U.S. Bank Business Loans Review

U.S. Bank is an approved SBA lender offering both SBA 7(a) loans and SBA 504 loans (want to know more about these loans, read our guide). These loans are partially guaranteed by the SBA, allowing businesses that may otherwise encounter a tough lending market to get credit at reasonable rates and terms.

Expect to have to make a down payment of around 10% for a 7(a) loan, as well as provide assets or real estate for collateral. The length of SBA loans will vary depending on what you’re applying the money to. For example, 7(a) loans can last up to seven years for working capital, 10 years for purchases, and 25 years for real estate.

Application Process

While bigger banks tend to be more conservative with their application processes than alternative lenders, U.S. Bank is on the flexible end of the range, though you’ll still need to speak with a specialist to complete your application.

U.S. Bank gives you options for making that first contact. For example, you can submit a contact form, after which a specialist will contact you. You can also reach the lender by phone or go down to your local branch.

Turnaround will depend on the product you’re applying for.

Note that U.S. Bank currently operates in 26 states, primarily on the West Coast, in the Mountain States, and in the Upper Midwest. Branches are located in the following states:

• Arizona
• Arkansas
• California
• Colorado
• Florida
• Idaho
• Illinois
• Indiana
• Iowa
• Kansas
• Kentucky
• Minnesota
• Missouri
• Montana
• Nebraska
• Nevada
• New Mexico
• North Dakota
• Ohio
• Oregon
• South Dakota
• Tennessee
• Utah
• Washington
• Wisconsin
• Wyoming

Sales & Advertising Transparency

U.S Bank won’t win any awards for transparency, but it does provide a decent amount of information on its website, as long as you’re willing to click around a bit to find it.

For a large bank, I found them more forthcoming with information than most.

Customer Service & Technical Support

U.S. Bank’s customer service gets mixed reviews from clients, which shouldn’t come as much of a surprise for a financial institution of this size. We note that many of the complaints recorded on numerous user review sites seem to refer to situations specific to the users’ local branch offices, and not the institution itself.

Customer service can be reached via the bank’s toll-free number, Monday through Saturday. You can find direct numbers for regional and international support on U.S. Bank’s business customer service page.

User Reviews

Negative Reviews & Complaints

U.S. Bank maintains an A+ rating with the BBB. Customers who have complained recently have raised the following issues:

• Impersonal Treatment: Many customers complained about the bank being unresponsive to their complaints.
• Billing Issues: As with most major banks, some U.S. Bank customers complained about overdraft fees.
• Harder To Qualify: Compared to alternative lenders, companies seeking equipment financing from U.S. Bank will have to clear a higher bar in terms of credit rating.

Positive Reviews & Testimonials

Advantages of financing with U.S. Bank include:

• Deep Pockets: Larger corporations and businesses that need seven-figure financing will be able to find it here.
• Well-Established: U.S. Bank is one of the largest and most stable financial institutions in the nation.
• Accessible Branches: U.S. Bank is accessible in a large part of the country, including those states not served by the Big Four. Even in the digital age, sometimes it’s just easier to take care of business in person. Customers in the 26 states served by U.S. Bank branches should have an easy time finding a branch. If you’re on the East Coast, Michigan, or the Gulf States, you’ll probably have to look elsewhere.

Final Verdict

As the fifth-largest bank in the country, U.S. Bancorp has assets of $530.5 billion, whereas the so-called big four banks number their assets in the trillions. For this reason, I think of U.S. Bank as a small large bank, offering many of the advantages of the nation’s largest financial institutions while avoiding many — though not all — of their worst traits. Additionally, the bank’s presence in states underserved by the big four can make them an excellent choice for businesses headquartered there.

Need alternatives? If you’re looking for a loan or line of credit and want an U.S. Bank alternative, you can see how it compares to other business lenders on our list of the best lenders for small businesses.

And, of course, if you don’t qualify for a bank loan, you can still seek funding through alternative sources like those included in our comparison of the best small business loans. You can see how loan offers from some of our top choices stack up against each other in our small business loan comparison. The point is, no matter what kind of credit rating and history you bring to the table, you have options for the funding you need to keep your small business operating and growing. You just have to go out and find it.