Ameris Bank Small Business Loans

You cannot imagine any business without finance. Finance is one of the fundamental elements of the business. If you too run a small business, then you must understand the importance of a loan. These loans come in handy when you plan for expansion or introduce a new production facility, which will eventually help you stay ahead of your competitors.

Ameris Bank offers different types of business loans for small business owners. The loans are fast processed and have flexible terms. So that you get maximum benefits, you can apply for a loan to meet almost all types of your business requirement, starting from purchasing or renting the business land to obtaining the necessary types of equipment.

They also help you in keeping your business moving by providing loans for vehicles. So whatever be your need, the bank of America is your perfect destination for a small business loan.

This article will enlighten you with all the basic requirements you will have to fulfill to get your loan sanctioned from the bank.  

An Overview of Ameris Bank’s Loans

Ameris Bank’s headquarters is in Moultrie, Georgia. But they have several service branches in Alabama, Georgia, Florida, and South Carolina. However, no matter where you are located, you'll find the same product offerings in all their branches. Ameris Bank is one of the national central Bank of America.

In addition to Individual Retirement Accounts (IRAs), Ameris offers various savings accounts, including checking, savings, and certificates of deposit (CDs). You won't get the best savings accounts at Ameris, but it's CDs currently have significant fees. The bank also offers customers various ways to avoid monthly payments and keep more cash in their accounts. Ameris also provides a range of loan products, including real estate and business financing products designed and developed especially for small-scale businesses and industries.

Ameris Bank was established in 1971. Since its inception, Ameris bank has built strong relationships with the community it serves. In addition, in 2017, Ameris bank has donated above $800,000 to support charitable causes in the communities in which it operates. The company has collected above 900,000 critical food items in its eighth annual "Serve Against Hunger" campaign.

Types of Loans Offered by Ameris Bank

Finding a perfect business loan is crucial for any business as it can be very time-consuming and tiring before you look out for any business loan. You must first understand your requirements. The below five points, if you consider them, will help you make your decision.

PPP Loan

As the name suggests, this loan helps small businesses to pay their employees the paycheck. It is one of the latest loans introduced during Covid times as a major to support small Industries. There are two rounds of PPP Funding, each having its eligibility criteria.

If your business spends around 60% of your income on payroll, then there is a possibility that you get a fund on a forgivable basis. To avail of the loan facility, you will need to have an active account with a bank.

SBA Term Loan

If you have a loan requirement of more than $10,000, then a small-term business loan is perfect for you. It is a collateral-free type of loan. Instead of disbursing regular money in installments, you will get a lump sum amount approved and disbursed in your account. The tenure of the loan can vary from 12 months to 16 months.

Small Business line of Credit

If you need more flexible money for your business, then a small business line of credit is perfect for you. It is more flexible money that a bank has to offer to its customers. It works just like a credit card, where you will get a certain amount fixed that you can borrow any time without any minimum withdrawing limits.

It is one of the best facilities available at the bank as it gives total freedom to utilize the amount to meet the various business objectives.

SBA Loan

All the loans that we have discussed require some eligibility criteria fulfilled before the bank sanctioned your loan out of various eligibility criteria. one eligibility criteria is that your business should be at least two years old. So if you are a new entity, then, in that case, you will not get any loan approved.

For businesses like yours, Bank of America offers an SBA Loan facility. The loan is dedicated to new companies. There are various subcategories under the SBA loan facility, starting from the land purchase to equipment purchase. As these loans are approved and backed by the federal government, therefore, there is the possibility that you will quickly get it sanctioned.

Business Auto Loan

Every business needs a vehicle whether to transport the raw material or finished goods. This loan facilitates small businesses to purchase the cars they need to run their businesses smoothly. Not only this, but they can also refinance their existing vehicles.

Equipment Loan

Require equipment for your businesses then this type of loan is best for you. This loan will help you to buy varieties of equipment for your business. The loan tenure is five years with a loan amount starting from 2,5000 USD.

Commercial Real Estate Loan

This loan will help you in expanding your business or grow your existing business. There are two terms available, one for up to 10 years, and another is for up to 15 years. The minimum loan amount is 25,000 USD.

What Lending Criteria Does the Bank Have?

Apart from fulfilling essential eligibility criteria like

The business will not be eligible if your business is any of the following:

Involvement in gambling activities such as betting, casinos, and race tracks Bank's Interest Rates, Fees, and Loan Options.

Each business loan has its own criteria. Let’sloan takes a look at the various business loans that Ameris Bank offers to its customers.

Eligibility Criteria for Credit Line

Your business should be at least two years old with annual revenue of $100,00.

Unsecured Business Loan

Your business should be at least two years old with annual revenue of $100,00.

A Secured Business Line of Credit

Minimum 2 years of business operations with minimum annual revenue of $250,00

Business Auto Loan

To get an auto loan, the minimum value of vehicles should be $10,000 with maximum vehicle age of five years + vehicles should not have traveled more than 75000 miles.

Equipment Loan

Minimum two years of business in operations with minimum annual revenue of 250,000 USD.

Commercial Real Estate Loan

Minimum two years of business in operations with minimum annual revenue of 250,000 USD

SBA Loan

Ameris Bank’s Interest Rates, Fees, and Loan Options

Small business loans are designed to help businesses that do not have access to all that much capital. Therefore, the interest rates will also be feasible to assist the business in sustaining it.

Even though the interest rates are not sky-high, knowing how it works before going in is essential. So, to help you with that, this section breaks down the interest rates and fees Ameris Bank offers.

Furthermore, SBA guidelines ensure that the interest rates are fair to the businesses as well the banks. Most importantly, remember that these rates vary for each loan, and they are negotiable.

Fees

Borrowers are obliged to pay a guarantee fee, which is a certain percentage of the loan amount. The prices range from 0% to 3.75% from veterans to other borrowers who seek a loan. The fee also depends on factors like the loan amount and maturity period. 

Ameris Bank’s Application

Ameris bank also works the same way. The process will go smoothly as long as your business meets all the criteria mentioned earlier.

You will have to start with gathering the essential documents. Before the bank begins the processing, they will give you a list of required documents.

Summary of Ameris Bank’s Loan Options

Ameris Bancorp Bank has a strong presence in the Southern part. However, Ameris bank can provide personalized support to its customers, with a real sense of neighborhood with the bank. In addition, we offer a wide range of deposit account, from checking accounts to high-yield CD and IRA.

The bank also offers awide range of loans, from personal savings loans to mortgages and business to industrial loans. And with online and mobile online options, you can manage your money from the comfort of your personal experience.

If there's a downside to Ameris Bank, you won't find an immediate financial savings account with outstanding fees. However, CD accounts and money markets pay an excellent annual return but require a larger initial deposit than traditional financial checking or savings accounts. However, the bank provides very inexpensive savings and checking options. If you make a few simple commitments, there are no fees.