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SMALL BUSINESS LOANS REVIEWS
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TD Bank Small Business Loans: 2025 Review

Written by
Allison Martin
Edited by
Rob Watts

Updated Jan 17, 2025

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At a glance

3.7
Rating: 3.7 stars out of 5
Bankrate Score
Caret Down Icon
Accessibility
Rating: 3.3 stars out of 5
Affordability
Rating: 3.7 stars out of 5
Customer experience
Rating: 3.6 stars out of 5
Transparency
Rating: 3.8 stars out of 5
Flexibility
Rating: 4.5 stars out of 5
How Bankrate Scores work Arrow Down Icon

Overview

TD Bank is a lending giant offering business loans currently in 15 states and Washington, D.C. You can choose from a variety of loan types from term loans to business lines of credit to SBA loans. Unlike most traditional banks, TD Bank considers all businesses when evaluating applications, including startups.

Lender Details

  • Money Bag Icon

    Loan amount

    $10,000-$25 million

  • Rates Icon

    Interest rate

    8.00% APR

  • Clock Wait Icon

    Term lengths

    3-30 years

  • Dollar Icon

    Min. annual revenue

    Not stated

  • Briefcase Icon

    Min. time in business

    N/A

Who TD Bank is best for

TD Bank small business loans are ideal for established companies and startups. There’s no minimum time in business requirement, and you can choose from multiple flexible commercial loan solutions. Borrowers seeking a more personalized lending experience may also find TD Bank attractive. You can visit physical branches to receive face-to-face assistance from a loan officer.

Who TD Bank may not be best for

A TD Bank business loan may not be ideal if you’re seeking a streamlined online lending experience. You can apply for select loan products under $250,000 online. Still, the documentation requirements are generally heftier than with online lenders. You may also be required to meet with a loan officer to discuss your funding request in greater detail.

 

TD Bank: in the details

Loan amount
$10,000-$25 million
Interest rate
8.00% APR
Term lengths
3-30 years
Fastest funding
1 business day
Min. annual revenue
Not stated
Min. time in business
N/A

TD Bank pros and cons

PROS

  • Checkmark Icon

    Funding accessible to startups

  • Checkmark Icon

    Generous loan limits

  • Checkmark Icon

    Rapid approvals

CONS

  • Close X Icon

    Not available in all 50 states

  • Close X Icon

    Some loans require in-person application

Business loan types offered

TD Bank offers business term loans, lines of credit, commercial mortgages and SBA loans in addition to healthcare practice financing and numerous commercial equipment financing solutions. Beyond loans, TD Bank has checking accounts and credit cards meant for small businesses.  

If you set up automatic payments from a TD Bank business checking account, you may be eligible for an interest rate discount.

Loan quick facts

  • Amounts: $10,000 to $1 million
  • Terms: 3 to 5 years
  • APR: Not disclosed

TD Bank term loan overview

The term loan from TD Bank is suitable for business owners seeking working capital to expand operations. You can also use it to buy a commercial vehicle or equipment. It comes with a fixed interest rate and predictable monthly payment.
 
The loan proceeds are dispersed in a lump sum and repaid through automatic deductions from your checking account. While most traditional banks offer unsecured loans, TD Bank typically requires collateral for its term loan. 
 
TD Bank charges an origination fee, and additional third-party expenses may apply.

Loan quick facts

  • Amounts: $25,000 to $500,000
  • Terms: Revolving
  • Interest rate from: From 8.00% APR

TD Bank business line of credit overview

The business line of credit is also a secured product that requires collateral to get approved — usually secured by cash or your accounts receivable. You can borrow and re-use funds as needed and only pay interest on the amount you withdraw. You can also choose to make interest-only payments during the specified period before paying off the rest of the loan. The rate you’ll receive is variable.  

To qualify for a TD Bank line of credit, you’ll need a TD business checking account with a balance of at least $40,000, and you must allow payments to be automatically deducted from that account.

TD Bank charges an origination fee, and additional third-party expenses may apply.

Loan quick facts

  • Amounts: Up to $1 million
  • Terms: 5 years (up to 20-year amortization)
  • APR: Not disclosed

TD Bank commercial mortgage loan overview

A commercial mortgage can be used to acquire real estate for your company or refinance an existing loan. It comes with a fixed interest rate determined by your credit rating and relationship with the lender. The loan is secured by the property you acquire or refinance.

TD Bank charges an origination fee on commercial mortgages.

Loan quick facts

  • Amounts: Up to $5.5 million
  • Terms: Up to 25 years
  • APR: 11.00% to 16.00%

TD Bank SBA loan overview

TD Bank also offers flexible loans backed by the U.S. Small Business Administration. These loan products cater to business owners who aren’t a good fit for a conventional commercial loan and seek an affordable financing solution. SBA 7(a), 504 and Express loans are available. TD Bank charges a packaging fee on SBA loans; you’ll also need to make a 10 percent down payment.

Additionally, the bank offers USDA loans of up to $25 million for businesses in rural communities, with terms up to 30 years. You can use the loan in areas such as business expansion, debt refinancing and purchasing inventory.

Do you qualify? 

To be eligible for a TD Bank small business loan, your business must operate in one of the 15 states they serve or Washington, D.C. Collateral is also required if you’re applying for a term loan or business line of credit. But if you’re seeking an SBA loan, you’ll need to have the funds available to make the minimum down payment.

TD Bank does not specify industry or spending limitations for its business loan products. There’s no set time in business requirement; instead, according to a company representative, "All businesses regardless of establishment date are considered."

What we like and what we don’t like

TD Bank features a variety of business loan options and other benefits worth considering. 

What we like

  • Funding accessible by startups: TD Bank's business loans do not have a minimum time in business requirement for small business loans. 
  • Generous loan limits: Most loans offer generous loan amounts, such as $1 million for conventional business lines of credit. SBA loans also reach into the $5.5 million for SBA 504 loans.
  • Rapid approvals: Some borrowers receive lending decisions as soon as one business day for loans under $250,000 or three days for most other business loans. 

What we don't like 

  • Not available in all 50 states: TD Bank only offers business loans in 15 states and Washington, D.C. 
  • Loan origination fees: You’ll pay an origination fee on term loans, commercial mortgages and lines of credit. SBA loans are subject to a packaging fee. 
  • Some loans require in-person application: You can apply online for loans under $250,000, but for higher amounts, you’ll have to print a physical application and bring it into a TD Bank location.

How TD Bank compares to other lenders

TD Bank is an ideal choice for new companies that want access to flexible lending options. They also offer a more personalized experience with in-person application options. But this lender is only available in a limited number of states. And it’s always in your best interest to shop around and compare your options to find the best low interest business loan.

Rating: 3.7 stars out of 5
3.7

Bankrate Score

  • Loan amount

    $10,000-$25 million

  • Interest rate

    8.00% APR

  • Term lengths

    3-30 years

  • Min. time in business

    N/A

  • Min. business annual revenue

    Not stated

Rating: 4.1 stars out of 5
4.1

Bankrate Score

  • Loan amount

    Starts at $1,000

  • Interest rate

    7.50% APR

  • Term lengths

    6 months-25 years

  • Min. time in business

    6 months

  • Min. business annual revenue

    $50,000

Read our review Arrow Right Icon

on Bankrate

Rating: 3.3 stars out of 5
3.3

Bankrate Score

  • Loan amount

    Up to $15 million

  • Interest rate

    11.50% to 16.50% APR

  • Term lengths

    Up to 25 years

  • Min. time in business

    Not stated

  • Min. business annual revenue

    Not stated

Read our review

on Bankrate

TD Bank vs. Bank of America

Bank of America is one of the largest banks in the United States and may be an appealing alternative to small business loans from TD Bank.

Bank of America tends to target established companies more than TD Bank and usually works best for companies that already bank with Bank of America. It offers both secured and unsecured lines of credit and term loans, SBA loans, as well as specialized loans like equipment loans, giving borrowers more options than TD offers.

Where TD beats the competition is in its availability to newer companies. TD Bank has no time in business requirement, while Bank of America lends mostly to established businesses with at least two years in business.

TD Bank vs. Live Oak

Live Oak’s starting loan amounts for most of its loans begin at $150,000, which isn’t helpful for businesses seeking smaller loan amounts. But it has a larger footprint than TD Bank, providing loans in all 50 states. 

Like TD Bank, Live Oak is a lender that specializes in SBA loans and USDA rural development loans and is an SBA Preferred lender. Both banks consistently rank as top SBA lenders in the nation, according to the SBA weekly lending report, though Live Bank has a slight advantage. In fiscal year 2024, Live Oak Bank ranked as the second-largest SBA lender by loan amount, while TD Bank ranked ninth. 

So if you’re in the market for a government-secured loan, Live Oak may be more appealing than TD Bank. But if you’re looking for an in-person experience, you’ll want to go with TD Bank since Live Oak Bank doesn’t have any physical locations.

How to apply for a loan with TD Bank

The application process varies by loan product. You can apply online for a line of credit or loan under $250,000. If you’re looking to borrow more or apply for a commercial real estate loan or SBA loan, you’ll need to make an appointment to visit a TD Bank branch. 

TD Bank offers small business customer support from 8:30 a.m. to 5 p.m. ET, Monday through Friday. You can also log in through the mobile app to reach a live agent or visit a local branch during business hours for assistance.

TD Bank frequently asked questions

How Bankrate rates TD Bank

Overall Score 3.7
Accessibility 3.3 TD Bank offers a range of loan amounts and fast approval times, though some requirements aren’t disclosed.
Affordability 3.7 Interest rate ranges for most TD Bank loan products are unclear, but it gets points for its autopay discount.
Transparency 3.8 TD Bank discloses some, but not all, rates and requirements for their products.
Customer experience 3.6 Customers can apply online for some loan products, and TD Bank offers a highly rated app.
Flexibility 3.7 TD Bank offers many funding solutions and the option to change your payment due date.

Methodology

Clock Wait Icon
47
years in business
Credit Card Search Icon
30+
lenders reviewed
Loan Icon
22
loan features weighed
Rates Icon
770+
data points collected

To select the top small business lenders, Bankrate considers more than 20 factors. These factors include loan amounts, approval and funding times, credit requirements, APR or factor rate ranges, fees, and easy-to-find rate and fee disclosures. Bankrate reviewed more than 30 lenders and gave each a rating, which consists of five categories:

  • Accessibility: Factors considered in this category include minimum loan amounts, approval and funding speed, minimum annual revenue and minimum credit score.
  • Affordability: This section measures interest or factor rates and fees.
  • Transparency: How easy it is to find important rates, fees and eligibility requirements are considered in this category.
  • Customer experience: Customer service hours, online applications and app availability are considered in this category.
  • Flexibility: This category considers factors like the number of loan products and ability to change payment due date.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

What small business owners think

CTA TD Bank has 13 reviews

TD Bank has 13 reviews

Dive into community reviews below and see what others think about TD Bank.

4.3 Star Icon
13 ratings
Info Icon
Score breakdown
5 stars
54%
4 stars
23%
3 stars
23%
2 stars
0%
1 star
0%
Score by category
Customer experience 4.5 / 5
Accessibility rating 4.5 / 5
Affordability rating 3.9 / 5
Transparency rating 3.8 / 5
Flexibility rating 3.8 / 5

Community Reviews

See what users like you are saying about TD Bank.
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Overall
What was your biggest pain point during the application process?
The unclear part was the biggest pain.
Score by category
Flexibility rating 3 / 5
Transparency rating 4 / 5
Accessibility rating 3 / 5
Affordability rating 4 / 5
Customer experience 5 / 5
Overall
What was your biggest pain point during the application process?
Just the length and time it takes for the whole application process
Score by category
Flexibility rating 3 / 5
Transparency rating 4 / 5
Accessibility rating 4 / 5
Affordability rating 4 / 5
Customer experience 5 / 5
Overall
What was your biggest pain point during the application process?
The time it took to finish
Score by category
Flexibility rating 3 / 5
Transparency rating 3 / 5
Accessibility rating 4 / 5
Affordability rating 3 / 5
Customer experience 4 / 5
Overall
Was the lender receptive to your business unique needs? If so how? If not, why not?
Yes they were open to my ideas and plan. Not condescending and showed personal interest
Score by category
Flexibility rating 2 / 5
Transparency rating 4 / 5
Accessibility rating 5 / 5
Affordability rating 2 / 5
Customer experience 5 / 5
Overall
Were you able to contact the lender for customer support? What was the process like?
I needed to contact them once to resend some documents. It’s was a longer process than expected, but I did get the needed papers
Score by category
Flexibility rating 4 / 5
Transparency rating 2 / 5
Accessibility rating 4 / 5
Affordability rating 4 / 5
Customer experience 2 / 5
Overall
Was the lender receptive to your business unique needs? If so how? If not, why not?
Very receptive they didn't understand my business to begin with ans we set up an appointment for me to explain to them what I do and what I needed the loan for but to my surprise when I got there my loan officer had already found the information in detail of what my business does and exactly what I needed the funds for and had decided to approve my business loan before we ever met. TD is an amazing company and I will recommend them to everyone..
Score by category
Flexibility rating 4 / 5
Transparency rating 5 / 5
Accessibility rating 5 / 5
Affordability rating 4 / 5
Customer experience 5 / 5
Overall
Did you feel that the lender was knowledgeable about their product and loan terms? Why or why not?
Yes knowledgeable about terms to be exact
Score by category
Flexibility rating 4 / 5
Transparency rating 3 / 5
Accessibility rating 3 / 5
Affordability rating 3 / 5
Customer experience 4 / 5
Overall
Was the lender receptive to your business unique needs? If so how? If not, why not?
No. They just wanted the business
Score by category
Flexibility rating 4 / 5
Transparency rating 1 / 5
Accessibility rating 5 / 5
Affordability rating 4 / 5
Customer experience 4 / 5
Overall
Did you feel that the lender was knowledgeable about their product and loan terms? Why or why not?
I could say from my experience that the lender is knowledgeable about their loan terms and products.
Score by category
Flexibility rating 4 / 5
Transparency rating 5 / 5
Accessibility rating 5 / 5
Affordability rating 5 / 5
Customer experience 4 / 5
Overall
Did you feel that the lender was knowledgeable about their product and loan terms? Why or why not?
The lender seems more knowledgeable in loan and products than me.
Score by category
Flexibility rating 5 / 5
Transparency rating 4 / 5
Accessibility rating 5 / 5
Affordability rating 5 / 5
Customer experience 5 / 5

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