Best Banks for Business Loan in Bangladesh

Do you need a business loan for your business? Are you looking for the best banks for business loan? In this case, you’re not alone if you’re a small business owner who is relying on personal investments for capital. And when starting out, about three-fourths of starting businesses depend on personal or family savings. However, if you’re in lack of capital for your business then it gets so worse. This may wonder you to know how to get bank loans from one of the best banks for business loans.

So, you can’t bank on help from a bank as a less established business. But, there are different types of banks along with their different kinds of rules and terms. That’s why it’s essential to find out a good bank that comes with easy terms and conditions without any hidden charges. This is because we’re here to help you find the best bank that can be useful to your business venture.

How to Find the Best Banks for Business Loan in Bangladesh?

If you wanted business loans then banks were the first place you’d go to a decade ago. But, things are changed after the 2008 recession. Because banks started tightening access to credit and adding stricter qualification criteria for loans.

That’s why very few small business owners who were able to get the funding they needed from banks. Luckily, as there’s been a resurgence in bank lending to small businesses, large banks now approve a quarter of small business loan applications.

Apart from these, the regional and community banks approve nearly one-half of small business loan applications. But, these stats indicate that your choice of bank matters while things are looking up for business owners who want to apply for bank loans.

Now, let’s run through some basics about bank commercial loans before we dive deep into the list of the best banks for business loan:

1. You should probably take it if you can get a bank loan to fund your business. Comparing to anything you’re likely to find online through non-traditional lenders, both national banks and community banks offer low-interest rates and long terms on loans.
2. When the economy is doing well, the interest rates on bank loans increase. But, you can expect an interest rate of around 6% to 12% on bank loan products in general.
3. Although the terms also vary, banks tend to provide long-term financing with manageable monthly payments.

Types of loans are available from the best banks for business purposes like-

• Term Loans
• SBA Loans
• Business Lines of Credit
• Equipment Loans
• Business Credit Cards

What are the Top 10 Best Banks for Business Loan in Bangladesh?

You know that not all banks are created equal if you’ve used a few different banks for your personal finances, or have switched your business checking account from bank to bank. When some are smaller, regional or community banks, some banks have a national reach with thousands of branches nationwide.

Also, there is the difference in many things of different banks, including the types of loans they provide, their application process and timeline, the interest rates and repayments schedules they offer, and their customer service. But, most of the best rates in the business continued to be offered by local banks and credit unions despite the ubiquity of online financing.

The best bank for business loans is often one you’ve already built a good relationship because there is encounter stricter credit requirements, as well as geographic constraints.

Well, let’s know top 10 best banks for business loans

1. BRAC Bank – Best Banks for Business Loan

BRAC Bank is of the largest and most accessible banks, boasting tons of locations with checkered reputation aside. Also, the bank features some of the best small business loan rates that you’re likely to see from a for-profit lender.

It comes with various types of loans, including business lines of credit, business term loans, and loans to small businesses and many more. Although it has a position in the industry leader, the bank is surprisingly traditional to the lending process. These made it one of the best banks for business loans in Bangladesh.

2. Dutch Bangla Bank Limited- DBBL

Dutch Bangla Bank Limited DBBL is one of the largest banks in the country that’s serving all parts of the country. And it’s the biggest banking institution available for some areas. Also, while offering competitive interest rates, it’s personable and flexible than many of its similarly-sized or larger competitors, which is the reputation of DBBL.

But, as DBBL prefers to lend to well-established businesses, just be aware. Apart from these DBBL comes with various types of loans, including business lines of credit, business term loans, and loans to small businesses and many more.

3. Islami Bank Bangladesh Limited- IBBL

Although Islami Bank Bangladesh Limited IBBL is one of the more conservative lending institutions on this list, it does offer a versatile array of products at excellent rates. And, it’s accessible to most population centers in Bangladesh as the second largest bank in the country.

The bank has modernized its application processes more than some of the other banks on this list despite stringent lending standards. Like other banks, it also comes with various types of loans, including business lines of credit, business term loans, and loans to small businesses and many more.

Read more: 10 Best Banks for Student Account

4. Sonali Bank

One of the Bangladesh government-owned banks among four, Sonali Bank is the largest commercial bank in the country. Although there are reported some corruptions as the government bank, the bank has some excellent opportunities for small business owners.

Especially, it’s for those who are looking for the best banks for business loans for their businesses. Apart from these, it comes with various types of loans, including business lines of credit, business term loans, and loans to small businesses and many more.

Related: 10 Best Bank in Bangladesh for Savings Account

5. HSBC – Best Banks for Business Loan

Being a foreign bank, it’s great for business loans.

6. Janata Bank

It’s a state-owned bank that you can contact them for your any kinds of business loans.

7. Prime Bank

Private owned bank that offers many kinds of business loans.

8. Agranee Bank

It’s a state-owned bank that you can contact them for your any kinds of business loans.

9. Pubali Bank – Best Banks for Business Loan

The government-owned bank that you can contact them for your any kinds of business loans.

10. Grameen Bank (NGO)

Although Grameen Bank has developed a reputation for being a big bank, it’s willing to work with small businesses. The bank has made some headlines for the wrong reasons in recent years Like BRAC Bank. Also, it offers various types of loans, including business lines of credit, business term loans, and loans to small businesses and many more. This is because it’s one of the best banks for business loans in Bangladesh.