SunTrust Bank Business Loan – How to Get a Business loan from SunTrust Bank? Are you in any way short of funds to increase or start up a business and you need a quick loan to do so you don’t know how to go about it worry no more?
The bank headquarters is located in Lagos and has other branches in Abuja, Akwa Ibom, and Rivers. Services are provided by brick and mortar channels, as well as digital channels – including telephone, telephone, and internet banking.
- 1 Funding and types of business loans available through SunTrust Bank
- 2 Qualifying for a SunTrust Bank business loan
- 3 How to apply for a SunTrust Bank business loan
- 4 Conclusion:
- 5 Disclaimer:
- 6 Share this:
- 7 Like this:
- 8 Related
Funding and types of business loans available through SunTrust Bank
Receivables financing is also known as invoicing financing. This loan facility provides companies with short-term working capital. Funds are released on the back of verifiable invoices. A maximum of 500 million N can be backed up and the funds can be borrowed for a maximum of 3 months. SunTrust is able to fund multiple invoices – all at once.
Investment Backed Loans
This SunTrust product allows customers to use cash deposits, federal government securities and other investments to secure a loan. You can borrow funds for a maximum of 12 months and you can negotiate suitable interest rates.
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Contractual financing provides you with the resources you need to fulfill your contracts – whether in the public, non-governmental or private sector. Contracts can be for the production of supplies compared to confirmed orders or simply for the execution of works.
SunTrust will be able to finance up to 80% of the contract amount. There is a 12-month maturity and interest rates are attractive.
Asset financing provides you with a way to gain wealth. Real estate must be purchased from one of the bank’s pre-qualified suppliers. Cars can be financed for a maximum of 4 years, for other properties the maturity is 2 years. The only new property can be financed – unless it is a car, where models under 5 years of age can also be financed.
Documentary Collections / Bills for Collection
Documentary collections are transactions in which the bank collects payment from the importer (buyer) – for the exporter (seller). In exchange for payment, the bank collects documents, which practically gives the importer ownership of the purchased items. It serves as an alternative to a letter of credit.
Qualifying for a SunTrust Bank business loan
Qualifying for a business loan from SunTrust Bank means adhering to a special lending ethic. Some of these procedures apply to all credit instruments offered by the bank – while others apply only to specific products.
One of the most important requirements for a loan is that your company is located in the geographical area that the bank serves.
SunTrust can only lend to companies that are able to repay any borrowed money – which is reflected in a company with a regular positive cash flow.
In addition, good credit history is important – because it is unlikely that the bank will lend to companies that do not meet their debt obligations.
Other general requirements for business loans may include:
- Have a registered company or company – with the Commission for Corporate Affairs (CAC)
- Have a business or corporate bank accounts
- Traded for a certain period of time (minimum 1-3 years)
- They must have good credit bureau information – no outstanding liabilities or bad debts
- As an active client of the bank
- SunTrust Bank can only finance your business if it is registered with the CAC. Unregistered companies and individuals are not entitled to business financing.
If you can’t get a loan from your company, you can consider a personal loan. You can use a personal loan for business purposes. SunTrust also offers consumer loans.
How to apply for a SunTrust Bank business loan
SunTrust Bank will be able to accept business loan applications within the branch. It is best to simply create a loan application where you are likely to receive approval. So before you apply, take a look at some banking products – to see if you’ve met the minimum funding requirements. You can also contact SunTrust by phone, email, or social media channels – for more information.
Most loan applications will require you to fill out an application form – you will need to provide details about your business and the purpose of the loan. Your application will be tested according to the SunTrust Bank loan guidelines.
If your application is approved – a quote will be issued. All terms and conditions associated with the loan will be stated in this offer letter. This offer letter also describes the procedure for distributing loans.
A checklist of important documentation typically requested includes:
- Completed application form
- Company profile
- Business plan
- Cash flow budget
- Bank statements (12 months)
- Audited financial accounts
- Certificate of Incorporation
- Valid means of identification (driving license, passport, voters card)
- Proof of address
- Details of collateral offered (if any)
The interest rate credit facility determines the actual documents you are asked to provide.
How much can I borrow from SunTrust Bank?
The bigger your business and the more cash you generate — the more money SunTrust will be willing to lend you money.
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Does SunTrust Bank require collateral?
To borrow money from SunTrust, you usually need a guarantee. However, there are times when the warranty is not required.
An acceptable warranty may include:
- Obligations of the Federal Government of Nigeria (FGN bonds, FGN Eurobonds, FGN Treasuries, etc.)
- Responsibilities of the State Governments or Bodies of the Federal Government of Nigeria
- Other non – government debt instruments
- Physical properties eg real estate
- Third-party warranties (as warranties)
What is the interest rate charged on a SunTrust Bank loan?
SunTrust Bank has competitive interest rates. Actual available loan rates are based on the credit facility as well as your business history.
How long do I have to pay back a SunTrust Bank loan?
SunTrust is able to tailor payment plans to suit your business needs. You can finance everything from a few months to several years.
How long will it take before receiving funds from SunTrust Bank?
SunTrust loan approval and repayment period vary – depending on the credit facility. Less uncertain loan applications are often approved the fastest.
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