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PNC Bank Small Business Loans Review
PNC offers small businesses loans or lines of credit to business banking customers in the Mid-Atlantic, Southeast, or Upper Midwest.
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Expert Analyst & Reviewer
UPDATED
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PNC Bank Small Business Loans
| Total Rating | 3.5 |
|---|---|
| Terms & Fees | Excellent |
| Application Process | Excellent |
| Sales & Advertising Transparency | Fair |
| Customer Service | Fair |
| User Reviews | Good |
Pros
- Suited for small to large businesses
- Low-interest rates
Cons
- Stringent borrower qualifications
- It doesn’t operate in all 50 states
PNC Bank Small Business Loans Overview
PNC Bank has branches in 28 states and Washington, D.C., and is among the largest banks operating in the US.
Established businesses with good credit and based in the Mid-Atlantic, Southeast, or Upper Midwest regions may appreciate PNC’s easy (for a bank) application processes and breadth of services. Just be aware that you’ll need to be a business banking customer to take advantage of many of PNC’s perks.
Not sure if PNC Bank is the right lender for you? Read on.
Table of Contents
Business Lending Products
Borrower Qualifications
Here are the borrower qualifications for getting a loan from PNC Bank:
| Time In Business | 3 years |
| Credit Score | 650 |
| Revenue | Unknown |
It also helps to be located within PNC’s retail footprint.
Terms & Fees
PNC offers several financial products to small businesses.
Small Business Term Loans
These are the terms for PNC’s Small Business Term Loans:
| Borrowing Amount | $20,000-$100,000 |
| Term Length | Up to 6 years |
| Interest Rate | Fixed-rate |
| Origination Fee | $175 annual fee |
| Collateral | None |
For businesses looking for the speed of an alternative lender in an established traditional bank, PNC’s business term loans may be an ideal compromise. After filling out an abbreviated application and meeting the necessary qualifications, you can get your funds in as quickly as a day or two.
Since it’s an unsecured loan, you won’t have to worry about collateral; however, you’ll need to have a PNC Bank business checking account. Monthly payments are automatically deducted from that account.
PNC doesn’t disclose interest rates, but they are fixed for the life of the loan.
Secured Small Business Loans
These are the terms and fees for PNC’s Secured Term Loans:
| Borrowing Amount | $100,001-$3,000,000 |
| Term Length | Up to 7 years |
| Interest Rate | Prime rate+ |
| Origination Fee | $175 annual fee |
| Collateral | Machinery, equipment, or other non-real estate business assets |
If you’re looking for a lower rate and can offer business assets as collateral, you may want to consider a Secured Term Loan. If you’re approved, PNC will set a fixed or variable interest rate based on the highest prime rate published in the Money Rates section of the Wall Street Journal for the last day of the previous month.
Like PNC’s unsecured small business loans, payments are automatically deducted from your PNC business checking account.
PNC Business Lines Of Credit
Here are the terms for PNC’s Small Business Line of Credit and Small Business Secured Line of Credit products:
| Credit Limit | $20,000-$100,000 (unsecured); $100,001-$3 million (secured) |
| Term Length | Annual terms |
| Interest Rate | Variable, based on the prime rate |
| Origination Fee | $175 annual fee |
| Collateral | None (unsecured), business assets (secured) |
PNC offers two types of lines of credit to small businesses. For the most part, these mirror the terms of its installment loans while allowing you to draw upon your credit at will, paying interest only on the amount you use. As a bonus, your line of credit will also serve as overdraft protection for your PNC business checking account. Funds can be accessed by check or transferred between accounts online or by telephone.
PNC’s Small Business Line of Credit is an unsecured line of credit with a simple and fast application process. Monthly payments are 1.5% of the balance (minimum $100).
If you need a greater credit limit or longer revolving credit periods, you may want to consider the Secured Line of Credit. As a perk, this product features automated interest-only payments during revolving credit periods. You can, of course, make a payment toward the principal if you so choose.
SBA Loans
These are the terms and fees for PNC’s SBA loans:
| Borrowing Amount | $250,000-$5 million (SBA 7(a) business & real estate loans); no maximum for 1st mortgage; $5.5 million for 2nd (SBA 504 loans) |
| Term Length | Up to 25 years |
| Interest Rate | See current rates |
| Origination Fee | 0-3.5% (SBA fee), unknown (bank fees) |
| Collateral | Varies by product |
PNC is an approved SBA lender and offers both SBA 7(a) loans and SBA 504 loans as well as SBA Express, SBA Export Express, and SBA Veterans Advantage loans. Rather than directly issue the loan themselves, the SBA guarantees a percentage of a loan offered by institutions such as PNC.
Be prepared to make a down payment of around 10% for a 7(a) loan and provide assets or real estate for collateral. The length of the SBA loan will vary depending on the loan’s purpose. For example, 7(a) loans can last up to seven years for working capital, 10 years for purchases, and 25 years for real estate. If you’re borrowing less than $125,000, there’s no SBA guarantee fee.
Businesses that need money quickly can also apply for an SBA Express Loan. Those loans are capped at $350,000 but have an expedited application and approval process.
Application Process
PNC distinguishes itself from many other traditional banks by allowing you to apply for most of its products online. You will, of course, have to be a current PNC Bank Business Banking customer first. If you aren’t, you can still apply in person at a PNC branch.
To expedite your application, you’ll want to have basic information about your business handy, including your Industry Code (NAICS), your annual sales and revenue, number of employees, and personal information of at least one owner.
If you don’t live in one of the states PNC physically operates in, the bank recommends you call its toll-free number for assistance.
Compare with Fundbox:
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Sales & Advertising Transparency
PNC is pretty middle of the road when it comes to transparency. The bank provides some basic information about all its products but is not especially consistent about what it discloses, especially when it comes to rates and fees.
Customer Service & Technical Support
As is usually the case with bigger lending institutions, PNC’s customer service gets mixed reviews from its clientele. Most of the complaints revolve around fees.
You can reach customer service through PNC’s website, the bank’s toll-free number, or social media. PNC has a presence on Facebook, LinkedIn, Pinterest, YouTube, and Twitter.
User Reviews
Negative Reviews & Complaints
PNC Financial Services Group has an A+ rating with the BBB. You can also lookup your individual branch on the site to search for more specific customer reviews. Here are some of the complaints customers had:
- Unresponsive customer service
- Unexpected fees
- Stringent borrower requirements
Positive Reviews & Testimonials
PNC Bank’s business loans tend to receive moderately high scores from review sites. Here are some of the things people liked about PNC’s business loan services:
- Low rates
- Numerous unsecured and secured financing options
- The easy online application process
Are PNC Bank Small Business Loans Or Lines Of Credit Right For Your Business?
PNC offers some modern conveniences to small businesses looking for loans or lines of credit from a traditional source. If you can meet the qualifications and live near a branch in the Mid-Atlantic, Southeast, or Upper Midwest, PNC can be a solid choice for your lending needs. Just make sure to inquire about the fee structure of your product.
Need alternatives? Compare small business loans or check out our comprehensive business credit card reviews.
Erica Seppala
Expert Analyst & Reviewer at Merchant Maverick
An expert in accounting, finance, and point of sale, Erica has been researching and writing about all things small-business since 2018. Erica's insights into personal and business finance have been cited in numerous publications, including MSN, Real Simple, and Reader's Digest. She is a graduate of Limestone College.
View Erica Seppala's professional experience on LinkedIn.
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