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.
Guide on how to borrow money from SunTrust Bank succesfully we will show you how to go about this and this is why we have made this article a straight-to-the-point one.
Types of business loans available through SunTrust Bank
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.
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.
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.
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.
Documentary Collections / Bills for Collection
Documentary collections are transactions in which the bank collects payment from the importer (buyer) – for the exporter (seller).
Requirement For SunTrust Business Loan
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.
How to apply for a SunTrust Bank business loan
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)
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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