Triton Capital vs. U.S. Bank: Which small business lender is right for you?

If you have good credit, you may want to consider Triton Capital or U.S. Bank for a business loan. Triton Capital is an online lender with multiple loan options and loan amounts up to $500,000. U.S. Bank is a traditional lender offering a variety of loans catering to different business needs.

Triton Capital vs. U.S. Bank at a glance

Triton Capital offers lower interest rates and more eligibility details, but U.S. Bank offers higher loan amounts.

Triton Capital business loans

Triton Capital is an online lender offering multiple loan types with quick application processes and funding in as little as two days. Financing types available through Triton Capital include SBA, equipment and working capital loans. The lender offers smaller business loan amounts up to $500,000, and business owners with a personal credit score as low as 600 can apply.

Equipment loans from Triton Capital offer flexible financing for up to $500,000. Interest rates for these loans start as low as 5.99 percent APR, and repayment terms may be anywhere from 12 to 60 months. The lender also typically offers equipment loans to startups.

The lender also offers working capital loans with interest rates starting at 8.99 percent APR. These loans will have repayment terms between six and 24 months. Funding for a working capital loan from Triton Capital can come as quickly as one to two business days.

Triton Capital also offers SBA loans. As they are government-backed, these loans have more stringent requirements than Triton Capital’s other financing products. Business owners need at least a 680 personal credit score with at least four years in business plus at least $500,000 in annual revenue. SBA loan amounts are from $30,000 to $350,000.

Pros

• Quick online application process
• Fast funding
• Short time-in-business requirement

Cons

• No in-person service
• High business revenue requirements
• High maximum interest rates

U.S. Bank business loans

U.S. Bank offers financing options for a variety of business types. Both new businesses and established businesses can find options to fit their needs with the multiple business lines of credit U.S. Bank offers. Their Business Reserve Line is for small amounts up to $5,000 and comes with no annual fee. The Cash Flow Manager provides a line of credit for up to $250,000 to qualifying businesses with at least two years under their belt. Their standard business line of credit can give businesses up to $1 million in credit for purchasing materials, equipment or inventory. The lender also offers a Business Equity Line of Credit that is secured by a business’s real estate.

If you’re looking for a different type of financing, U.S. Bank also offers SBA, term, commercial real estate loans and equipment financing. Details of each loan type differ. The lender offers repayment terms anywhere from two to 25 years. Applicants with strong credit and longer times in business will get the most favorable rates and terms from U.S. Bank.

Pros

• SBA preferred lender
• Wide variety of business loan products
• High loan amounts

Cons

• Limited qualification information
• Interest rate details unavailable for most loan types
• Limited state availability

How to choose between Triton Capital and U.S. Bank

Triton Capitol offers quick and convenient online lending for business owners with at least fair credit. U.S. Bank offers a wide variety of business loan products, making it a good fit for businesses looking for a traditional lender. While both lenders offer SBA loans and equipment financing, Triton Capital is the best option if you need a smaller loan amount. U.S. Bank is best for more personalized banking.

Choose Triton Capital for smaller loan amounts

Triton Capital does not offer loan amounts as high as U.S. Bank but offers the most advantages for smaller loan amounts. Triton offers terms as short as three months on some of its loans, which is much shorter than the two-year minimum repayment term that U.S. Bank offers.

The lender offers lower starting interest rates on loans than U.S. Bank, making smaller loan amounts more affordable. U.S. Bank has a minimum interest rate of 7.99 percent APR compared to Triton Capital’s 5.99 percent APR minimum.

Choose U.S. Bank for personalized banking

U.S. Bank offers the most business financing options between the two lenders. It has several business lines of credit to meet different needs and offers term loans, commercial real estate loans, equipment financing and other loan types. Triton Capital only has four different loan types. These loans can fit a variety of business needs.

The lender also has SBA loan options. While Triton Capital also offers SBA loans, U.S. Bank is an SBA Preferred Lender. This means U.S. Bank can process SBA loans more efficiently, which leads to quicker turnaround times than non-SBA Preferred Lenders.

Alternatives

If you are looking for other online lenders who offer SBA loans, consider Live Oak Bank. This is an online business lender like Triton Capital, but they are also an SBA Preferred Lender like U.S. Bank.

If you need a business loan for a smaller amount, add Lendio to your search. Lendio is a loan marketplace that gives businesses options for loans as small as $1,000. Lendio also has a minimum requirement of six months in business to help you find a loan.

You may also want to think about alternative business financing types. For example, a business credit card or crowdfunding may work better for your business needs than a traditional business loan.

Alternative SBA loans

Both U.S. Bank and Triton Capital offer SBA loans. The loan types they offer include SBA 7(a) and 504 loans. But these aren’t the only types of SBA loans available. You can also get Community Advantage loans and microloans through the SBA. Microloans are for small amounts up to $50,000. Community Advantage loans are specifically designed for businesses in underserved communities.

Bottom line

Triton Capital and U.S. Bank both offer business financing solutions to fit a variety of business needs. Triton Capital is an online lender with great options for smaller loan amounts, while U.S. Bank has a larger variety of loan options with more personalized features.

Consider multiple lenders and loan types before applying for a loan. Think about what your business qualifies for and what the funds are for to find the best options.

Frequently asked questions

• What is the best credit score for a small business loan?

  The higher your credit score, the better interest rates and loan amounts you can qualify for. Typically, business lenders look for a credit score of at least 600 to qualify for a loan, though some lenders may have credit score requirements as low as 500. In general, improving your credit score and maintaining strong credit will give you the best small business loan options.

• Is U.S. Bank an SBA lender?

  Yes, U.S. Bank is an SBA Preferred Lender, which means they can approve loan applications faster approval times than non-preferred SBA lenders.

• How do you get a business loan from a bank?

  To get a business loan from a bank, you will need to first find out their eligibility requirements. Banks typically require at least two years in business and a certain amount of annual revenue to give a business a loan.If you qualify for the lender’s minimum eligibility requirements for a business loan, gather all of the required documents and fill out an application. You may need to do this in person or online, depending on the lender. Once you submit the application, wait to hear if you are approved. If you are approved, the bank will start working on getting you the funds.