Western Alliance Bank Small Business Loans

Western Alliance bank is one of the prominent and top-performing banking companies in the country.

Alliance Bank of Arizona, Bridge Bank, Bank of Nevada, Torrey Pines Bank, and First Independent Bank are full-service banking divisions of Western Alliance Bank.

The Bancorporation has 50 billion dollars in assets, and it ranks on top of the Forbes list of "Best banks in America."

If you are someone who wants to know everything about the loan lending system of Western Alliance Bank, then you have come to the right place.

In this article, we will be discussing the types of loans, the lending criteria, interest rates, and other important things. So, buckle down and get ready.

An Overview of Western Alliance Bank Loans

Western Alliance Bank operates dedicated specialized finance and banking units that are in place to help businesses across the United States via their financial aids.

Western Banking Alliance provides several types of loans, and we will be discussing them in detail in the later parts of this article. However, you will get a crisp overview.

Funds are necessary when you start a new business or plan to buy a new house. There can be other requirements as well; you can never predict time and needs.

Western Alliance Bank has considered all the needs of the people and provides multiple choices for funding. From commercial real estate loans to small business administration loans, this Bancorporation equips you with many options.

It doesn't matter if you are expanding your business or looking for other funding options; Western Alliance bank will help you fulfill your dreams at reasonable interest rates.

Types of Loans Offered by Western Alliance Bank

As mentioned earlier, Western Alliance bank has multiple funding options available for you. If you are wondering what these options are, then look at the list given below for detailed information-

Commercial Real Estate Loans

A commercial Real Estate is any real estate property that produces income and is used for business purposes. Hotels, apartments, offices, and retails are some examples of commercial real estate.

Western Alliance Bank offers a wide range of commercial real estate loans that you can leverage to purchase, refinance or improvise a real property. They aim to provide you with financing expertise that will help you in turning your dreams into realities.

Corporate Finance Loans

Western Alliance banks have taken care of the budding businesses through their corporate finance loans. If your business is growing, you will need access to capital, and Western Alliance Bank might be the best choice for you.

With their experienced leadership and funding, you can take your business to different heights.

Acquisitions, growth capital, and project financing transactions can all be funded by corporations and institutional investors.

Equipment Finance

As the name suggests, equipment finance is a loan used to buy different business equipment. A small business loan will let you buy the necessary machinery and devices required for your business.

Western Alliance bank is capable of meeting a wide range of financing needs of business owners. It is because they have specialized expertise in equipment financing for a variety of industries.

The industry sectors include Healthcare, Manufacturing, IT, construction, energy management, aircraft, and trucks/trailers.

The term lengths range from 3-7 years, and they provide a 100% advance rate of equipment cost. Therefore, you won't have any issues.

Capital Finance

There are times when your company's ability to meet the traditional borrowing requirements gets hindered. What will you do? Well, capital finances are in place for just that.

The Western Alliance bank provides additional working capital to the businesses when they are in need. They provide additional capital finance solutions like terms loans, asset-based lending, International banking services, growth capital, and others.

Revolving Lines of Credits

It is the kind of loan that allows you to draw down, repay or withdraw or withdraw again throughout the life of the loan.

Secured Loans

A secured loan is backed up by collateral. The most common secured loans are car loans and mortgages.

Similarly, the Western Alliance bank requires a collateral asset for these company loans. They can purchase equipment, finance real estate, increase operating capital, or restructure debt.

Western Alliance Bank provides personalized repayment terms and affordable pricing, and the experience of our loan specialists to assist you in making the best option possible.

Small Business Administration

At Western Alliance Bank, you get to choose from a variety of SBA financing alternatives. These include programs tailored to specific business needs, quick loan approval, and long-term funding for big asset purchases.

These loans are specifically for businesses that struggle with finances during their growth stages.

What Lending Criteria Does the Bank Have?

Lending criteria are the factors that the bank takes into consideration before approving the loan. They become the deciding factors of whether or not your loan will be approved.

The lending criteria of Western Alliance bank are pretty much the same as the lending criteria of any other bank in the United States. You have to make sure that you meet the minimum eligibility criteria before applying for the loan.

In general, if you take a business loan, the bank will evaluate your company's overall debt repayment history, product or services quality, business references, and reputation. If everything seems fine to the bank, they will lend you the loan.

However, there are cases like secured banks in which you will have to provide collateral. And for that, you must have collateral to proceed with the loan.

Western Alliance Bank's Interest Rates, Fees, and Loan Options

Much like other banks, the loan rate and fees are dependants on certain factors like loan amount, repayment terms, and the loan you choose.

You must understand the different types of loans like 7a, Express loan, CDC/504 loans. The main difference is in the rates and prime. Please note that the current prime rate is 3.25%. The following table will give you an idea about the interest rates, fees, and loan options-

Loan Type Loan Size Repayment term Loan Rate
SBA 7(a) Loan Under $25,000 Over 7 years Prime + 4.75%
SBA 7(a) Loan $25,000-$50,000 Over 7 years Prime + 3.75%
SBA 7(a) Loan Over $50,000 Over 7 years Prime + 2.75%
SBA 7(a) Loan Under $25,000 Under 7 years Prime + 4.25%
SBA 7(a) Loan $25,000-$50,000 Under 7 years Prime + 3.25%
SBA 7(a) Loan Over $50,000 Under 7 years Prime + 2.25%
SBA Express loan Up to $350,000 Up to 7 years Prime rate + 4.5% – 6.5%
SBA 504/CDC loan Up to $5.5 million 10 years 2.23%
SBA 504/CDC loan Up to $5.5 million 20 or 25 years 2.364% – 2.399%
SBA Microloan Less than or equal to $10,000 Up to 6 years Cost of funds + 8.50%
SBA Microloan Over $10,000 Up to 6 years Cost of funds + 7.75%

Western Alliance Bank’s Application

Much like the lending process, the application process for loans is the same in Western Alliance bank as in other banks.

As a general rule of thumb, you have to be genuine and truthful to the bank. You must specify why you need the loan with complete honesty.

If you are applying for a small business loan, then here are some of the steps that you should follow for the application process-

1. Check if you qualify for the business loan

Multiple things fall into this category: you need to check on your level, and the bank will also do its job.

The bank will consider how long you have been in business; it should be more than a year or two. It will act as an assurance for the bank that you have a running business.

Moreover, your credit score will play an important role in determining your loan's rate. Check it before apply. Additionally, how much revenue you make through your business matters; it will help you qualify for the loan and assure the bank that you can make the repayments.

2. Decide the type of loan

Next, you need to decide the type of loan you need for your business. Do you want to start a business, or do you need to expand it? Knowing what you need is crucial for the application process.

3. Collect all the documents

Once you decide to apply for a loan at Western Alliance bank, contact the expert to get the list of required documents.

Arrange all the documents properly, get everything in one place. It will help in streamlining the process.

4. Apply

You must know the loan terms and percentage rate by now for the loan. The final step is applying for it.

Choose the lowest APR and apply along with the documents. Voila! You have applied for the loan successfully.

Summary of Western Alliance Bank’s Loan Options

There are multiple loan options at Western Alliance Bank for your business. The interest rates are pretty similar to other banks in the U.S. They have a process of filtering out the most deserving borrowers and generally don't lend money where there is high risk.

If you want to go for a different way of generating funds for your business, then these traditional funds, Pearl Capital, are a good option for you. They have been lending money to high-risk borrowers for a long time now. If Western Alliance Bank doesn't approve your loan, you have a genuine option available. So, don't worry, you will be able to fulfill your dream.