the loan, if that’s something the financial institution is asking for.
Don’t give up.
If you’re rejected for one loan, don’t take it as a rejection across the board! While your startup may not be a good fit for some financial institutions, that doesn’t mean it’s not a good fit for others. Ask for feedback from the loan officers and then take it moving forward to the next institution.
The Best Guide to Getting a TD Bank Small Business Loan
Banks, such as TD Bank, are well-known providers of loans in the U.S. If you need funds to cover your expenses, you can consider securing a TD Bank small business loan. This article will explain the types of small business loans offered by TD Bank so you can make the right choice for your business.
When applying for a loan, you can use DoNotPay to generate a watertight loan request letter.
Types of Small Business Loans Offered by TD Bank
TD Bank offers various types of loans to small and medium-scale businesses. Here are some of the common ones:
- Small business term loan
- Business line of credit
- Commercial real estate loan
Small Business Term Loan
You can use a small business term loan for the following purposes:
You can borrow between $10,000 and $100,000 at a fixed interest rate. The payments are deducted automatically from your account on a set schedule. The interest will be deducted as a normal business expense in your income and tax statements.
If you are borrowing a larger amount, you will need to provide collateral, such as equipment or inventory, to secure the fund.
Business Line of Credit
Whether you want to fund short- or long-term expenditures, a business line of credit can sort it out. You can use the funds to cover various types of expenses, such as payroll and inventory.
TD Bank offers the following terms and conditions:
- Interest rate that is market-competitive
- Ability to reuse the line of credit after repayment
- Access to your money through checks
Commercial Real Estate Loan
You can secure a real estate loan to finance real estate acquisition or expansion. TD Bank offers the following terms:
- A lump sum amount of capital given to the business owner
- A three- to five-year period amortized up to 20 years
If you’re not sure how these business loans work, contact TD customer support at 1-855-278-8988 to get all the information you need.
Does TD Bank Offer SBA Loans?
Small Business Administration (SBA) loans are government-backed loans offered through an intermediary (in this case, TD Bank) to small businesses.
The following can be attributed to a TD Bank SBA loan:
- Long-term financing
- Flexible terms and conditions
- Quick access to loan funds
Currently, TD Bank offers the following SBA loan types:
|SBA Loan Type||Terms and Conditions|
|SBA 7(a) loan||This loan can be used for real estate purchase, business expansion or acquisition, or partner buyout. It has the following loan terms:|
|SBA 504 loan||An SBA 504 loan is used for construction, refinancing, and real estate purchases. The loan terms are as follows:|
|SBA Express loan||SBA Express loans are a fast way to get funds for your business. The following loan terms and conditions apply:|
|USDA loan||USDA loans are useful for farmers and rural communities and help them finance their agricultural and livestock businesses. They have the following loan conditions:|
|Average conventional loan||You can get an average conventional loan to cater to startup costs, daily expenses, or long-term investments. It has:|
The TD Bank Small Business Loan Application Process
To apply for a small business loan at TD Bank, you need to meet the following eligibility criteria:
- A personal guarantee form
- Strong financial documentation
- A healthy credit score
Once you have selected the loan that meets your budget and requirements, you can apply for it in a couple of ways, depending on the amount you need to borrow:
|Above $100,000||In person|
Here are the steps you need to follow to apply for the loan:
- Visit the Compare Small Business Loans and Lines of Credit page on the TD Bank website
- Click on Apply Now
- Answer the questions
- Fill out the loan application
- Click on Submit once you are done
- In person:
- Download your application from the TD Bank website
- Complete the application correctly
- Gather all your financial documents
- Take them to any TD Bank near you
Write a Loan Request Letter Effortlessly Using DoNotPay
Applying for a loan can be a tedious and challenging process. You cannot afford to make a single mistake because of the risk of your application getting rejected. Increase your chances of getting a loan approved by using DoNotPay’s Business Loan Request Letter.
Our app can help you create a formal loan request letter with all the relevant information in no time! All you need to do is follow these instructions:
- Open DoNotPay in your web browser
- Choose the Business Loan Request Letter
- Answer a brief questionnaire
- Upload your documents
You can also use DoNotPay to find online lenders. Let us know what kind of funding you are interested in when filling out our short questionnaire, and we will list the best options for your specific needs.
Build Your Business From the Ground up With Your Reliable Pocket Assistant!
To make the running of your business less stressful, DoNotPay has created numerous handy products that can help you deal with any issue right from the start. With our assistance, you can:
- Get the perfect letter requesting a loan for your business
- Handle the Employer Identification Number and DMCA agent registration procedures in a few clicks
- Manage Privacy Shield program self-certification to make sure your clients’ privacy is protected while on your website
If you are considering completing trademark registration, DoNotPay will be your trusty companion and help you finish the whole process in no time! We can even make sure no one uses your trademark as their own by performing routine checks and sending cease and desist letters to the offenders instead of you.
Resolve Pesky Business Issues With DoNotPay
Our app boasts many other useful and easy-to-use products that will help you resolve an array of business-related problems. Whether you need help filing 83(b) election forms as effortlessly as possible or wish to communicate with your clients and business partners without heading over to the post office, we have got you covered!
DoNotPay can also help you remove bad, fake online reviews that could harm your business reputation, deal with clients who avoid paying for your services, and contest unjustified chargeback requests.
Rely on our app and stay on top of your work while we deal with business issues on your behalf!
TD Bank consolidates business lending
TD Bank has combined two lending groups to create a bigger commercial banking division, merging its corporate and specialty banking team into its commercial banking group.
The move by the U.S. subsidiary of Toronto-Dominion Bank puts areas that were part of the corporate and specialty lending group, including asset-based lending, equipment finance and commercial real estate, under the same leadership as middle-market, community and small-business lending. The combined division will also oversee commercial deposits, treasury management and point-of-sale solutions.
Chris Giamo, head of the commercial bank, will oversee the combined entity. Marla Willner, who was in charge of the corporate and specialty bank, will step into a new position leading TD’s commercial credit management and other strategic projects.
“To continue their track record of success, we have merged these teams to build on their combined strengths and position them for long-term growth,” TD Bank President and CEO Greg Braca said in a press release Monday. “Ultimately, it will help TD scale its core businesses and build the commercial bank of the future.”
Giamo joined TD Bank in 1998 to lead its middle-market lending team in New Jersey. A former regional president of TD’s New York metro region, Giamo became head of the commercial bank in 2017.
TD’s U.S. business banking division — which includes the commercial bank — has been growing recently. Year-over-year revenue rose by 4% in 2019 and by 2.2% in 2020. TD Bank is making an effort to deepen customer engagement and increase market share this year, according to Toronto-Dominion’s most recent annual report.
Before the consolidation, the commercial banking team had 2,000 U.S. employees, while the corporate and specialty banking team had 500. A bank spokeswoman said there could be changes to staffing levels if some workers move to other areas of the bank or decide to leave the organization, but no further details are available.
Operating Credit can help to finance your company’s short term credit requirements, such as helping to provide working capital support for accounts receivable and inventory.
How it can work for your business:
- The option to choose Canadian and U.S. Dollar Operating Lines
- Letters of Credit and Letters of Guarantee are also available to help facilitate guaranteed payments of goods and/or services between businesses involved in domestic or international trade
Finance your company's owner occupied or investment real estate, machinery or equipment or restructure your debt. Term Loans offer a potential solution for your company’s term credit needs, to assist in start-up, growth, or expansion.
How it can work for your business:
1. Subject to credit approval.
2. Certain restrictions apply.
Asset-Based Lending is a form of commercial financing where collateral such as accounts receivable and inventory are used as security to provide companies with working capital.
Solutions that can work for your business:
- Revolving lines of credit secured by accounts receivables, inventory, machinery and equipment, real estate and certain other property
- Equipment lines of credit and term loans
- Letters of credit
- Owner-occupied commercial real estate mortgages
- Integrated cash management
To find out more about Asset-Based Lending and how this type of financing can benefit your company:
Wendy Brisebois – Vice President, TD Asset Finance
Phone: (416) 983-6493
Email: [email protected]
Or contact the following people in your Region:
Zami Salaria – Director, Asset Finance
Phone: (416) 983-6488
Email: [email protected]
David Horton – Director, Asset Finance
Phone: (416) 983-6503
Email: [email protected]
Quebec and Eastern Canada:
Ron Gordon – Director, Asset Finance
Phone: (514) 289-1630
Email: [email protected]
Western Canada and Prairies:
Mark Gray – Director, Asset Finance
Phone: (604) 654-3048
Email: [email protected]
Export Development Canada (EDC) assists Canadian companies pursuing international business opportunities by providing insurance, guarantees, and financing that complement business banking relationships with lenders such as TD.
EDC provides innovative financing and risk management solutions that allow lenders, such as TD, to provide businesses with additional access to credit1:
- Export Guarantee Program (EGP) helps businesses access additional credit by providing lenders, such as TD, with guarantees for financing related to export-related activities, including work-in-progress and foreign inventory, operating lines of credit and foreign investments.
- Account Performance Security Guarantee (APSG) is a working capital solution for exporters who must offer bonds and guarantees to customers and/or foreign suppliers by assisting in providing security to TD.
- Accounts Receivable Insurance (ARI) provides businesses with protection from losses due to non-payment by foreign buyers, customer bankruptcy, refusal to accept goods, political unrest, and in some cases, contract cancellation.
- Foreign Exchange Facility Guarantee (FXG) helps to minimize the need for businesses to provide security such as cash collateral, current assets or personal guarantees to lenders, such as TD, when establishing foreign exchange facilities.
Learn more about Export Development Canada (EDC).
1. The Toronto-Dominion Bank and its affiliate are not responsible for any of the services and products offered/provided by Export Development Canada.
We can help you explore your options in the capital markets and assist you in developing a financial plan that meets the needs of your company.
How it can work for your business:
- Private placements of debt or equity
- Mergers and acquisitions, management buyouts and/or succession planning, and sale of a business
- Public equity
Our dedicated risk management specialists customize solutions to reduce risk and advise on market strategy and execution of swaps, options and structured solutions.
How it can work for your business:
- Swaps: Convert your company’s floating rate debt into an instrument that is effectively a fixed rate debt to protect against rising interest rates
- Interest Rate Caps: Protect your company against rising interest rates by capping the interest rate on your floating rate loan
- Interest Rate Collars: Limit your interest rate risk within a known range
We can help you maintain your competitive edge by offering quick implementation on a suite of equipment leasing and financing products tailored to your business needs – whatever your industry.
- Leasing lines of credit
- Conditional sales contracts
- Third-party agreements and assignments
How it can work for your business:
- Improve your cash flow
- Finance equipment to modernize your capital assets
- Enhance the value of your business
TD Bank Business Solutions Credit Card Review: Financial Flexibility for Entrepreneurs
The latest credit card from TD Bank is a business credit card designed to provide entrepreneurs access to small business funding and credit. It’s called the TD Business Solutions Credit Card, and it offers a valuable menu of rewards. Business credit cards work just like personal credit cards, but they focus on the special purchasing needs and habits of entrepreneurs.
Credit Card Rewards
The TD Business Solutions Credit Card has a tiered rewards program. The card pays three percent cash back on internet, phone and cable services. Two percent cash back is applied to gas station and dining purchases, and all other purchases earn one percent cash back.
As long as the account is open and payments are not past due, there is no limit or cap imposed on the amount of rewards points the account holder can accumulate, and the rewards cash never expires. A hundred rewards points equal $1, and according to TD, the average cardholder earns 63,200 points, or $632, in the first year.
Credit Card Opening Offers
When new cardholders spend $3,000 in the first 90 days, they’ll receive 20,000 rewards points, or $200 cash back. New cardholders also enjoy a zero percent introductory APR on balance transfers for the first 12 months.
Don’t Miss: Things That Affect Your Credit if You’re a Small Business Owner
Credit Card Fees and Interest Rates
Depending on the applicant’s creditworthiness, the interest rate for purchases is either 13.74 percent, 18.74 percent or 23.74 percent.
After the 12-month introductory period, the APR for balance transfers is exactly the same as it is for purchases. Balance transfers also come with a fee, which is the greater of either $10 or four percent of the transfer.
The fee for cash advances is either $10 or five percent of the advance, whichever is greater. The cash advance APR is 23.99 percent.
Although late payment fees can be as high as $35, there is no annual fee and no foreign transaction fee.
Small business credit cards provide entrepreneurs with ongoing access to credit for purchases, advances and transfers. Before applying, it’s important to fully understand all associated fees, charges and rewards.
See More: How to Open a Business Checking Account