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SBA LOANS

Because SBA provides government guarantees, it is easier for First Bank to offer financing to for-profit businesses that are young, rapidly expanding or refinancing existing debt.  We offer the following SBA programs:

  • SBA 7(a) program
  • SBA 504 program

SBA Qualifications

To qualify, businesses must:

  • Meet industry size standards to classify as a small business. 
  • Be owner operated
  • Be for Profit
  • Be organized as a sole proprietorship, partnership or corporation

And

  • Be unable to obtain conventional credit with reasonable terms

Though SBA qualification standards are more flexible than conventional loans, businesses must demonstrate ability to meet repayment obligations, be credit worthy, have adequate collateral and demonstrate management experience/ability.  Lines of business included in participation include:

  • Wholesaling
  • Agriculture
  • Manufacturing
  • Services

Ineligible lines of business include, but may not be limited to:

  • Gambling entities and illegal activities
  • Speculative ventures
  • Lending or investment entities
  • Not-for-Profit organizations
  • Pyramid sales plans

SBA 7(a) programs

SBA loans proceeds may be used for:

  • Purchase of land and existing building
  • Construct a business facility
  • Business renovation or expansion
  • Purchase of fixed assets
  • Borrow working capital or finance accounts receivable
  • Refinance existing debt

Benefits consistent in SBA 7(a) programs include:

  • Lower down payment requirements
  • Fixed or variable rates
  • Longer repayment terms tailored for each company
  • No balloon payment
  • No prepayment penalties on loans under 15 years

SBA 504 Program

Provides businesses the ability to secure long-term, low fixed-rate financing for major fixed assets.  The bank partners with SBA to finance the project.  Proceeds must be used for acquisitions of fixed assets such as:

  • Owner-occupied real estate
  • Construction of new facilities or renovation of existing facilities
  • Machinery and capital equipment

Benefits include:

  • Loan amount up to $5 million, including bank, SBA and borrower funds.
  • Low, fixed or variable rates
  • Terms up to 20 years

For more information about SBA loans, contact your Business Banking Officer or visit the First Bank location nearest you.

 

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