Our Take
The bottom line:
Truist combines the competitive rates and terms of a traditional bank loan with the convenience of an online lender.
Truist Bank - Unsecured Term loan
Max Loan Amount
$100,000
Min. credit score
700
Pros & Cons
Pros
- Variety of loan types available.
- May be able to qualify for a loan with less than two years in business.
- Can pay off your loan early without incurring any penalties.
Cons
- Low maximum loan amounts compared with other banks.
- Business loans are only available in states where Truist operates a branch.
- You have to visit a bank branch at some point during the application process.
Full Review
Truist offers a variety of small-business loans, including term loans, lines of credit, equipment financing and commercial real estate loans.
Truist only lends to businesses located in the states where it has bank branches. It has branches in 17 states: Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia, as well as Washington, D.C.
While you’ll need to visit a branch location to finalize your business loan, you can apply online for most loan types (something not all banks allow).
Loan amounts vary by type, but most max out at $250,000 or less. If you need more than that and your business generates over $2 million in annual revenue, you can visit a branch in person to apply for a commercial loan. Additionally, all SBA loan applications must be submitted in person.
Truist is best for borrowers who:
- Don’t need to borrow a huge sum of money. While it’s possible to borrow more by submitting your initial application in person and by meeting stricter requirements, most loans are capped at $250,000 or less.
- Need to purchase equipment or vehicles. You may be able to finance your next piece of business equipment or business vehicle with no money down, while covering additional costs like delivery fees and taxes.
- Are current Truist customers. Small-business owners with a Truist Dynamic Business Checking account may qualify for interest rate discounts.
Types of Truist business loans
Truist offers several different types of business loans, including:
- Secured and unsecured term loans.
- Secured and unsecured lines of credit.
- Business auto loans.
- Equipment loans.
- Commercial real estate loans.
- SBA loans.
» MORE: Types of business loans
Here’s a snapshot of some of the features across its loans and lines of credit. NerdWallet gathered this information from Truist’s website and by speaking with a Truist representative.
Truist business loan and line of credit features
Simple Business Loan | Line of credit (LOC) | |
|---|---|---|
Loan amount | Up to $100,000 for unsecured loan. Up to $250,000 for secured loan.* | Up to $100,000 for unsecured LOC. Up to $250,000 for secured LOC.* |
Terms | 36, 48 or 60 months. | 12 to 36 months (revolving) for unsecured LOC. 12 to 60 months (revolving) for secured LOC. |
Interest rates | 11.88% to 16.67% (fixed) for unsecured loan. 6.99% to 11.43% (fixed) for secured loan. | 13.69% to 19.58% (variable) for unsecured LOC. 9.05% to 14.29% (variable) for secured LOC. |
Fees |
|
|
Prepayment penalty | None. | None. |
Time in business required | 2 years. However, you may be able to qualify for a smaller loan (up to $25,000) with a shorter business history, depending on your business’s revenue. | 2 years. However, you may qualify for a smaller loan with a shorter business history. |
Repayment schedule | Monthly. | Monthly. |
*If your business generates at least $2 million in annual revenue, you may be able to qualify for a commercial loan of more than $250,000. | ||
Truist business auto, equipment and real estate loan features
Business auto loan | Equipment loan | Commercial real estate loan | |
|---|---|---|---|
Loan amount | Up to $250,000. | Up to $250,000.* | Up to $250,000.* |
Terms | Up to 75 months. | Up to 7 years. | Up to 15 years. |
Interest rates | Not disclosed. | Not disclosed. | Not disclosed. |
Fees |
|
|
|
Prepayment penalty | None. | None. | None. |
Time in business required | 2 years. However, you might qualify for a smaller loan with a shorter business history. | 2 years. However, you might qualify for a smaller loan with a shorter business history. | 2 years. |
Repayment schedule | Monthly. | Monthly. | Monthly. |
*If your business generates at least $2 million in annual revenue, you may be able to qualify for a commercial loan of more than $250,000. | |||
Where Truist stands out
Robust loan offering
Truist offers a wide range of business financing options, from SBA loans and commercial real estate loans to lines of credit and term loans. This makes it easy to both find funding that fits your current needs and continue working with the same lender as your business grows and evolves. All Truist business loans also come with monthly repayment terms and no prepayment penalties, adding another layer of flexibility for business owners.
Customer support
Truist makes it easy to connect with a representative. You can schedule an in-person or virtual appointment through its simple-to-use scheduling service, or call its dedicated small-business line. When NerdWallet tested its phone line, a representative answered in under a minute, and there was no complex phone menu to navigate.
Full financing for equipment and business auto loans
If you need to buy or upgrade commercial equipment or vehicles, Truist may offer full funding without a down payment. You might also qualify for up to an additional 10% of the loan amount to cover soft costs like delivery fees, taxes and add-ons.
Where Truist falls short
Low funding amounts
Some small-business owners may find Truist’s loan limits restrictive. For example, its standard commercial real estate loan tops out at $250,000, which may limit your options if you need a big space. That said, higher loan amounts may be available to qualifying businesses that generate at least $2 million in annual revenue.
Limited SBA loan activity
Although Truist is an SBA preferred lender, it has approved only 36 SBA 7(a) loans so far in fiscal year 2025 (which started on Oct. 1, 2024) . In comparison, some of the most active SBA preferred lenders have approved over 2,000 SBA 7(a) loans in the same timeframe. Small-business owners must also apply in person for an SBA loan from Truist. The bank’s website provides limited details on its SBA loan offerings.
» MORE: SBA loan overview
How to apply for a business loan from Truist
If you're applying online or by phone, you’ll need to provide the following:
- Names and email addresses for all guarantors, co-borrowers and business owners.
- Residential address and phone number.
- Social Security number.
- Financial information, such as your income and existing debt.
- Basic business information, such as industry, business address, annual revenue and number of employees.
- Information about any collateral, if applicable.
If your application is accepted, you’ll need to visit a branch location to close on the loan.
Alternatives to Truist
iBusiness Funding
iBusiness Funding
iBusiness Funding - Online term loan
NerdWallet Rating
4.2
Min Credit
660
Read Review
Apply now
with Fundera by NerdWallet
iBusiness Funding’s unsecured term loan offers up to $
500000
in funding, making it a good alternative for business owners in need of larger loan amounts than what Truist’s Simple Business Loan can offer. The application and funding process is entirely online, and borrowers may have up to 84
months to repay their loan. However, borrowers should expect to pay higher interest rates compared to those offered by a Truist Simple Business Loan.OnDeck
OnDeck
OnDeck - Line of credit
NerdWallet Rating
5.0
Min Credit
625
Read Review
Apply now
with Fundera by NerdWallet
Like Truist, OnDeck’s unsecured line of credit provides up to $
100000
in financing. However, business owners may be able to qualify for the full amount with as little as 12
months in business, making OnDeck’s line of credit slightly more accessible for newer businesses. Borrowers may receive funds as soon as the same day with OnDeck, but OnDeck’s interest rates are higher than Truist’s line of credit.National Funding
National Funding
National Funding - Equipment financing
NerdWallet Rating
4.6
Min Credit
600
Read Review
Apply now
with Fundera by NerdWallet
National Funding’s equipment loan requires just
6
months in business and can fund as fast as the next business day, making it a good alternative for startups in need of new or used equipment. However, loans are capped at $150000
and borrowers have a maximum of 60
months to pay it back. In contrast, Truist’s equipment loan offers a higher borrowing limit with repayment terms extending up to 84 months.New elevated offer
