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Current prime rate + lender rate
Up to $350,000
7 to 25 years
Min. credit score
Time to funding
5 to 10 days SBA turnaround
Founded in 2009, Cadence Bank is a regional bank with more than 400 branches across Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas. It offers a variety of products for small and medium-sized businesses, including checking and savings accounts, Small Business Administration or SBA loans, business lines of credit, and business credit cards. The company’s mission is to “deliver a better banking experience for every client.”
Cadence Bank is an SBA-preferred lender. While it offers a variety of SBA loans, including SBA 504 loans, SBA Express loans, and CAPLines, its most popular products are SBA 7(a) loans. You can use the proceeds of a 7(a) loan to purchase or expand a business, invest in inventory and equipment, cover working capital costs, or refinance debt.
Cadence Bank might make sense if you’re looking for one place to handle all of your business needs. It offers a plethora of products and services that you might not be able to find if you go with an online lender. Plus you’ll get access to a small business banker who can help you choose the right solutions. The greatest downside of Cadence, however, is its lack of digital processes. You’ll have to do everything via phone or in-person at a local branch. The bank’s lack of positive reviews and long list of industry restrictions can also be concerning. Here’s how Cadence Bank compares to some of the other best business loans out there.
SBA loans are not available for businesses in all industries. If your ventures falls under one of these categories, you won’t be eligible for them: Banking, Bail Bonds, Direct Lending, Factoring, Farming, Gas Station, Gambling, Investments, Life Insurance, Pornography. In addition, you won’t qualify if you’re a non-profit organization.
Cadence Bank has a wide selection of products and services to meet the varying needs of small business owners. These include checking accounts, business loans, business online banking, merchant services, credit and debit cards, SBA loans, and business institutional trusts. It can serve as a one-stop-shop for all of your financial needs. You may also use the bank for personal banking and financing.
Cadence Bank is an SBA-preferred lender, meaning it provides SBA loans that are partially guaranteed by the SBA, such as SBA 7(a) loans, SBA 504 loans, SBA Express loans, and CAPLines. To apply for them, you’ll need to be in business for two years, hold a credit score of at least 650, and submit two years of business and personal tax returns, a profit and loss statement, and a business debt schedule.
While its SBA loans offer competitive rates and lengthy repayment terms, you’ll have to wait a while for approval and funding. Plus you’ll be on the hook for a 1.7% guarantee fee if your loan ranges from $30k to $150K and a guarantee fee of 2.25% if it’s above $150k.
If you decide to work with Cadence Bank, you’ll receive access to one of its small business bankers. A banker will take the time to understand the unique goals and needs of your business and recommend the ideal solutions that will improve your bottom line. This individualized attention can be a huge plus if you’re a startup or new business who needs some direction.Ready to compare Cadence Bank with other lender options? Check your eligibility on Lendio and get multiple financing offers for your small business in one place.
*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (September 27, 2022). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.
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