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U.S. Bank Small Business Loans: 2024 Review

Updated Dec 18, 2023

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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
Caret Down
Accessibility
Rating: 2.9 stars out of 5
Affordability
Rating: 4.3 stars out of 5
Customer experience
Rating: 4.1 stars out of 5
Transparency
Rating: 4.5 stars out of 5
Flexibility
Rating: 4.6 stars out of 5
How Bankrate Scores work Arrow Down

Overview

U.S. Bank offers business loans for both new and established businesses. You'll receive support from a business banker when applying to ensure you select the best financing option for your company.

Lender Details

  • Moneybag

    Loan amount

    $5,000-$5 million

  • Rates

    Interest rate

    9.01%-19.69% APR

  • Clock Wait

    Term lengths

    2-25 years

  • Dollar

    Min. annual revenue

    Not disclosed

  • Business

    Min. time in business

    Not disclosed

Who U.S. Bank is best for

U.S. Bank business loans are ideal for small business owners who prefer a personalized, face-to-face lending experience. You’ll work with a business banker and can receive in-person support when applying. U.S. Bank is also suitable if you have a solid credit rating, even if you’re just starting out. It also works well whether you need a short-term loan or long-term financing since its repayment terms are flexible.

Who U.S. Bank may not be best for

Borrowers who prefer an online lender with rapid approvals and funding times likely won’t get fast funding with U.S. Bank's small business loans.

U.S. Bank: in the details

U.S. Bank pros and cons

Pros

  • Checkmark

    Online application for some loans

  • Checkmark

    Wide variety of loan products

Cons

  • Limited qualification information

  • Limited state footprint

  • Interest rates not disclosed online

Business loan types offered

Loan quick facts

  • Amounts: $5,000 to $1 million
  • Terms: Up to 84 months
  • APR: From 7.99%

U.S. Bank Quick Loan overview

The Quick Loan from U.S. Bank is a term loan disbursed in a lump sum and payable in equal monthly installments. It comes in three variations — the general purpose business loan, business vehicle loan and business equipment loan. Secured and unsecured loans are available. 

Regardless of which you select, there is no origination fee. Businesses as young as six months may qualify for a U.S. Bank Quick Loan. If you need a loan amount higher than $250,000, you’ll need to apply for a U.S. Bank conventional term loan, which offers loan sizes up to $1 million.

Loan quick facts

  • Amounts: Up to $1 million
  • Terms: Up to 5 years
  • APR: Not disclosed

U.S. Bank business line of credit overview

U.S. Bank’s business lines of credit provide working capital to make seasonal purchases, meet short-term cash needs or acquire inventory. You’ll get a pool of cash to draw from as needed and only pay interest on the amount you borrow. The secured Cash Flow Manager line of credit is limited to $250,000; it requires a UCC lien on business assets but features lower interest rates. The unsecured line of credit has a lower limit of $100,000 and has steeper interest rates. 

Lines of $50,000 or less come with a $150 annual fee. U.S. Bank states this option is best for businesses that have been established for at least two years.

Otherwise, you can get a Business Reserve Line of credit with limits up to $5,000 and no annual fee. Its Business Equity Line of Credit offers credit limits up to $500,000, monthly interest-only payments and revolving terms up to five years. And its standard business line of credit offers limits as high as $1 million with interest-only payments.

Loan quick facts

  • Amounts: Up to $10 million
  • Terms: 5, 10 or 15 years
  • Interest rate: Not disclosed

U.S. Bank commercial real estate loan overview

Commercial real estate loans are offered to small business owners looking to buy owner-occupied or investment properties. Loan terms of up to 15 years are available, but loans can be amortized for up to 25 years. Both fixed- and variable-rate loans are available. 

Loan quick facts

  • Amounts: Up to $12.375 million 
  • Terms: Up to 25 years 
  • Interest rate from: Not disclosed

U.S. Bank SBA loan overview

U.S. Bank is an SBA Preferred Lender offering SBA loans with flexible terms, competitive rates and lower down payments than conventional loans. SBA 7(a) loans to help foster business acquisition and expansion efforts are available. Or you can explore 7(a) and 504 loans to acquire real estate or refinance existing loans.

Loan quick facts

  • Amounts: Up to $1 million
  • Terms: 24 to 60 months
  • Interest rate: Not disclosed

U.S. Bank equipment loan overview

A U.S. Bank equipment loan makes it easy to purchase the business-related equipment needed to keep your company moving forward. There's no down payment requirement. You can buy several pieces of equipment with a single loan and roll in additional costs, up to a total of 25 percent of the equipment’s price. You can choose to repay monthly, seasonally or semi-annually.

With U.S. Bank, online pre-approval is available. You’ll need at least two years in business to qualify.

Do you qualify? 

U.S. Bank does not disclose its full eligibility guidelines for business loans on its website. Ideally, you should have a good or excellent FICO credit score to have the best chance at qualifying for a business loan with competitive terms. For example, many banks consider applicants with a personal credit score of 670 or higher. A solid business credit score helps too. Most banks require at least two years in business.

What we like and what we don’t like

U.S. Bank offers a wide selection of small business loan products — but consider potential drawbacks before deciding if one is right for you.

What we like

  • Online applications: You can apply online for select Quick Loans, the Cash Flow Manager line of credit and equipment loans. Many big banks lending to small businesses require in-person applications for all loans.
  • Wide variety of loan products: U.S. Bank offers many business loans, from general products like the Quick Loan to SBA loans and multiple business lines of credit.

What we don't like

  • Interest rates not disclosed online: U.S. Bank does not disclose loan borrowing costs for most business loan products. To learn what rates you might receive, you’ll have to apply.
  • Limited qualification information: Similarly, it can be hard to tell whether you qualify for U.S. Bank’s loan products before applying. Like many traditional lenders, the bank does not disclose minimum credit score requirements for any loan products.
  • Limited state footprint: U.S. Bank small business loans are limited to borrowers in 26 states.

How U.S. Bank compares to other lenders

U.S. Bank's business loan products provide funding from $5,000 to $12.4 million to cover operating costs, inventory, equipment, real estate purchases and more. 

Its flexible terms and guidance from business bankers create a positive lending experience for businesses interested in exploring their financing options. And it offers a convenient online application for some loan options.  

But the lender has limited qualification information available. Typically, banks require good-to-excellent credit, stable annual revenue and a minimum of two years in business. So it’s likely U.S. Bank is most suitable for established businesses looking for long-term financing.

Rating: 4.1 stars out of 5
4.1

Bankrate Score

  • Loan amount

    $5,000-$5 million

  • Interest rate

    9.01%-19.69% APR

  • Term lengths

    2-25 years

  • Min. time in business

    Not disclosed

  • Min. business annual revenue

    Not disclosed

Rating: 4.3 stars out of 5
4.3

Bankrate Score

  • Loan amount

    Starts at $1,000

  • Interest rate

    6.75% APR

  • Term lengths

    6 months-25 years

  • Min. time in business

    6 months

  • Min. business annual revenue

    $50,000

Rating: 4.4 stars out of 5
4.4

Bankrate Score

  • Loan amount

    $10,000-$10 million

  • Interest rate

    5.25% APR

  • Term lengths

    6 months-25 years

  • Min. time in business

    6 months

  • Min. business annual revenue

    $100,000

Read our review

on Bankrate

U.S. Bank vs. Bank of America

U.S. Bank and Bank of America stand out as two large financial institutions offering various business financing options, including term loans, equipment financing and commercial real estate loans. 

Bank of America is known for its extensive national reach. Both U.S. Bank and Bank of America offer business bankers that provide ongoing support and guidance throughout the application process.

Although Bank of America doesn't cap its equipment loans, businesses specifically interested in equipment financing of no more than $1 million may find U.S. Bank's no-down-payment requirement appealing. The lender allows business owners to finance 100 percent of the cost of the equipment plus up to 25 percent more to cover additional costs such as fees. These standout options can be helpful if you haven’t had time to save up for a down payment or need a loan that covers more than the equipment you wish to purchase. 

U.S. Bank vs. SMB Compass

While SMB Compass and U.S. Bank offer a variety of business loan products, SMB Compass stands out with availability across 49 states, transparency in its lending process and short-term and long-term financing options. Its terms range from six months to 25 years. The shortest repayment term available from U.S. Bank is two years, and a prepayment fee may be assessed. 

Unlike U.S. Bank, SMB Compass clearly outlines its criteria and shares its range of potential interest rates, which start at 5.25 percent. Online applications for all products, as well as fast funding within 24 to 48 hours, are added advantages with SMB Compass, but U.S. Bank's online application is limited, and the funding timeline is unclear.

How to apply for a loan with U.S. Bank 

The application process for U.S. Bank small business loans depends on the loan type. You can apply online for general purpose and equipment Quick Loans and Cash Flow Manager lines of credit. However, you must make an appointment to speak with a business banker if you seek another type of loan.

Visit a local branch or call 877-851-1396 to receive live support. You can also make an appointment using the online scheduler to speak with a banker virtually, by phone or in person.

Required application information
  • Articles of incorporation 
  • Personal and business tax returns
  • Gross annual sales information 
  • Business tax ID number
  • Company financial statements

U.S. Bank frequently asked questions

How Bankrate rates U.S. Bank

Overall Score 4.1
Accessibility 2.9 Like many banks, U.S. Bank doesn’t set a clear funding timeline for its loans — plus, it doesn’t disclose all its qualification requirements.
Affordability 4.3 The minimum interest rates U.S. Bank discloses are reasonable, but upper limits are unclear.
Transparency 4.5 U.S. Bank gets points for offering online prequalification and disclosing some rates and terms.
Customer experience 4.1 You can apply for some loans online, and customer support is available in-person or over the phone.
Flexibility 4.6 U.S. Bank offers a variety of loan types, and you may be able to change your payment date over the phone.

Methodology

Clock Wait
47
years in business
Credit Card Search
30+
lenders reviewed
Loan
22
loan features weighed
Rates
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.