US Bank Small Business Loans Review 2024
Whether you need funding to start a business, keep your vendors paid on time, or leverage borrowed capital to grow your business, US Bank offers a variety of small business loan options.
In this review, we’ll go over the details of US Bank’s business loans to help you decide if they offer the right features for your business.
Recommended: Visit our comprehensive guide on small business loans or read our review of the best small business loans.
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Small Business Loan Guides
Learn more by checking out our comprehensive guides on small business loans.
US Bank Business Loans
Our Approach:
To help match your business with the right loan, we compared US Bank’s loan offerings and matched those to the businesses that would benefit most.
In this review, we’ll cover the types of loans US Bank offers to help you decide if US Bank is the right lending partner for your small business.
Selecting the best small business loan for your company comes down to three things:
- Type of business you have
- Needs of your business
- What you want for the future of your business
US Bank Business Loans Summary:
US Bank offers several business loans. Some loans are better suited for larger companies, while others are designed with the small business owner in mind. In this review, we’ll focus on the small business loans offered by US Bank.
Small business loans offered by US Bank:
- The Quick Loan is the best for businesses needing capital fast to fund a project or for general business needs. US Bank offers quick loans that can be approved in 24 hours from the time you apply.
- Term loans are the best business loans for companies that need access to larger quantities of capital with manageable repayment terms. US Bank offers term loans up to $1 million with fixed interest rates and terms. These loans are good for business expansion and developing a growth strategy for your business.
- The SBA Express Loan is the best business loan for small businesses needing great rates and easier approval. With an SBA 7(a) loan, you can finance a new business or a business needing capital to grow more rapidly. These loans are great because they’re guaranteed by the Small Business Administration (SBA), meaning US Bank doesn’t take on as much risk lending money to a less established business. For this reason, you’re more likely to be approved for an SBA loan than a traditional bank loan.
- Equipment finance loans are the best business loans for small businesses needing to purchase or upgrade their equipment. US Bank offers equipment financing loans up to $500,000.
PROS
- 100% financing available
- Longer terms than online lenders
- Many loans choices
- Large credit limits
- Free up your cash
- Financing that grows with your business
CONS
- Must have a business checking account through US Bank
- Some loans may require collateral to guarantee the loan
- Long application process
- Must apply in a branch
Recommended: Read our guide on how to build business credit.
US Bank Alternatives
You can find alternatives to US Bank by reading our list of the five best small business loans. You can also learn about more funding options by visiting our guides on small business loans.
Types of US Bank Business Loans
US Bank offers several types of small business loans: Quick Loan, Term Loan, Equipment Finance Loan, and SBA Express Loan.
The US Bank Quick Loan is a loan that can be qualified for in 24 hours from the time you visit a branch and apply. These loans are great for general business purposes, buying a corporate vehicle, or other short-term purchases.
A term loan is a set amount of capital distributed upfront that has fixed payments each month for the duration (term) of the loan.
An equipment finance loan is a loan used to purchase equipment for your business. US Bank allows you to purchase more than one piece of equipment with this loan.
The SBA Express Loan is great for small businesses that meet the lending criteria of the SBA. These loans are easier to qualify for because US Bank does not take on as much risk lending to a new or relatively newly established business, as these loans are guaranteed by the SBA. For this reason, you’re more likely to qualify for an SBA loan than for some other bank loan.
US Bank Quick Loans
Quick loans are useful when a business needs a set amount of capital fast to make a purchase or fund an expansion project.
Lowest rate: Not specified
Loan sizes up to: $250,000
Benefits:
- 24-hour approval
- Fixed rates
- Fixed terms
- Fixed monthly payments
Qualifications:
- Must have a US Bank business bank account
- Must visit a branch to determine if you qualify
How to Apply:
- Visit a local US Bank branch
US Bank Term Loans
Term loans are useful when a business needs a set amount of capital upfront to cover business expenses for a set period of time (term).
Lowest rate: Not specified
Loan sizes up to: $1 million
Benefits:
- Loans from $5,000 and up
- Fixed rates
- Fixed terms
- Fixed monthly payments
Qualifications:
- Must have a US Bank business bank account
- Must visit a branch to determine if you qualify
How to Apply:
- Visit a local US Bank branch
US Bank Equipment Finance Loans
Equipment Finance loans are useful when a business needs a set amount of capital upfront to cover replacing or buying equipment used to operate the business.
Lowest rate: Not specified
Loan sizes up to: $500,000
Benefits:
- Secured by equipment only
- Fixed rates
- Fixed terms
- Fixed monthly payments
Qualifications:
- Must have a US Bank business bank account
- Must visit a branch to determine if you qualify
How to Apply:
- Visit a local US Bank branch
US Bank SBA Express Loans
SBA Express loans are useful when a business needs a set amount of capital upfront to cover business expenses for a set period of time (term).
Lowest rate: Not specified
Loan sizes up to: $250,000
Benefits:
- Government-backed, easier to qualify
- Fixed rates
- Fixed terms
- Fixed monthly payments
Qualifications:
- Must have a US Bank business bank account
- Must visit a branch to determine if you qualify
- Must meet SBA qualification requirements
How to Apply:
- Visit a local US Bank branch
US Bank Reviews
US Bank seems to have mostly negative reviews from customers. Here are some verified US Bank reviews on Trustpilot’s website made by people who sought loans through them to help their businesses:
“Utter incompetence!”
“Greedy insensitive bank!”
“Never go with US Bank!”
Learn more by checking out our comprehensive guides on small business loans.
US Bank Review Ratings
Value - 3.5/5
Overall US Bank’s value works well for some businesses given they offer many types of business loans. The customer service is questionable. The rates are lower than many online lenders, but your best rates will be SBA loans, and US Bank is a leader in the number of SBA loans they approve each year.
Customer Service - 1.5/5
When doing our research, we learned that their customer service is questionable at best, meaning most (if not all) the customer reviews we read online pointed out how terrible US Bank’s customer service was. Our experience calling them was professional, but we did get the sense they were trying to get off the phone with us to speak with other callers. Time is money, but poor customer service can be very expensive for companies.
Ease of Use - 3/5
Applying for a term loan was exceptionally easy. The only frustrating part was having to visit a branch to learn what we needed to have in place to qualify. It took a series of trips to ensure we were in compliance with the bank and to get financing.
Included Features - 4/5
US Bank offers many features we found useful:
- Many types of loans to serve every business need
- High loan amounts, more than most online lenders
- Competitive fixed interest rates
Final Thoughts on US Bank
US Bank may be the right lender for your business if you need short-term or long-term financing with competitive rates, great terms, and financing that can grow with your business.
US Bank may not be the best loan option if you need great customer service to feel good about borrowing money. To get qualified is a process, like applying for a loan at most brick-and-mortar banks, but let’s face it: if we have to jump through hoops, we’d like to have people helping us who truly care about helping.
Visit our comprehensive guide on small business loans.
US Bank FAQs
Yes, US Bank offers many varieties of small business loans. US Bank is also a qualified SBA lender.
To qualify for a small business loan with US Bank, you’ll need to visit a local bank branch and have a conversation with a US Bank business loan expert. During the conversation, the expert will ask you a series of questions to determine which loan is best for you, how much you may likely qualify for, and set the rates and terms.
An SBA loan is not forgiven if the business remains in operation. The SBA will pay off the vast majority of the outstanding balance, you’ll have to pay the rest.
US Bank offers the best small business loan depending on your business needs. We recommend checking out different lenders before deciding on one.
US Bank does not set limits on their interest rates. Most traditional banks charge 7% to 100%, though SBA 7(a) loans range between 5.5% and 11.25%.
US Bank offers many types of business loans. In this review, we covered the US Bank’s small business loans, but they do offer other loans for larger businesses.
