TD Bank Business Loans Review
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Pros and cons of TD Bank
Pros
- SBA-Preferred lender
- No loan limit for first mortgages through SBA 504 loan program
- Offers a wide array of business products, including term loans, lines of credit, SBA loans, bank accounts, credit cards and more
Cons
- You must apply in person for loans over $250,000
- Depending on your loan amount, you may need to have an active TD Bank Business Checking account
- Only available in a few states
TD Bank small business loans review
- East Coast business owners. You can only apply for TD Bank business financing if you live in one of the following states — Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont and Virginia — as well as the District of Columbia.
- You prefer working with a bank. There are many online small business lenders, but only a few of them are banks. Getting a business loan from the same place you do your banking can simplify your finances..
- You want a lender with SBA loan expertise. TD Bank is an SBA Preferred lender, which gives it more leeway when approving loans. In 2025, it was the fifth-largest SBA loan underwriter in the U.S., granting nearly 3,500 loans.
TD Bank is one of the largest banks operating inside of the U.S. It offers a relatively standard suite of small business products to customers based on the East Coast, including small business bank accounts and a range of small business lending options.
TD offers personal accounts, too, if you’re looking for a place to keep all of your financial matters in-house. That could help if you’re looking for fast transfers between your business and personal accounts, for example.
Finally, it’s a standout choice if you’re in the market for an SBA loan, particularly if you’re looking to make a significant investment in a new business location. TD Bank is an SBA Preferred lender — which gives it more leeway and speed in dealing with SBA loan underwriting — and uses this status to offer SBA 504 loans to customers on certain real estate properties with no maximum cap on how much you can borrow.
TD Bank small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated rate | Fees |
|---|---|---|---|---|
| Term loan | $10,000 to $1,000,000 | 12 to 60 months | Not disclosed | Not disclosed |
| Line of credit | $25,000 to $500,000 | Not disclosed | 6.25%
Based on the current prime rate of 6.75% – 0.50% offered by TD Bank. Includes automatic payment discount.
| Not disclosed |
| SBA 7(a) loans | Up to $5,000,000 | Up to 25 years | Not disclosed | Not disclosed |
| SBA 504 loans | No maximum loan amount for first mortgage; up to $5,500,000 for second mortgages | Up to 20 years | Not disclosed | Not disclosed |
Secured term loans
You can use a TD Bank small business term loan for just about anything you need, including working capital, equipment, real estate and more.
However, you will need collateral. For equipment loans and real estate purchases, that’s typically the product you’re buying. But for less tangible transactions — like working capital loans, and specifically those under $250,000 — TD Bank will file a blanket lien against your business to secure the loan.
Line of credit
TD Bank also generally requires collateral for its business lines of credit in the form of accounts receivable (similar to accounts receivable financing) or as cash.
You can draw against your line of credit with an online transfer or by writing a check. TD Bank may also offer the option for interest-only payments for a time, so be sure to inquire about your contract if you’d like that flexibility.
SBA 7(a) loans
As an SBA Preferred lender, TD Bank has more authority to make lending decisions on its own, which results in a faster response for you, the borrower.
TD Bank requires a 10% minimum down payment with the popular SBA 7(a) loans, and you can use funds for a wide range of purposes, including buying equipment, hiring new workers, buying real estate and more.
SBA 504 loans
For larger purchases, like a significant real estate or equipment investment, TD Bank also offers SBA 504 loans. You can use the property you’re buying as collateral for the loan, and there are no loan limits if you’ll be purchasing your first business property. Like the SBA 7(a) loan, you’ll also be required to make a minimum down payment of 10%.
TD Bank borrower requirements
| Minimum annual revenue | Not disclosed |
| Minimum time in business | 1 year |
| Minimum credit score | Not disclosed |
Unfortunately, TD Bank doesn’t provide many of the requirements you’ll need to meet in order to get approved for a business loan. Typically, though, you’ll need good credit, a demonstrated track record for your business and a strong income to be approved for most business loans.
TD Bank does provide a few details about its business financing requirements, however:
- You’ll need to sign a personal guarantee.
- You’ll need a 10% down payment for SBA loans.
- You’ll need to sign up for autopay for business loans and lines of credit.
- You can apply online for financing amounts under $250,000, but you’ll need to apply in person for amounts above that.
Required documents
TD Bank is pretty open with what documents you’ll need to apply for a business loan. Here are some of the things you’ll need:
- Copy of your government-issued ID
- LLC operating agreement, if applicable
- Partnership banking agreement, if applicable
- A copy of the minutes from your business’s last meeting or your bylaws
- Most recent tax return, if you’re requesting a loan between $100,000 and $250,000
- Personal authorization form from any business owners with more than 10% equity in the company
Alternatives to TD Bank
TD Bank may not be the best fit for:
- Businesses not located on the East Coast
- Businesses that do not want to make payments through autopay
- Businesses that want more freedom when applying for loans over $250,000
- Businesses looking for alternative financial products, like merchant cash advances or accounts receivable financing
If you’re looking for more financing options, you can consider the following lenders.
| TD Bank | OnDeck | Capital One | |
|---|---|---|---|
| Minimum credit score | Not disclosed | 625 | Not disclosed |
| Loan products offered |
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| Time to funding | Not disclosed | As soon as same day | Not disclosed |
| Starting APR |
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| Not disclosed |
| Maximum loan size | No loan limit for first mortgages taken out with an SBA 504 loan | $400,000 | Up to $5,000,000 |
| Minimum annual revenue | Not disclosed | $100,000 | Not disclosed |
TD Bank vs. OnDeck
If your business needs money today, consider OnDeck. It’s much more transparent about its lending requirements, so you’ll have a better idea right away whether your business is likely to be approved or not.
If you are approved, lines of credit are available to use immediately, and loans up to $400,000 can be funded within the same day. You’ll pay a price for this convenience, though, in the form of much higher interest rates.
TD Bank vs. Capital One
If you want to stick with a traditional bank, Capital One is another good choice. You’ll need to fill out a form on its website with your business name, industry, annual revenue and ZIP code in order to determine if you’re even eligible to speak with a banker about applying for business financing.
Capital One was the top-ranked bank in J.D. Power’s 2025 survey of overall customer satisfaction for small business banking, outranking TD Bank, which was ranked 8th. That makes it a stronger option for folks looking for better customer service — provided you qualify for financing.
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