There are plenty of local business loans in Cleveland. But getting the best loan for your business isn’t always simple. So, where can you look?
For a start, local banks have supported local businesses for decades. These local banks are a great place to begin your search. If you’re running a small-medium sized business, they are the ones that’ll be more willing to work with you. Beyond local banks, local credit unions also support the local business ecosystem.
The rates you can get from your local bank are usually good. But what if you’re looking for a faster loan?
Alternative lenders understand that business owners can’t always afford to wait. So, let’s go over the best of each lender type in Cleveland.
Banks Giving Business Loans In Cleveland
Banks are the first stop for most businesses that need loans. They provide great personal service. If you go to your business bank of choice, they’ll also have your financial information on file. They can use this information to walk you through your options, to come to an agreement, and to provide you with advice.
Citizen’s Bank is based in Rhode Island. But they have a large presence in Cleveland. They don’t provide the most loans of all the banks in Cleveland. In fact, they provide relatively few business loans in Cleveland. But what they do offer is one of the lowest average interest rates of any business lender in the city.
The average interest rate for a Citizen’s Bank loan is just 6.4%. They primarily offer SBA-backed loans. The only downside is that they provide smaller business loans than most. If you need over $250,000, you’ll have better luck elsewhere.
KeyBank is a true local Cleveland bank. The bank is headquartered in Cleveland and provides the business community with larger business loans. The average loan sum provided by KeyBank is $653,000. They provide many kinds of business loans, including:
- Term Installment Loans
- Lines of Credit
- SBA Loans
- Equipment Loans
SBA Business Loans In Cleveland
SBA loans are the best kinds of business loans in the US. They come with set and long repayment terms of 7, 10, or 25 years. Their interest rates are also capped, so you can always rest assured you’re getting excellent rates.
US Bank provides normal and emergency SBA loans. These loans are supperior options if you need to cover working capital expenses or major equipment purchases. They can be used for:
The Huntington National Bank
This bank is based in nearby Columbus, OH. They are the 4th largest SBA lender in the US by loan volume. Huntington National Bank provide a lot of loans, but with low interest rates. They can provide reasonably large SBA loans, but they typically offer smaller loans for small businesses.
The average SBA loan provided by the Huntington National Bank is $133,100. But their average interest rate is only 6.8%.
Other Business Loan Providers
There are additional business loan options in Cleveland. Credit unions and other institutions are present and active in the city. They can be some of the most affordable business loan options. But they are often more restrictive with who they choose to provide loans to.
Capital Source Group
Capital Source Group is the go-to resource for alternative business loans in Cleveland. They can find the business lenders that can best fill your financing needs. You can contact a representative in their Ohio City office to get started.
Capital Source Group is a business loan brokerage firm based in Ohio. The firm has access to a network of over 70 lenders. They will help you navigate the loans process and get the best deal.
Economic & Community Development Institute
This institute provides small business microloans of $750 to $350,000. It’s a more accessible lender in a few ways. The focus of the ECDI is less established businesses. They lend to startups and small businesses exclusively. As such, they will be less helpful to medium-large businesses.
The repayment term for ECDI loans is 60 months. They take ACH repayments, but you can repay early without an additional penalty.