Cadence Bank Review

Pros and cons.

Pros

• Variety of products and services
• SBA-preferred lender
• In-person service available
• Access to small business bankers

Cons

• Slower speed to funding compared to FinTech products
• Stricter requirements for new businesses

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Loan offerings through Cadence Bank.

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.

In addition to its SBA loan offerings, Cadence Bank provides a range of traditional business loan products to meet various financial needs of small and medium-sized enterprises (SMEs). This includes secured and unsecured business loans with competitive interest rates and terms designed to support business growth and sustainability. 

Businesses can apply for term loans to finance major purchases, such as equipment or real estate, or to consolidate business debt. Cadence Bank also offers lines of credit, giving businesses flexible access to funds for operational expenses, inventory management, or unexpected costs.

See if your business is eligible
for financing through Lendio.

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Things to consider.

Various products and services.

Cadence Bank has a wide selection of products and services to meet the varying needs of small business owners. These include business checking and savings accounts, business loans, business online banking, merchant services, credit and debit cards, SBA loans, and business institutional trusts. 

Traditional business loans.

For small businesses that are looking for a more traditional route in securing small business funding, Cadence Bank might be a good choice. 

Cadence Bank offers stable business loans with flexible terms that can be secured or unsecured. Interest rates are competitive, providing affordable financing options for businesses. With personalized service, business owners can work with financial advisors to choose the best loan that aligns with their goals and situation.

SBA-preferred lender.

Being an SBA-preferred lender, Cadence Bank brings a significant advantage to the table for small business owners seeking financial assistance through SBA loan programs. This designation means Cadence Bank has the authority to process, underwrite, and finalize SBA loans in-house without needing to send the application to the SBA for final approval.

This streamlined process can substantially reduce the time to funding, a crucial factor for businesses in need of timely financial support. The quicker approval process allows business owners to access funds faster, enabling them to capitalize on opportunities or address challenges without the lengthy waits associated with non-preferred lenders. This efficiency in processing SBA loans underscores Cadence Bank’s commitment to supporting the growth and sustainability of small businesses with more agility and responsiveness.

Access to small business bankers.

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 your business’ unique goals and needs and then recommend the ideal solutions that will improve your bottom line. This individualized attention can be a huge benefit if you’re a startup or new business that needs some direction.

Evaluation

Cadence Bank is best for:

In assessing whether Cadence Bank aligns with your business financing needs, it’s important to consider how it stacks against your specific requirements and expectations. The following evaluation aims to provide insights into who would most benefit from banking and borrowing with Cadence Bank, leveraging its strengths and being mindful of its limitations.

• Small businesses seeking a variety of financial products and services. With its extensive range of products and services tailored to small and medium-sized businesses, Cadence Bank offers the convenience of a one-stop banking solution.
• Companies looking for personalized services. With access to small business bankers who take the time to understand your business’s specific challenges and goals, Cadence Bank is ideal for companies seeking more than just a transactional relationship with their bank. 
• Businesses in need of SBA loans. SBA loans offer various advantages such as lower down payments and longer payment terms, making them an attractive option.
• Firms that can afford to wait for slower funding. For businesses not under immediate pressure to secure funds, Cadence Bank’s slower speed to funding may be a reasonable trade-off for gaining access to its broad array of banking services. 

Where Cadence Bank might fall short.

Despite its comprehensive suite of banking services and products tailored for small and medium-sized businesses, there are areas where Cadence Bank may not fully meet the expectations of all clients. Here are some of the limitations and challenges that customers might face when choosing Cadence Bank, aiming to provide a balanced view of what potential clients can expect.

• Limited geographical footprint: Despite having over 400 branches, Cadence Bank’s presence is mainly concentrated in the Southern United States. This geographic limitation might not serve businesses located outside of these regions or those looking for a bank with a wider national or international reach.
• Not suited for very small or startup businesses: Given its minimum credit score requirement and the need for a substantial business and financial history, startups or very small businesses might find it challenging to meet Cadence Bank’s criteria for loan approval.
• Limited industry coverage: Because of SBA restrictions and the bank’s own policy, businesses in certain industries (like farming, gas stations, and adult entertainment) are not eligible for SBA loans through Cadence Bank, which could be a significant limitation for these businesses seeking funding.

How to apply for financing from Cadence Bank through Lendio.

Applying for financing through Cadence Bank via Lendio is a streamlined process designed to connect your business with the funding it needs with minimal hassle. Lendio is a small business loan marketplace with multiple lenders that will help match small businesses with loans that suit their unique needs. Here’s how you can get started:

1. Complete Lendio’s online application form: You will need to fill out a brief online application on Lendio’s website. The form asks for basic information about your business, such as its name, how long it’s been in operation, your monthly revenue, and the amount you’re looking to borrow.
2. Documentation submission: Alongside your application, you will be asked to submit documents that verify your business’s financial standing. These could include recent bank statements, income statements, balance sheets, and tax returns. Having these documents ready in advance can speed up the process.
3. Review and acceptance: Once your application is submitted, Lendio will match you with potential lenders that fit your needs. If Cadence Bank is a good fit for your financing requirements, you will receive an offer outlining the terms of the loan. Review these terms carefully to ensure they align with your business goals and repayment capabilities.
4. Finalize the deal: If you decide to proceed with Cadence Bank, you will work directly with their team to finalize the loan details. This may involve additional verification steps or documents.

The bottom line.

Choosing Cadence Bank for your small to medium-sized business banking and financing needs can present both opportunities and challenges. While its comprehensive range of financial products and personalized service cater well to businesses looking to consolidate their financial activities under one roof, considerations around its geographic reach, technological offerings, and customer service feedback cannot be overlooked. Prospective clients are encouraged to weigh these factors against their specific business needs and preferences.

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