Small Business Frequently Asked Questions

Your TD Banknorth Small Business Lending Officer will help you to determine which loan is right for you. The term of the loan should always be based on the purpose for which the loan is intended. A general rule is, if you are in need of working capital then a line of credit is best for you. A loan used to purchase current assets, for example, is repaid at liquidation of those assets. Term loans are generally used for the purchase of large ticket items such as a vehicle with the term matching the depreciation schedule of the item purchased. Commercial real estate loans are secured by real estate.

Generally 20% of value.

48 hours from the time the completed application is received by the TD Banknorth Small Business Loan Center.

Yes. Missing information could result in either delayed decision time or in a denial of the loan request.

Each state has a variety of non-profit agencies that can help with this. SCORE (Service Corps of Retired Executives), SBDC (Small Business Development Centers) are two such agencies. Your state Small Business Administration (SBA) website or TD Banknorth Small Business Lending Officer can help direct you to an agency near you.

Your TD Banknorth Small Business Lending Officer can assist you in applying for a SBA loan.

It provides a percentage guaranty to the financial institution on a commercial loan that does not fully comply with the bank's underwriting requirements. If it were not for the SBA guaranty, the loan would have been declined.

It depends upon which SBA program is used, how complete the application package is, and how quickly the borrower returns the completed SBA forms to the bank.

The fees change from time-to-time, so it is best to check with the SBA department at the time of the loan. The fee charged is based upon the loan amount, but calculated based on the loan amount that is being guaranteed.

SBA Express Loans and Lines may be increased up to a maximum of $250,000. Increase to other 7(a) loans is limited to 20% over the original loan amount; increases on lines of credit are limited to one-time increase up to 33% of the original loan amount. Increases to any 7(a) loan are only permitted within 18 months of the SBA approval date or 12 months from the date of initial disbursement, whichever comes first.