Synovus Small Business Loans

Synovus is a financial corporation based in Columbus, Georgia, previously known as the Trust company and Columbus bank. Synovus has assets worth 45 billion US dollars. This bank also offers several business loans, including SBA loans, and is a preferred SBA Lender.

9. SBA 7(a) Loan

10.SBA Express Line of Credit

11.SBA 504 Loan

12.SBA CapLine Working Capital Loan

13.SBA Export Working Capital

14.SBA International Trade Loan

Types of Loans offered by Synovus

1. SBA 7(a) Loan

2. SBA Express Line of Credit

3. SBA 504 Loan

4. SBA CapLine Working Capital Loan

5. SBA Export Working Capital

6. SBA International Trade Loan

7. Owner-Occupied Real Estate

8. Lines of Credit

9. Flex Lines of Credit

Synovus Interests, Fees, and Loan Options

19.SBA (7A)

20.SBA/CDC 504 Loan Program

21.SBA Express Lines of Credit

22.SBA CapLine Working Capital Loan

23.SBA Export Working Capital

24.SBA International Trade Loan

25.Owner-Occupied Commercial Real Estate

26.Lines of Credit

27.Flex Lines of Credit

What Lending Criteria does Synovus Have?

Below is the basic lending criteria that all the banks follow:

Credit Score

Credit is the most important component of all types of businesses, whether they are small or large. Lenders will always analyze the business's credit score and then decide whether it can pay the loan or not. Therefore, the best way to maintain a healthy credit score is to pay your dues on time.

Credit scores can also be easily obtained from several agencies such as Equifax, Dun & Bradstreet, and Experian. Another way of maintaining a positive credit score is to have a low debt-to-income ratio. Lenders will not invest in businesses that don't have a good credit score.

Annual Revenue

Another important factor that the lenders will review is the annual revenue of the business. Most lenders will only lend to those businesses that have been profitable for the last two years or more. Businesses need to make sure that all the financial statements are accurate and up to date.

Lenders will also look at specific details such as the current account (current assets divided by liabilities) and ask for copies of bank statements and transactions. However, businesses will only be eligible for a loan if their cash flow is growing.

Business Plan

A minority of lenders might not ask for a business plan, but most of them do, and businesses need to come with a clear and concise proposal. Usually, lenders require the business plan to know the purpose of the loan and discuss the business's stability.

One of the main components of business plans is the resumes of managers and staff. However, despite having a clear business proposal, the lenders will still ask for proof of the staff's ability and relevant credentials and experience.

Collateral

Collateral is an essential requirement, and most lenders will not provide a business loan if it cannot give collateral. Collateral can be anything like equipment or property. The collateral will also decrease the risk for the lender as it will have an asset in hand, so if the company fails to pay the loan, the collateral can be paid to fund the damages.

The owner of the company needs to provide a personal guarantee and will also need to submit some essential documents:

Time in Business

Most banks are hesitant to lend loans to new companies that have been active for just a few months. Lenders cannot trust small businesses or startups that have just entered the market because they don't have a proper credit score and the cash flow is usually unstable. Banks will most likely lend to businesses that have been active for more than two years.

Synovus Application

Following is the application procedure of all the banks that borrowers have to follow:

Before you apply for a loan, ensure that all your documentation is up to date. Also, organize all the documents properly, and if some essential documents are missing, contact the relevant authorities. Collect all the financial information about your business and pay all the dues as soon as possible.

Requirements for SBA Loans

For more information check out the website of Synovus.

Summary of Synovus Loan Options

Synovus offers a large variety of business loans, and their terms and interest rates vary. However, Synovus business loans come with a lot of benefits, and in most cases, you are also provided an expert. Unlike most banks, which at most offer 2 to 3 types of SBA loans, Synovus offers six varieties of SBA loans, all designed exclusively to fulfill the many needs of small businesses.

Below is a list of all the loans Synovus offers:

1. SBA (7A)

2. SBA/CDC 504 Loan Program

3. SBA Express Lines of Credit

4. SBA CapLine Working Capital Loan

5. SBA Export Working Capital

6. SBA International Trade Loan

7. Owner-Occupied Commercial Real Estate

8. Lines of Credit

9. Flex Lines of Credit

For more information regarding loans, learn more.